Opportunities in Next Generation Healthcare Systems
India has emerged as one of the fastest-growing digital economies over the past few years, with 90% growth in digital adoption index, within last 3 years. The healthcare sector in India has kept in par with digital transformation, improving quality and accessibility in terms of services delivered to patients. The Indian digital healthcare market was valued at $2 billion in 2018, and is estimated to grow to $7 billion by 2024, growing at a compound annual growth rate of ~27.41% during the 2019-2024 period. With Coronavirus in picture, experts predict that these numbers are very likely to go up by a significant factor.
We strongly believe that this is a great opportunity for high impact Nordic healthcare startups and scaleups looking to expand into emerging markets. India with a very young and economically growing population, is definitely an exciting place to be in. Here are some insights for you:
- The digital healthcare market in India has a great potential to leverage the robust digital footprint of India with supportive government policies.
- Initiative like Digital India program have been strengthening the digital infrastructure required in the healthcare industry. With current government’s vision for digitization, we will see several such initiatives opening gateway for digital penetration into healthcare
- India has recorded a significant growth in number of Internet subscribers, increasing from 251.59 Mn to 493.96 Mn in 2018. High competitive telecom market will provide more fuel to this growth.
- Government’s digital initiatives like Aadhaar (UIDAI), have created a favourable ecosystem for the digital healthcare market.
- e-Governance initiatives like the National Health Portal, e-Hospital, and Integrated Health Information Program (IHIP) have provided further more opportunities in this sector.
- Steady inflow of FDI have stabilized the digital healthcare market by addressing the concerns of stakeholders.
Post Coronavirus, the digital healthcare sector will growth significantly, offering plethora of opportunities for Nordic healthcare technologies. Digitizing patients’ data , Telemedicine, AI for healthcare, Internet of Medical Things, Big Data for Healthcare etc. are going to be the low hanging fruits.
If you’ve a business in healthcare and you’re looking for expansion, we would love to assist you with your Indian market entry. Feel free to contact us.