India Telemedicine Market to Cross INR 200 Crores by 2020 – Ken Research
According to the Research Analyst Ken Research,The usage of technology in healthcare system of India has radically changed the market dynamics, since the advent of ICT in healthcare market. E-Healthcare technologies can help in easy access of healthcare services to patients in rural India. This is anticipated to save traveling time and money for availing expert opinion but more important it will
According to the Research Analyst Ken Research,The usage of technology in healthcare system of India has radically changed the market dynamics, since the advent of ICT in healthcare market. E-Healthcare technologies can help in easy access of healthcare services to patients in rural India. This is anticipated to save traveling time and money for availing expert opinion but more important it will make a rural Indian healthier. E-Health services and equipments market in India has outperformed and has grown at a CAGR of 20.4% during the period FY’2010-FY’2015. . The contribution in revenues was entirely made by IT healthcare technology which has offered extensive convenience to the hospitals, pharmacies and laboratories to track patient’s information. Despite of the extensive growth for e-health services and equipment market in India, the segment will never be able to replace face to face consultation with doctor, at clinic or in hospital.
The telemedicine market has involved the use of telecommunication services to improve the health status of a patient through exchange of medical information from one site to another. The telemedicine services have been segmented into Real Time telemedicine services and Store & Forward telemedicine services. Real time telemedicine services include telephonic call or video-conferencing call where both the doctor and the patient have to be present at the same time and real time interaction happens between them whereas, in Store and Forward telemedicine services does not require both the doctor and the patient to be present at the same time and transmission and assessment of the medical records can be done at convenient time.
Telemedicine providers have been categorized into three groups: Private Hospitals, Government Hospitals and NGO’s. Private Telemedicine centers such as Apollo Tele Health Services, Narayana Health Telemedicine Centres, Aravind Eye Care and telemedicine centres of Medanta. Telemedicine centres run by NGO’s contribute the most in terms of number of telemedicine centres operational in India with market share of 56.1%. NGO’s such as World Health Partners is the largest NGO in India that has 1100 telemedicine centres operational in India. Government hospitals and medical colleges such as AIIMS, SGPGI and more have made alliances with various districts and sub-district hospitals of different states in India.
India Telemedicine Market has been segmented by service areas such as Tele-radiology, Tele-consultation, Tele-ophthalmology, Tele-ICU, Tele-dermatology, Tele-surgery, Tele- pathology and Tele-psychiatry. The telemedicine market has been largely dominated by Tele-radiology. Tele-radiology involves the electronic transmission of patient’s radiographic images such as x-ray, CT scan or MRI from one location to radiologist sitting at another location for interpretation. Tele-consultancy is the second largest contributor to the revenue earned by Indian telemedicine industry during FY’2015. Tele-consultancy is defined as audio and video communication link between the patient and the doctor or between doctors of different disciplines. Tele-ICU has been regarded as the third largest category in the telemedicine market of India. according to the Research Analyst, Ken Research.
India consumers, particularly the younger and middle age groups are increasingly becoming aware and inclining towards e-health marketplace services. There exists a huge market demand of online consultations with the doctors as it helps patients to get medical advice from experts of particular disease from anywhere in the world. With the advent of e-health marketplace geographies or physical distance has not existed as the barrier. Due to easy accessibility, convenience and affordability several patients are opting for e-health marketplace services as patients do not have to stand in long queues waiting outside the hospitals.