Healthtech in India is expected to grow at a CAGR of 39 per cent over FY2020 – FY2023
The Indian health-tech market is expected to grow at a 39 per cent CAGR over FY2020 – FY2023 and is expected to reach $50 billion by 2033, according to RBSA Advisor’s latest report titled “Unleashing the Healthtech Potential.”
According to the report, the health technology market currently stands at $2 billion, less than one per cent of the overall healthcare industry.
In India, the health-tech market can be broadly divided into six segments – telemedicine, e-pharmacy, fitness and wellness, healthcare IT and analytics, home healthcare and personal health management.
Pharm-Easy, Cure fit, Practo are some of the significant health-tech startups that have caused a stir and taken the market by storm.
Rajeev Shah, CEO, 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. There is a huge opportunity for growth within health-tech because of the meagre market share in the broader healthcare sector. The most crucial factors driving the growth currently are COVID-induced restrictions and safety protocols, and the acceptance of technology in the industry. As the industry is looking to grow at a phenomenal rate, the investors are ready to invest in this sunshine sector.”
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