India Telemedicine Market to Grow at 22.31% through FY2027 | TechSci Research
by Shipra J. Market Research for Better Business Growth
Increasing internet proliferation in India is expected to drive the growth of India telemedicine market through FY2027.
According to TechSci Research report, “India Telemedicine Market By Component (Services & Software v/s Hardware), By Deployment Mode (Cloud v/s On-Premise), By Type (Tele-Hospitals, mHealth, Tele-Homes), By Technology (Store & Forward, Real Time, Others), By Delivery Mode (Audio-Visual, Only Audio, Written), By Application (Tele-Psychiatry, General Consultations, Tele-Radiology, Tele-Pathology, Others), By End User (Patients, Provider, Payers), By Company, By Region, Forecast & Opportunities, FY2027”, India telemedicine market stood at USD1314.83 million in FY2021 and is expected to grow at a robust CAGR of around 22.31% during the forecast period. This can be attributed to the improving telecommunications infrastructure. Furthermore, various government policies and programs launched to support the telemedicine infrastructure in the country is expected to support the market growth.
For instance, in March 2020, the Ministry of Health & Family Welfare, Government of India in partnership with the NITI Aayog formulated telemedicine practice guidelines for India. However, factors such as lack of infrastructural facilities especially in tier-3 cities and rural parts of the country can restrict market growth through FY2027. Also, there is still a lack of awareness among the population with respect to telemedicine and its benefits. This has in turn led to reduction in adoption of telemedicine services by the people in India which thereby hampers the market growth through FY2027.
Browse 46 Figures spread through 70 Pages and an in-depth TOC on “India Telemedicine Market”.
India telemedicine market is segmented into component, deployment mode, type, technology, delivery mode, application, end user, region, and company. Based on component, the market can be split into software & services and hardware. The software & services are expected to dominate the market in FY2021 with a share of around 75.12% on account of the increasing adoption of telehealth and telemedicine. Based on application, the market can be fragmented into tele-psychiatry, general consultations, tele-radiology, tele-pathology, and others. The tele-psychiatry dominated the market in FY2021 on account of the deteriorating mental health of population across the country.
Additionally, sudden outbreak and spread of COVID-19 has also increased the instances of several mental problems, stress, anxiety, among others in the population requiring treatment. Also, visiting a psychiatrist or psychologist is not taken as positive in India and people usually avoid going to a psychiatrist or psychologist due to societal factors. However, with telemedicine services they can visit the psychiatrists from their homes without anyone judging them or forming an opinion about their mental state. This in turn is expected to support the segmental growth.
Apollo Telehealth Services Private Limited, Practo Technologies Private Limited, 1MG Technologies Private Limited, DocOnline Health India Private Limited, Lybrate India Private Limited, Netdox Health Private Limited, Allscripts Healthcare Technologies (India) Private Limited, Dhanush Digital Health Private Limited, Novocura Tech Health Services Private Limited, Zoylo Digihealth Pvt Ltd, Vidmed Health Technologies Private Limited, TeleVital India Pvt Ltd, Neurosynaptic Communications Private Limited, Netmeds Marketplace Limited, Netdox Health Private Limited, among others. The companies operating in the market are following organic strategies such as new service launches, providing add-on facilities and services to their clients, improvising their telemedicine services, among others to stay competitive in the market and have an edge over the other players.
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“Adoption of emerging technology such as machine learning, artificial intelligence, virtual hospital and advent of telehealth apps by healthcare sector is driving the telemedicine market in India. Also, the implementation of work from home facility to ensure safety of employees by organizations and rising demand for telemedicine consultation services from self-isolating people is propelling the telemedicine market demand until FY2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Telemedicine Market By Component (Services & Software v/s Hardware), By Deployment Mode (Cloud v/s On-Premise), By Type (Tele-Hospitals, mHealth, Tele-Homes), By Technology (Store & Forward, Real Time, Others), By Delivery Mode (Audio-Visual, Only Audio, Written), By Application (Tele-Psychiatry, General Consultations, Tele-Radiology, Tele-Pathology, Others), By End User (Patients, Provider, Payers), By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India telemedicine market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India telemedicine market.
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Created on Sep 21st 2021 03:39. Viewed 59 times.