The Indian healthcare industry comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. Due to its expanding coverage, services, and rising public and private entity spending, the business is expanding extremely fast. The Indian healthcare market is driven by the rising prevalence of lifestyle diseases, increasing demand for affordable healthcare delivery systems owing to rising healthcare costs, technological advancements, the emergence of telemedicine, rapid health insurance penetration, and government initiatives like e-health, along with tax benefits and incentives. The Indian healthcare industry has witnessed remarkable growth and development in recent years, emerging as one of the largest sectors in terms of both revenue and employment opportunities. With a population of over 1.3 billion people, India's healthcare sector plays a crucial role in catering to the diverse healthcare needs of its citizens. The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of 22% between 2016-22 to reach US$ 372 billion in 2022 from US$ 110 billion in 2016. By FY22, Indian healthcare infrastructure is expected to reach US$ 349.1 billion. The e-health market size is estimated to reach US$ 10.6 billion by 2025. The industry encompasses a wide range of services, including hospitals, pharmaceuticals, medical devices, diagnostics, and health insurance, all of which contribute to the overall growth and success of the sector.
National Digital Health Mission (NDHM) signifies the same which was launched with the sole aim of setting up a digitalised, standardised healthcare system that would boost capacity, remove efficiencies, and facilitate healthcare innovation, particularly in the health-tech segment. Between 2014-19, more than US$ 500 million in capital has already entered the Indian telemedicine business, going to platforms like Practo, Medlife, and PharmEasy, among others.
The health-tech space in India has been a driving force behind the transformation of the healthcare industry. Leveraging the power of technology, health-tech companies in India have pioneered innovative solutions to bridge the gap between healthcare providers and patients, enhancing accessibility, affordability, and quality of care. The integration of digital platforms, mobile applications, and artificial intelligence has revolutionized the healthcare ecosystem, empowering individuals to take charge of their health and well-being.
In recent years, India has witnessed a surge in the adoption of telemedicine services, which have become increasingly popular among urban as well as rural populations. Telemedicine enables patients to consult doctors remotely, eliminating the need for physical visits and reducing the burden on healthcare infrastructure. This has been particularly beneficial in remote areas with limited access to quality healthcare. Additionally, mobile health applications have gained significant traction, allowing individuals to monitor their health parameters, access personalized healthcare information, and receive timely reminders for medication and appointments.
The technology employed in telemedicine, which allows clinicians and patients to be anywhere, is one of the most crucial developments in providing the underprivileged with access to high-quality healthcare. Distance is no longer a barrier to healthcare access in rural areas because of telemedicine’s emergence. In various parts of India, infrastructure and connectivity are mediocre, hindering the growth and development of these parts. Telemedicine and digital pathology help patients in such areas to obtain local care while consulting with specialists in larger cities to take better advice and instructions. The use of telemedicine will help to reduce the disparity in access to healthcare between rural and urban locations. This is because building infrastructure in rural India is comparatively easier than recruiting doctors and setting up all the required equipment. In India, 90% of secondary and tertiary healthcare facilities are located outside of rural areas, where 68% of the total population lives.
