The Indian health-tech market is expected to grow at a 39 per cent compounded annual growth rate (CAGR) over FY2020-FY2023 and is expected to reach US $50 billion by 2033, says a report.
The health-tech market, which comprises of six segments -- telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management, is currently worth about $2 billion. This is less than 1 per cent of the overall healthcare industry in India, the report by RBSA Advisors said.
"The pandemic and adoption of technology in healthcare has brought a quantum shift in the sector. In recent years, we have seen some of the most significant deals, and the Indian health-tech sector has received close to $1.6 billion in funding since 2017," said Rajeev Shah, MD and CEO of RBSA Advisors.
The report says the Indian health-tech industry will grow to $5 billion by 2023 and to $50 billion in another ten years. E-pharmacies were the largest segment in the Indian health-tech market in 2020 with $700 million revenue, followed by B2B health-tech market ($60.2 million), B2B medical supplies ($28.8 million), other health-tech services ($100 million), e-diagnostics ($70 million) and teleconsultation ($45 million).
Wider application of robotics, machine learning and artificial intelligence, wearables and on-body devices, blockchain, among others, are going to change the future of healthcare. Cloud infrastructure in healthcare record maintenance and increased focus on digitalisation of patient healthcare records is likely to accelerate further, the report said.
Application of robotics is growing rapidly in healthcare and medical industry and going forward, wider application of 'humanless' systems and technology is expected especially in surgery, prosthetics, therapeutics, healthcare logistics, pharma manufacturing, among others. 3D bioprinting will find its application in drug testing, living human tissue production, medical research and development.
The Internet of Things in conjunction with telemedicine has created a new Internet of Medical Things (IoMT), which has come to play a critical role in monitoring and preventing illnesses. AI-driven analytics, tools and machines can help healthcare providers find the right approach for each patient with more efficient, precise and impactful intervention. Applications of nanotechnologies in disease diagnosis, drug delivery targeted at specific sites in the body and molecular imaging are being investigated and various products are undergoing clinical trials, said the report.
Health-tech startups have now started getting investor attention and are raising capital. Some of the major health-tech startups to get sizeable PE/VC funding are healthcare and IT analytics company Innovaccer ($225 million), e-pharmacy Pharmeasy ($651.5 million) and 1mg ($191.3 million), fitness and wellness platform cure.fit ($404.6 million), and telemedicine platform practo ($232 million).
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