Indian health-tech market to grow to $50 billion by 2033
The health-tech market comprises of six segments -- telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management.
- May 26, 2021,
- Updated Jun 22, 2021 8:01 PM IST
The Indian health-tech market is expected to grow at a 39 per cent compounded annual growth rate (CAGR) over FY2020-FY2023 and is expected to reach US $50 billion by 2033, says a report.
The health-tech market, which comprises of six segments -- telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management, is currently worth about $2 billion. This is less than 1 per cent of the overall healthcare industry in India, the report by RBSA Advisors said.
"The pandemic and adoption of technology in healthcare has brought a quantum shift in the sector. In recent years, we have seen some of the most significant deals, and the Indian health-tech sector has received close to $1.6 billion in funding since 2017," said Rajeev Shah, MD and CEO of RBSA Advisors.
The report says the Indian health-tech industry will grow to $5 billion by 2023 and to $50 billion in another ten years. E-pharmacies were the largest segment in the Indian health-tech market in 2020 with $700 million revenue, followed by B2B health-tech market ($60.2 million), B2B medical supplies ($28.8 million), other health-tech services ($100 million), e-diagnostics ($70 million) and teleconsultation ($45 million).
Wider application of robotics, machine learning and artificial intelligence, wearables and on-body devices, blockchain, among others, are going to change the future of healthcare. Cloud infrastructure in healthcare record maintenance and increased focus on digitalisation of patient healthcare records is likely to accelerate further, the report said.
This Tata Group stock zoomed 280% in 12 months, did you miss the rally?
The Indian health-tech market is expected to grow at a 39 per cent compounded annual growth rate (CAGR) over FY2020-FY2023 and is expected to reach US $50 billion by 2033, says a report.
The health-tech market, which comprises of six segments -- telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management, is currently worth about $2 billion. This is less than 1 per cent of the overall healthcare industry in India, the report by RBSA Advisors said.
"The pandemic and adoption of technology in healthcare has brought a quantum shift in the sector. In recent years, we have seen some of the most significant deals, and the Indian health-tech sector has received close to $1.6 billion in funding since 2017," said Rajeev Shah, MD and CEO of RBSA Advisors.
The report says the Indian health-tech industry will grow to $5 billion by 2023 and to $50 billion in another ten years. E-pharmacies were the largest segment in the Indian health-tech market in 2020 with $700 million revenue, followed by B2B health-tech market ($60.2 million), B2B medical supplies ($28.8 million), other health-tech services ($100 million), e-diagnostics ($70 million) and teleconsultation ($45 million).
Wider application of robotics, machine learning and artificial intelligence, wearables and on-body devices, blockchain, among others, are going to change the future of healthcare. Cloud infrastructure in healthcare record maintenance and increased focus on digitalisation of patient healthcare records is likely to accelerate further, the report said.
This Tata Group stock zoomed 280% in 12 months, did you miss the rally?