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India’s health-tech sector pegged at $40 billion by 2040: Report

India’s health-tech sector pegged at $40 billion by 2040: Report
Photo Credit: Pixabay
11 Mar, 2022
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India’s health-tech sector is poised to touch $9-12 billion Gross Merchandise Value (GMV) by 2025 and $40 billion GMV by 2040, stated a report by consulting firm Redseer.

The Gross merchandise value (GMV) refers to the total volume of goods sold through online mediums.

The report claimed that India’s e-health space grew by 51% on a year-on-year (YoY) basis in 2021 driven by reduced customer acquisition, same-day delivery and cross-selling. Also, a 47% increase in Net Promoter Score (NPS) in 2021 suggested that the customers are now more likely to recommend the eHealth platforms to their friends or relatives.

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NPS is customer loyalty and satisfaction measurement where companies ask customers to rate their services on a scale of 1-10.

Kushal Bhatnagar, Engagement Manager, Redseer, said, “We notice a huge headroom ahead for growth indicated by the global benchmarks, wherein Health-tech players are already ahead of the traditional ones. India’s Health-tech sector is on an exciting journey of disruption and continues to offer immense value proposition to consumers and businesses alike.”

At present, Pharmeasy, Netmeds (Reliance Group), Tata group-backed 1mg, Medlife, mfine, and MeddiBuddy, are the prominent players in the health-tech sector.

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Last year, a report released by The Internet and Mobile Association of India (IAMAI) and management consulting firm Praxis claimed that the Indian health-tech sector will witness a compounded annual growth rate (CAGR) of 39%. Some of the growth drivers cited in the same report were customers readily adopting health-tech, healthcare workers using more technology, and government promoting telemedicine and creating a digital health care backbone through the National Digital Health Mission.