As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Preventive Healthcare industry.
New Industry Report on India Preventive Healthcare Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
The preventive healthcare market in India was valued at INR 3.71 Trillion in 2019 and is expected to reach INR 14.58 Trillion by 2025, expanding at a compound annual growth rate (CAGR) of 27.30% during the 2020-2025 period.
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Preventive healthcare refers to the branch of medicine that helps in the early detection of diseases, thus allowing patients, access to prompt treatment. There are five stages of preventive healthcare primal prevention, primordial prevention, primary prevention, secondary prevention and tertiary prevention.
In 2019, preventive healthcare accounted for 11% of India’s overall healthcare expenditure.
The rise in prevalence of chronic and non-communicable ailments like hypertension, diabetes, arthritis, cancer and cardiovascular diseases, as well as the easy availability of advanced medical devices and services are driving the market to prosper. Moreover, the cost-effective nature of preventive healthcare has made it more adaptable for Indians. However, lack of awareness regarding preventive healthcare facilities among people and inadequate insurance coverage for preventive treatments are impeding market growth.
The preventive healthcare market in India is segmented into healthy consumption, fitness and wellness, infection prevention care, health monitoring, and wellbeing assurance segments. As of 2019, the preventive healthcare market was dominated by the healthy consumption segment, which accounted for ~26.55% of the total market revenue. The healthy consumption segment consists of nutraceuticals, healthy foods, organic skincare and other skincare products.
The wellbeing assurance market is anticipated to be the fastest growing, expanding at a CAGR of ~31.91% during the forecast period. The growth can be attributed to the increasing popularity of telehealth and telemedicine services, owing to the social distancing and self-isolation norms imposed to curb the spread of COVID-19. By 2025, fitness and wellness, infection prevention care, and health monitoring segments are expected to hold ~9.30%, ~16.15% and ~22.80% shares, respectively, in terms of market revenue.
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COVID-19 impact analysis:
The outbreak of the novel Coronavirus, followed by a long-term global lockdown has had a severe impact on the overall preventive healthcare market in India. Market segments including health monitoring devices, healthy consumption products, digital healthcare services, telehealth services and telemedicine solutions are likely to benefit amid the crisis. The surge in demand for immunity-boosting consumption products and infection-prevention products, growing anxiety regarding hospital and outpatient visits, and initiatives undertaken by the Indian government to encourage preventive healthcare are likely to accelerate market growth. The fitness and wellness segment has witnessed a significant setback due to the risk of virus transmission from social gatherings, and the imposition of social distancing norms.
3M India Limited
Amway India Enterprises Private Limited
Fitness First India Private Limited
HealthifyMe Wellness Private Limited
Practo Technologies Private Limited
Serum Institute of India Private Limited
Svasth Life Private Limited
GOQii Technologies Private Limited
OMRON Healthcare India Private Limited
Xiaomi Technology India Private Limited
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Preventive Healthcare. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Preventive Healthcare is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Preventive Healthcare Market Report:
- What is the projected size of the India Preventive Healthcare market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Preventive Healthcare industry?
- What are the major market trends that are affecting the expansion of the India Preventive Healthcare market?
- What obstacles must be overcome in order to achieve sustained growth in the India Preventive Healthcare market?
- What opportunities and threats do vendors in the India Preventive Healthcare Market face?
- What are the raw materials and manufacturing equipment used in the production of India Preventive Healthcare, and what is the manufacturing process?
- What are the different types and applications of India Preventive Healthcare, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Preventive Healthcare market?
- What factors are driving the growth of the India Preventive Healthcare market in the top regions worldwide?
- Who are the major players in the India Preventive Healthcare market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Preventive Healthcare market?
- What are the main findings of a five forces analysis of the India Preventive Healthcare market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Preventive Healthcare Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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