Indian healthcare IT values at USD 1 billion market: Nasscom
The report revealed within the market, the healthcare software segment generated revenues of USD 96.8 million in 2014 and is likely to grow at a compounded annual growth rate (CAGR) of 11 percent over the next five years. In contrast to this, the worldwide health tech market is estimated to grow at a CAGR of 6 percent to USD 25 billion by 2020 from USD 17.36 billion in 2014.
“There are about 150 companies operating in this space in India and they are creating products and solutions for a global customer and finding acceptance,” said Sangeeta Gupta, senior vice-president — events, research and communication at Nasscom.
There has been an increase in India in the number of health tech startups in the past few years and these have attracted funding worth over USD 100 million since 2014. Gupta added wearables and well-being related solutions were also seeing a lot of consumer interest and were doing well within the broader spectrum of health tech products. Given the overall shift happening towards patient-driven healthcare, mobile apps and healthcare platforms are other areas that are likely to grow fast.
Over the next decade, healthcare predictive analytics and cloud computing solutions are likely to grow rapidly. While fast adoption of personalized health tech is giving companies the numbers they want, this doesn’t necessarily translate into revenue.