The increased adoption of digital strategy has disrupted the Indian healthcare industry. The rising demand for online appointment scheduling and remote consultation has fueled the growth of the mobile healthcare market in the country. In terms of revenue, the India mobile healthcare market was valued at INR 39.83 Bn in 2018 and is estimated to reach INR 197.14 Bn by 2024, expanding at a CAGR of 31.07% during the 2019-2024 period. Reduced cost burden, improved patient interaction, and data accuracy have encouraged the acceptance of mobile healthcare in the country. The market is fragmented with the presence of emerging start-ups and various global players, strengthening their footprint in India. Various mobile healthcare companies, including Practo, mfine, and CureFit received sizeable investments over the recent past owing to impressive growth opportunities in the market.
Top Key players of Mobile Healthcare Market in India Market Covered In The Report:
• HealthifyMe Wellness Private Limited
• Lybrate India Private Limited
• Practo Technologies Private Limited
• Fitbit India Private Limited
• GOQii Technologies Private Limited
• OMRON Healthcare India Private Limited
• Roche Diabetes Care India Private Limited
• Samsung India Electronics Private Limited
• Xiaomi Technology India Private Limited
Market segmentation based on type:
Based on type, the mobile healthcare market is segmented into mobile healthcare devices and services. Mobile healthcare services, which mainly consists of healthcare apps, is estimated to be the leading segment, accounting for ~68.00% of revenue share in 2024. Improved clinical outcome, coupled with quick access, is projected to drive the demand for healthcare apps.
The mobile healthcare devices segment comprises wearable and monitoring devices for checking various health parameters such as blood pressure, blood glucose, oxygen saturation, and respiration. The increasing demand for monitoring devices to manage chronic disease conditions has attributed to the growth of the segment. However, consumer preference is expected to shift from the healthcare devices to the healthcare services segment, owing to high costs, interoperability issues, and availability of similar functions on mobile applications. The healthcare services segment is estimated to expand at a CAGR of ~31.81% during the 2019-2024 period.
The rise of digital technologies, coupled with supportive governmental policies, has augmented the growth of the mobile healthcare market in India. The number of mobile subscribers grew at a rate of ~7.1% during the 2014-2018 period, whereas the number of Internet subscribers grew at ~18.4% during the same period. The Indian government, being a key stakeholder, have formulated effective policies and projects to boost the market.
The emergence of corporate wellness programs is likely to play an essential role in driving the market growth. Users’ health data is monitored using wearable devices and healthcare apps, which allow employers to take preventive actions to reduce insurance costs. Various advantages, including patient-centric care, proactive response, improved access, and reduced cost, have bolstered the adoption of mobile healthcare to fulfil the gaps of the traditional healthcare ecosystem.
However, challenges regarding poor technology infrastructure, uncertainty in performance, and data security have been impeding market growth. New entrants are struggling to establish their footprint in the market due to lack of adequate knowledge and attention of policymakers, and an instable revenue model. Moreover, owing to India’s linguistic diversity, the absence of language localization becomes a challenge. As a result, the lack of multilingual communication is slowing down adoption among consumers in the country.
Mobile healthcare in India is projected to witness the implementation of disrupting technologies like Internet of Things (IoT), Internet of Medical Things (IoMT), artificial intelligence (AI), and machine learning. IoMT is anticipated to find extensive application in remote monitoring, ICU vitals monitoring, ambulance vitals monitoring, indoor navigation, and data interoperability from conventional devices.
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In addition, the Mobile Healthcare Market in India market report incorporates important information regarding key market competitors. This includes analysis of these companies over various fronts including market share, company profile, financial overview, product or service portfolio, recent deal, merger or deal, etc. This might lead readers towards greater knowledge of the competitive dashboard of the industry.
At the end, while concluding the Mobile Healthcare Market in India market report shares report findings and conclusions regarding the industry. This includes anticipatory claims, analysis of historical data, forecasts including segmental forecast, market size forecast, regional performance forecast, demand forecast, consumption forecast and more. This might help readers to develop strong understanding of the industry with information at hand.
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•What are the key factors covered in this report regarding Mobile Healthcare Market in India Market?
-Market Segmentation, Overview of each segment
-Key Companies Analysis
•How researchers have reached the report findings shared in the report?
-Study of historical data figures
-Analysis of current scenarios in every domestic as well as regional market
-Examination of trends, available information and data figures
-Use of proved methodology to project for next five years
•Which prime data figures are included in the report?
-Market size (Last few years, current and expected)
-Market share analysis as per different companies
-Market Contributions (Size, Share as per regional boundaries)
•Who all can be benefitted out of this report?
-Teams, departments, and companies
-Vendors, Buyers, Suppliers
•What are the crucial aspects incorporated in the report?
-Industry Value Chain
-Market Size Expansion
-Key Economic Indicators
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Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.