In a recent published report, Kenneth Research has updated the Market report for Digital Healthcare Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Healthcare Market Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The healthcare sector in India has embraced digital transformation to improve quality and accessibility of healthcare services. In terms of revenue, the digital healthcare market in India was valued at INR 144.59 Bn in 2019, and is estimated to reach INR 884.50 Bn by 2025, expanding at a CAGR of 33.92% during the 2020-2025 period.
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 ~41.72% of revenue share in 2025, followed by the telehealth segment. Enhanced accessibility and convenience encouraged patients to embrace mHealth services and solutions, including healthcare apps and wearable devices.
A keen focus on patient-centric healthcare services has boosted the demand for various telehealth services, including telemedicine, telecare, and teleconsulting. The EHR/EMR segment accounted for ~18.55% revenue share in 2019. Indian hospital chains such as AIIMS, Fortis Healthcare Limited, Manipal Hospitals, P D Hinduja Hospital, Ruby Hall Clinic, and Christian Medical College Vellore were the major adopters of EHR/EMR.
Emerging technologies such as artificial intelligence (AI), machine learning, Blockchain, Internet of Things (IoT), Internet of Medical Things (IoMT), and Big Data analytics have helped in shaping the digital healthcare market. The advanced algorithm based on AI and machine learning has the potential to analyze complex medical data, and predict treatment and care plans for patients. IoT and IoMT have contributed to the growth of the digital healthcare market through the introduction of smart bands, smartwatches, smart glasses, connected medical devices for remote monitoring, and location-based trackers.
Impact of COVID-19:
The onset of the pandemic has accelerated the digital transformation of the Indian healthcare industry. The country has embraced digital healthcare as a major tool to access medical attention, owing to factors like nationwide lockdown, social distancing norms, and fear of virus transmission. With skyrocketing demand for digital healthcare solutions in the wake of the pandemic, market players are focusing on expanding their offering while improving the technology infrastructure.
Furthermore, the government has been actively promoting the use of telemedicine lately, which has pushed market growth. On 25th March 2020, the Indian Medical Council released the guidelines for telemedicine practice, which helped in defining the scope of telehealth and telemedicine in the country. On the other hand, digital health has increasingly been playing an instrumental role in curbing the spread of the virus. Digital surveillance systems are being widely implemented for contact tracing and tracking of suspected patients.
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Emerging start-ups occupy the highly competitive Indian digital healthcare market. The unexplored market in India offers immense opportunities to established global companies, aiming to expand their footprint in India. With soaring demand, the public and private players are aiming at broadening their offering and improve the quality of service, in order to maintain market position. The players are focusing on scaling up their businesses and portfolios to address the high potential of the Indian digital healthcare market.
ï‚·Dr. Lal PathLabs Ltd.
ï‚·DocEngage Informatics Pvt. Ltd.
ï‚·Gem3s Technologies Pvt. Ltd.
ï‚·Lybrate India Pvt. Ltd.
ï‚·NovoCura Tech Health Services Pvt. Ltd. (mfine)
ï‚·Practo Technologies Pvt. Ltd.
ï‚·Cerner Healthcare Solutions Pvt. Ltd.
ï‚·Philips India Limited
ï‚·Siemens Healthcare Pvt. Ltd.
ï‚·Wipro GE Healthcare Pvt. Ltd.
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Digital Healthcare Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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