India’s Healthtech Market Expected to Hit $21 billion by 2025

Currently, the healthcare situation comprises hospitals operating in its full capacity and overworked doctors. This is making it difficult for people to get primary care when needed. In this scenario, utilising technology-based solutions such as telemedicine, AI/ML-based predictive and diagnostic analysis, and digital health records can play a crucial role in speeding up India ‘s fragmented public healthcare system.

The pandemic has escalated the importance of quality healthcare across the globe. Providing quality healthcare to masses will be a strenuous task considering India’s population. Further, this will lead to an increase in demand for technology-backed solutions in the upcoming days. In India, preventive health care is projected to hit a market size of $170 billion by 2025, primarily powered by fitness and wellness applications and diagnostic solutions. 

Also Read: COVID-19 Spikes Gaming Addiction Across the World

The telemedicine guidelines, mandatory health insurance for workers, and technology-based approach are now in place to restructure the overall healthcare infrastructure in India. In just two months, India transitioned itself from importing Personal Protective Equipment (PPE) kits to becoming the second-largest PPE producer in the world. India is on the verge of witnessing many such vital advancements in the conventional healthcare system. 

Increasing awareness among healthcare providers, government, and consumers are going to encourage the macro health technology trends in the upcoming quarters. The growing cost of healthcare is persuading people to buy health insurance policies. The announcement the government made concerning the compulsory health insurance policy for workers employees will see a rapid increase in the health insurance market. 

The COVID-19 pandemic has shown the gaps that exist prominently in India’s traditional healthcare system. Mishandling of the current healthcare system would increase the need for a technology-based solution to boost the efficiency of the overall healthcare system. This pandemic will serve as a significant catalyst for health technology companies to create innovative products so that healthcare services can be catered to India’s vast population with ease. 

COVID-19 has been extremely disruptive; however, on the other hand, it is offering the digital health community with an opportunity to showcase its ability collectively to take a like this challenge head-on.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in

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