With the introduction of Health2.0 in the mid-2000s and the germination of digital healthcare startups, the sector has undergone new milestones in last 5 years. About 90 percent of the startups evaluated in 2015 were working on preventive healthcare and monitoring solutions, revealed an InnAccel’s report.
The demand for healthcare has been increasing at twice the rate of the national economy. The government aims to increase the current healthcare spending from 1.2 % of the GDP to 3 percent by 2022. Much of this will be executed through public private partnerships and technological support to increase the reach and impact of healthcare services.
Healthcare industry has many options which are available for entrepreneurs to explore and venture. The E-healthcare sector is growing fast that the industry is projected to expand upto $280 billion by 2020 as quoted in the FICCI KPMG report. With the increased usage of Internet & Smartphone’s, healthcare market in India is poised to grow from $100bn in 2016 to $280bn in 2020, hence creating opportunities for Healthcare & Healthtech companies & Startups.
Over the past few years, various business models have been witnessed in preventive healthcare, analytics, pathology, emergency services, among others. Major categories in which India Healthcare start – ups are innovating are Doctor Discovery/Networking Platform, Online Pharmacy & E commerce, Home Healthcare, Health Records & Data Analytics and Emergency & Panic Button Services. These startup models are largely focused on the mass market and enabling access to sections of the population that are far away from reach.
Reference: The Pharma Times