Healthcare has always been a critical part of a country’s infrastructure, but 2020 reiterated the significance of it in many ways. But, when our healthcare industry was facing tough times and being tested last year, e-health came to the rescue for many across the country. Starting from e-consultations, tests at home, online purchase of medicine, e-health offerings solved many of the hassles.
Here are a few insights on the industry and what will drive the industry going forward.
1. Households are very bullish on e-health usage in future
Expected change in eHealth Usage in CY21 onwards, % HHs citing increase or no change in eHealth Usage
With the pandemic, there has been a drastic increase in e-health users in various ways like teleconsultations, e-consultations, ordering tests and medicines online and many more. The households look bullish on using e-health going forward and will likely increase their spends.
2. Which will drive eHealth to grow ~10x over CY20-25
To increase massively in scale over the next 5 years to reach GMV of $ 11-15 Bn
India’s ehealth sector reached about $1.4 billion GMV in 2020. Seeing the sentiments in the market, it is expected to grow around 10x over the period of CY20-25. The industry is expected to grow its GMV by $11-15 billion by CY25.
3. Entry of multiple players will also drive eHealth in 2021
With platforms like Pharmeasy, Netmeds, 1mg and Practo, among others leading the space, the multiple players are enabling customers to fulfill various requirements.
4. Omnichannel will be another big opportunity in eHealth
~$1.5 Bn Of potential opportunity for omnichannel players in eHealth by CY25
Omnichannel looks like the next big opportunity in the industry which can be estimated to be around $1.5 billion by CY25. The omni channel play could add the touch & feel and faster delivery aspects, currently unavailable in eHealth. As a result, omnichannel in eHealth could play a significant role in resolving the unmet needs of the acute-first households.
This industry has a long way ahead and with the critical importance that it holds, the market will see more movement in the space in the times to come.