The Indian Telemedicine Market stood at USD1314.83 million in FY2021 and is expected to grow at a robust CAGR of around 22.31%.
This can be ascribed to the improving healthcare IT infrastructure across the country coupled with increasing digitization in India. Additionally, the growing prevalence of chronic and infectious diseases in the country with a shortage of healthcare professionals and physicians are further expected to support the market growth through FY2027.
Besides, the sudden outbreak and spread of COVID-19 across the country and imposition of strict nationwide lockdown to curtail the virus spread new opportunities for the growth of telemedicine market across India. Due to the fear of virus spread and catching infection, the patients and their families avoided visiting hospitals and physicians’ clinics and preferred consulting remotely through telemedicine services.
In addition, the hospitals and doctors focused on providing treatment and assistance specifically to COVID-19 patients and the outpatient services were also shut. Hence, the outpatient patients preferred availing telemedicine services. This in turn is expected to positively influence the market growth over the next few years.
In October 2020, the Insurance Regulatory and Development Authority of India (IRDAI) asked the insurance companies to allow claim settlement for telemedicine consultation wherever normal consultation with a medical practitioner is allowed in the terms and conditions of the policy contract.
This in turn is expected to boost the market growth over the next few years. Additionally, supportive government policies & schemes such as the Government of India’s eSanjeevani initiative has gained a lot of popularity among the doctors, telemedicine companies and patients as well.
The Indian Telemedicine Market is segmented into component, deployment model, type, technology, delivery mode, application, end-user, region, and company. In terms of deployment model, the market can be split into cloud and on-premises. The cloud segment is expected to dominate the market in FY2021 with an overall market share of around 71.68%.
This can be attributed to the benefits such as the provision of remote accessibility of data and overall reduced operational costs associated with the cloud segment. In terms of type, the market can be segmented into tele-hospitals, mHealth and tele-homes. The tele-hospitals segment is expected to dominate the market through FY2027.
This can be attributed to the increasing adoption and usage of telemedicine services in hospital setting to consult various specialists by doctors. This not only resulted in cost savings for the hospital but also for the patient. While tele-homes segment will also witness growth in the coming years on account of the increasing digitization and increasing internet proliferation across the country.
Also, a growing health-conscious population coupled with supportive government policies and initiatives are expected to create lucrative opportunities for segmental growth over the next few years.
Competitive Landscape
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.
Company Profiles: Detailed analysis of the major companies present in the Indian Telemedicine Market.
- Apollo Telehealth Services Private Limited
- Practo Technologies Private Limited
- MG 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
Report Scope:
Years considered for this report:
- Historical Years: FY2017-FY2020
- Base Year: FY2021
- Estimated Year: FY2022
- Forecast Period: FY2023-FY2027
India Telemedicine Market, By Component:
- Services & Software
- Hardware
India Telemedicine Market, By Deployment Mode:
India Telemedicine Market, By Type:
- Tele-Hospitals
- mHealth
- Tele-Homes
India Telemedicine Market, By Technology:
- Store & Forward
- Real Time
- Others
India Telemedicine Market, By Delivery Mode:
- Audio-Visual
- Only Audio
- Written
India Telemedicine Market, By Application:
- Tele-Psychiatry
- General Consultations
- Tele-Radiology
- Tele-Pathology
- Others
Source: headlinesoftoday.com
