India Healthtech Market Size Likely to Surpass at a CAGR of 28.67% By 2033

India Healthtech Market size was valued at USD 6,500 Million in 2024 and is expected to reach USD 78,374.3 Million by 2033, at a CAGR of 28.67%% during the forecast period 2024 – 2033.

India Healthtech Market: Overview

Healthtech, encompassing various technologies like telemedicine, electronic health records, and wearables, has emerged as a crucial component in transforming the healthcare landscape, offering improved accessibility, efficiency, and affordability of healthcare services.

Government initiatives and policies have played a pivotal role in driving the growth of the health tech market in India. Programs such as the National Health Policy 2017 and the National Digital Health Mission (NDHM) aim to promote digital health infrastructure, making healthcare services more accessible and affordable across the country.

The NDHM, in particular, seeks to create a national digital health ecosystem, which is expected to boost the adoption of health tech solutions like telemedicine platforms and electronic health records systems.

Rising healthcare expenditure and the increasing demand for quality healthcare have also fueled the adoption of health tech solutions in India. With a growing population and rising disposable income, there is a heightened demand for efficient healthcare delivery systems, especially given the increasing prevalence of chronic diseases. This trend is expected to continue, creating significant opportunities for health tech companies to innovate and cater to the evolving healthcare landscape.

However, the market faces certain challenges, including the digital divide and infrastructure challenges. Despite government efforts, access to digital technologies remains uneven, particularly in rural and remote areas. Limited internet connectivity, lack of awareness, and infrastructural constraints hinder the widespread adoption of health tech solutions in these regions. Addressing these challenges will be crucial to ensuring equitable access to healthcare services and realizing the full potential of health tech innovations in India.

Data privacy and security concerns also pose significant challenges to the adoption of health tech solutions. The rapid digitization of healthcare services raises concerns about the privacy and security of patient data. Strengthening cybersecurity infrastructure and implementing stringent data privacy regulations are essential to building trust among healthcare providers and patients, thereby mitigating market restraints and facilitating sustainable growth in the health tech sector.

Despite these challenges, the market presents numerous opportunities, particularly in telemedicine and healthcare data analytics. Telemedicine, recognized as a solution to bridge geographical barriers and address the shortage of medical professionals, has witnessed accelerated adoption, especially during the COVID-19 pandemic. Investment in telemedicine infrastructure, supported by government initiatives like the Ayushman Bharat Digital Mission, offers significant market opportunities.

Healthcare data analytics also presents a significant opportunity in India’s healthcare sector, with initiatives like the NDHM emphasizing its importance. The adoption of electronic health records and advanced analytics techniques like machine learning enables proactive disease management and personalized healthcare, extending to areas like health insurance, pharmaceutical research, and public health initiatives.

In terms of market segmentation, the India Healthcare Market is segmented by technology, component, end-user, applications, and delivery modes. Digital health systems, including electronic health records and telehealthcare, held the highest market share in 2023, driven by their crucial role in modernizing healthcare delivery. Software, as the backbone of most health tech solutions, dominated the component segment, while healthcare providers emerged as the primary end-users driving the adoption of health tech solutions.

Report Scope

CMI has comprehensively analyzed India Healthtech market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenarios of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this India Healthtech industry.

The competitive landscape includes key innovators, after market service providers, market giants as well and niche players ate studied and analyzed extensively concerning their strengths, weaknesses as well and value addition prospects. In addition, the Report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.

List of the prominent players in the India Healthtech Market:

• Pharmeasy
• 1mg
• Netmeds
• Practo
• Zoylo
• DocsApp
• Portea Medical
• Curefit
• HealthifyMe
• Signa Vital
• Lybrate
• Mfine
• String Healthcare
• Medanta
• Fortis Healthcare
• Apollo Hospitals
• Manipal Hospitals
• Aster DM Healthcare
• Max Healthcare
• HCG (Healthcare Global Enterprises Limited)
• Others

These key players are adopting various organic and inorganic growth strategies such as M&A, joint ventures, collaborations, strategic alliances, expansion, new product launches among others to increase their revenues and business operations.

The India Healthtech Market is segmented as follows:

By Technology

• Digital Health Systems
• Health Analytics
• Health Information Technology
• mHealth
• Telehealthcare

By Component

• Hardware
• Software
• Services

By End-User

• Healthcare Providers
• Healthcare Payers
• Healthcare Consumers
• Pharmaceutical Companies
• Others

By Applications

• Cardiology
• Diabetes
• Neurology
• Sleep Apnea
• Oncology
• Others

By Delivery Modes

• Cloud-Based
• On-premises