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 Digital Healthcare industry.
New Industry Report on India Digital 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 digital healthcare market in India was valued at INR 252.92 Billion in 2021. It is expected to reach INR 882.79 Billion by 2027, expanding at a CAGR of 21.36% during the FY 2022 to FY 2027 period.
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The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the digital healthcare market in India.
Digital healthcare lowers the number of admission and re-admission in hospitals, ensures compliance with the treatment regimen, and facilitates the early detection of ailments, leading to reduced costs for fund providers. Patient-centric care, better patient engagement, improved patient awareness, and access to data in healthcare apps have motivated patients to adopt digital healthcare.
Based on type, the market is segmented into telehealth, mHealth, electronic health records/electronic medical records (EHR/EMR), and others (remote diagnostics and healthcare analytics). The mHealth segment is estimated to dominate the market, with a revenue share of ~38.28% in FY 2027, followed by the telehealth segment.
The demand for health condition management apps is estimated to expand at a rapid pace during the forecast period because of an increase in the adoption rate of disease-specific apps, online consultation apps, women’s health and pregnancy apps, and medication reminder apps. Also, sensor technologies can be used to make mobile devices important components of diagnostic tools to address several real-life challenges.
Emerging technologies such as artificial intelligence (AI), machine learning, Blockchain, Internet of Things (IoT), Internet of Medical Things (IoMT), and Big Data analytics have aided in transforming the digital healthcare market. Along with augmented patient care, ML has reached a phase where it can be used to predict an epidemic. It will be an indicator for digital healthcare companies to increase their production rates in advance. Blockchain has immense potential to improve operations related to payment security, prescription authentication, permits exchange and authentication of patients health records, and product tracking. It can aid digital healthcare apps to manage inventory levels and meet surges in demand. Big data analytics can help to reduce the cost of data processing and fast-track clinical trials by examining and determining data points.
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Impact of COVID-19:
The industry witnessed radical changes in terms of consumer behaviour. Some of these are adoption of connected devices, focus on disease prevention, and enhanced patient engagement. Digital and e-services such as e-pharmacy and online consultation platforms developed during the pandemic. COVID-19 has led to the increased acceptance of digital healthcare solutions. Healthcare apps and digital healthcare devices can create a safe interface (advanced note validator for smart safe and deposit applications) between patients and healthcare providers.
The pandemic has promoted the adoption and deployment of digital healthcare devices and apps to establish a safe and connected healthcare ecosystem. Another trend that has become prevalent in recent times is intervention of patients in treatment procedures. People are actively using apps to track health conditions and to have access to information that enables better decision-making. Also, patient engagement has increased in various aspects, including maintaining a healthy lifestyle and boosting immunity
Emerging start-ups are participating in the highly competitive Indian digital healthcare market. With high demand, public and private players are aiming at increasing their offering and improving the quality of services, to increase their market share.
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 Digital Healthcare. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Digital 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.
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 Digital Healthcare Market Report:
- What is the projected size of the India Digital Healthcare market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Digital Healthcare industry?
- What are the major market trends that are affecting the expansion of the India Digital Healthcare market?
- What obstacles must be overcome in order to achieve sustained growth in the India Digital Healthcare market?
- What opportunities and threats do vendors in the India Digital Healthcare Market face?
- What are the raw materials and manufacturing equipment used in the production of India Digital Healthcare, and what is the manufacturing process?
- What are the different types and applications of India Digital 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 Digital Healthcare market?
- What factors are driving the growth of the India Digital Healthcare market in the top regions worldwide?
- Who are the major players in the India Digital Healthcare market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Digital Healthcare market?
- What are the main findings of a five forces analysis of the India Digital 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 Digital 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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