Insomnia to Sleep Apnea - Analysing the...
Posted in Healthcare Services by Adolf on Mar 20,2023 513
The healthcare industry is undergoing a significant transformation, with constantly changing regulatory guidelines and technological advancements, which is a prominent factor driving the demand for healthcare consultants among hospitals and physician groups.
Growth in the healthcare consulting services market can be primarily attributed to the growing budget cuts, increasing pricing pressure, changing healthcare policies/regulations, and rising technological disruption across the healthcare industry that has resulted in a partnership between the healthcare providers, payers, and life science companies with the healthcare consultancy firms. However, hidden costs of consulting services and concerns regarding data confidentiality are likely to challenge market growth in the coming years.
The development of IoT, wearable technology, and smart devices have enhanced the IT sector in India. Moreover, more people are opting for smartphones to access health information, which is adding to the reviewed market’s growth. Furthermore, the advent of pandemic enhanced the demand for digitalization in the healthcare industry. Other than this, the government has introduced new policies to encourage the adoption of telemedicine. This growth is likely to support the development of the healthcare sector, simultaneously driving the digital transformation in healthcare market on a growth path across India.
Indians have been pushed to embrace digital transformation and reconsider current healthcare trends because of the COVID-19 pandemic. Almost 60% of patients and 65% of physicians now favour digital platforms over in-person consultations. The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the market. The Digital Healthcare market in India was valued at INR 524.97 billion in 2021. It is expected to reach INR 2,528.69 billion by 2027, expanding at a CAGR of 28.50% during the 2022 – 2027 period.
The market’s growth is driven by numerous factors, including the rising need for qualified healthcare professionals and an increase in e-health adoption. As per WHO, there has been substantial growth in the adoption of electronic health records over the years. It is predicted that more IT firms will concentrate on developing real-time applications and software relating to the healthcare sector. This will increase the demand for digitization globally.
Additionally, the rise in electronic health records, coupled with government initiatives for enhancing health services, is expected to generate lucrative opportunities for the global market over the forecast period.
Digital fitness & well-being and e-health are the two segments that make up the market. In 2021, the digital fitness and well-being category generated 81.69% of the total revenue. By 2027, the E-health segment, which contributed 18.31% of the total revenue in 2021, is predicted to hold an 18.75% market share. When it comes to the adoption of mobile health, India is the second-most advanced developing country.
The market has expanded recently because of patients adopting digital healthcare solutions due to increased patient awareness, increased demand for information access, and an emphasis on the openness of treatment and diagnosis processes. Value-based healthcare services are being promoted in India to provide patients with the greatest results at the lowest possible cost. The FDI policies of the Indian government are promoting international collaboration. A consistent rise in foreign direct investment (FDI) in the healthcare sector has led to a global focus on investments, product innovation, medical tourism, and local cooperation in the nation's healthcare industry.
India's healthcare environment has undergone a paradigm shift because of the pandemic. The COVID-19 pandemic pushed the digital transformation of the Indian healthcare system even more. Digital healthcare solutions have become the main way to receive healthcare services due to the state-wide lockdown and movement restrictions. Because of concerns that in-person consultations may raise people's chances of contracting the virus, people's preferences have switched toward online consultations. The government's support for telemedicine has greatly increased the need for digital healthcare solutions.