Indian health tech market comprising of key segments – telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management is growing at a fast pace. Experts believe that the health-tech industry is expected to grow at a 39% compounded annual growth rate (CAGR) over FY2020-FY2023 and become a $50 billion market by 2033.
COVID-19 pandemic has played a vital role in exponential growth of health-tech market and improving patient’s experience by catering their healthcare needs from the comfort of their homes. Be it online consultation, home delivery of medicines, digital diagnostic services, or managing simple to chronic conditions, many budding and established entrepreneurs are investing in this market.
Involvement of business magnates in health-tech market
Many business magnates are investing in health-tech market. Flipkart has acquired a majority stake in SastaSundar , a Kolkata-based venture to launch Flipkart Health+. Tata Digital has invested in 1MG while Naspers and TPG are start-up investors among others. Affordplan has collaborated with hospitals, and its product Swasth card is used across OPD, IPD, lab, and pharmacy services.
Acquisitions in health-tech space indicate that it is expected to expand in the coming years. It will cater e-pharmacy, e-diagnostics and online consultation segments in most effective way. Moreover, Invest India, the National Investment Promotion and Facilitation Agency has predicted that this space will create 40 million jobs by 2030, and there will be over 3,000 start-ups in India focusing on health-tech.
