India’s preventive healthcare sector is projected to reach $197 billion by 2025.
Growth is led by the increasing number of start-ups leveraging technologies such as cloud computing to build and scale their applications, internet of things (IoT), data analytics, artificial intelligence (AI), and machine learning (ML), finds the latest report by Redseer Strategy Consultants in collaboration with Chiratae Ventures and Amazon Web Services (AWS).
Preventive healthcare which includes fitness and wellness, foods and supplements, early diagnostics, and health tracking among others recorded a compounded annual growth rate (CAGR) of 22 per cent.
“Start-ups are known for their ability to invent new solutions that address society’s problems and inefficiencies, and the digital transformation happening in India’s healthcare sector is an example,” said Kumara Raghavan, Head–AWS Startups India, Amazon Internet Services Private Limited.
Nearly $1 billion raised
More than 40 preventive healthcare technology (“HealthTech”) start-ups have raised approximately $1 billion in funding over the last three years to tap the preventive health opportunity across segments such as nutrition management, condition management, lifestyle monitoring, health checkups, and mental and physical wellness, said the release.
“Start-ups can unlock the potential of preventive healthcare in India by focusing on the 3As — awareness, accessibility, and affordability for consumers. Creating more health-conscious individuals (HCIs), tapping into existing ones, and leveraging partnerships with corporates, providers, and insurers are ways that can help move in this direction,” said Amitabh Kumar, Senior Manager, Redseer Strategy consultants.
More players in the field
Redseer’s report also said that not only start-ups, but diversified corporates and healthcare businesses are entering the preventive health space by partnering with start-ups or building their own programmes and digital platforms. The Indian consumer is expected to benefit from the shift from curative to preventive, with the delivery of better health outcomes and lower healthcare costs.
“India is looking to effectively deliver quality healthcare to a billion people through rapidly evolving technology that can provide affordable, accessible, and personalised healthcare. We have invested over $150 million in healthcare companies in India that are revolutionising care delivery in nutrition and wellness, cancer, genomics, and other critical areas,” said Sethi, Founder, and Chairman, Chiratae Ventures.
Redseer Strategy Consultants is a consulting firm, founded in 2009. It works with new-age consumer-focused businesses and offers growth advisory, digital strategy, and investments thesis.