India’s preventive healthcare sector is expected to reach $197 Bn by 2025, said a report jointly published by Chiratae Ventures, Amazon Web Services (AWS), and Redseer.
Preventive healthcare makes up around 36% of the entire healthcare market, with a value of $93 Bn in 2021. The sector is expected to grow as a result of the Covid-19 pandemic, at a Compound Annual Growth Rate (CAGR) of 22% during 2022-25, as compared to 15% for the curative sector, said the report.
Further, Redseer’s report found that healthcare startups, as well as diversified corporations, are entering into the preventive health space by partnering with startups or establishing their own digital platforms and programmes. The move from curative to preventative treatment is expected to benefit Indian consumers in terms of better health outcomes and lower healthcare expenses.
India’s preventive healthcare sector, which includes fitness and wellness, foods and supplements, early diagnostics, and health tracking among others, is leading the way in advancing preventive healthcare in India by utilising digital technology and harnessing the potential of consumer health and lifestyle data at scale.
India has generally preferred curative medicine above preventive care. However, preventive care has become more significant in India as a result of the pandemic.
According to a survey of more than 1,000 people, at least 40% of respondents preferred preventative health.
To maintain and extend wellness, the second survey of 300+ Health-Conscious Individuals (HCIs) found that they regularly track a variety of health-related factors, including lifestyle, physical wellness, and more. These HCIs are familiar with using health monitoring devices and apps and do so frequently.
Additionally, the report showed that these HCIs spend, on average, between INR 4,000 and INR 10,000 annually on various preventive healthcare activities and are also eager to pay 50% more in the future.
Expressing his view, Founder and Chairman, Chiratae Ventures, Sudhir Sethi, said “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 Mn in healthcare companies in India, such as Cure.fit, Redcliffe, HealthifyMe, Smiles.ai, HealthPlix, Onco, and others, who are revolutionising care delivery in nutrition and wellness, cancer, genomics, and other critical areas.”
Kumara Raghavan, Head of AWS Startups India, Amazon Internet Services Private Limited stated, “Cloud technologies like machine learning, analytics, and the Internet of Things have the potential to open new channels to help monitor health and wellness, decrease the cost of care, improve collaboration, make data-driven clinical and operational decisions, and enable faster development of new therapeutics and treatment paths. Whether our customers are building telemedicine, remote monitoring, diagnostics, fitness, or personalized wellness solutions, we are committed to providing the tools that enable HealthTech startups to support preventive care.”
Over the past three years, more than 40 preventive healthtech companies have raised almost $1 Bn in funding to capitalise on the market for preventive health. They are using cloud computing to develop and expand their apps which generate, digitise and analyse vast amounts of health data utilising advanced technologies including the internet of things (IoT), data analytics, artificial intelligence (AI), and machine learning (ML).
For instance, more than 30% of the top 40 funded preventative healthtech businesses utilise AI/ML for use cases including medical image analysis, document extraction, chatbots, personalisation, and health risk prediction. Further, the Ayushman Bharat Digital Mission’s (ABDM) implementation will strengthen the availability of data and utilisation of these technologies, said the report.
“Startups can unlock the potential of preventive healthcare in India by focusing on the 3A’s – Awareness, Accessibility, and Affordability for consumers. Creating more HCIs, tapping into existing ones, and leveraging partnerships with corporates, providers, and insurers are ways that can help move in this direction,” stated Amitabh Kumar, Senior Manager, Redseer Strategy Consultants.