Digital Healthcare Market in India, 2024

Digital healthcare encompasses fitness and wellness tracking, disease surveillance, treatment support, epidemic or disease outbreak monitoring, and chronic disease management. There is significant potential in the country to utilize digital healthcare as an alternative delivery channel. The range of digital healthcare includes devices like smartwatches, smart bands, blood glucose monitors, blood pressure monitors, blood-O2 saturation meters (pulse oximeters), neurological monitors, and sleep apnea monitors.

Market insights:

In 2022, the digital healthcare market in India recorded a revenue of INR 440.49 billion and is projected to achieve INR 1.16 trillion by 2028, with a CAGR of 15.76% during 2023-2028. The market's robust growth is attributed to widespread smartphone and Internet adoption, complemented by favourable government policies. Healthtech firms are strategically expanding their influence horizontally and vertically throughout the healthcare value chain, focusing on scalability and improved economic efficiency.

Market drivers:

The accelerated uptake of smartphones and a substantial rise in internet subscriptions have propelled the expansion of the digital healthcare market. Increased patient awareness, a desire for information access, and an emphasis on transparent treatment and diagnostic procedures have driven the adoption of digital healthcare solutions. Collaborations between the government and private sectors, facilitated by the public-private partnership (PPP) platform, have further strengthened the landscape.

Market challenges:

Users, including healthcare professionals and patients, depend on digital health tools for accurate information, and any inconsistencies in performance can instill doubt. This uncertainty also raises apprehensions about data security and privacy, potentially hindering adoption due to fears of breaches. Issues such as interoperability hurdles and the integration of diverse systems can complicate the seamless operation of digital healthcare solutions, potentially impeding the efficient exchange of information between different platforms and healthcare providers, thereby limiting the overall effectiveness of digital health initiatives.