The Indian telemedicine market is anticipated to grow significantly at 31% CAGR during 2021-2027 owing to the enhanced healthcare IT infrastructure, increased digitalization, the rising prominence of chronic and infectious diseases, and lack of healthcare professionals and physicians will fuel the growth of the Indian telemedicine market. The COVID-19 pandemic has created opportunities for the growth of the telemedicine market across India owing to stringent lockdown to combat the coronavirus, so the patients and their family members have avoided visiting hospitals and physicians' clinics and are preferring consulting remotely via telemedicine services. Moreover, in October 2020, the Insurance Regulatory Authority of India (IRDAI) has allowed insurance companies to claim settlement of patients for telemedicine consultation also. Moreover, supportive government policies & schemes like the eSanjeevani initiative have gained prominence among doctors and telemedicine companies, and patients.

On the basis of modality, the Indian telemedicine market is divided into real-time telemedicine, remote patient monitoring, store-and-forward practice, consultation between specialists and primary caregivers, medical imaging, and telemedicine networks. Owing to the shortage of hospital beds in India, there was massive growth in real-time telemedicine and novel technologies provided to healthcare institutes led to a decrease in the burden on hospitals via real-time consultation with doctors through smartphones, tablets, laptops, or PCs.

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India is among the top 10 countries in the global telemedicine market. Telemedicine can treat patients remotely and provides a new horizon in the public health domain of India. Telemedicine plays a pivotal role in India’s health system and uses technologically and digitally developed methods of healthcare to work during challenging times. During the COVID19 pandemic, telemedicine also helps reduce the burden on tertiary hospitals by providing diagnosis and treatment to patients in geographically remote locations and reducing patient exposure to outpatient visits.

In June 2021, Tata Digital is set to acquire online telemedicine platform 1MG to create a digital ecosystem to address consumer needs in a unified manner and Tata-owned 1MG is set to introduce 60 Minute Delivery in selected locations.

The prominent players in India’s telemedicine industry include Practo, 1mg, CVS Health, Lybrate, Inc., NovaCura Tech health services (mFine), Netmeds Marketplace Ltd., Meta16labs Healthcare & Analytics Pvt., Ltd., TeleVital, Zoylo Digihealth Pvt. Ltd., and Rijuven (India).

Source: VynZ Research