Healthcare IT in India now a USD1 bn market

 30-Apr-16, The Times Group

The Indian healthcare IT market is valued at $1billion (about 6,650 crore) and likely to grow by about 1.5 times by 2020, according to a report by information technology (IT) industry body Nasscom. The report said within the market, the healthcare software segment generated revenues of $96.8 million in 2014 and it is likely to grow at a compounded annual growth rate (CAGR) of 11% over the next five years.

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Comparatively , the worldwide health tech market is estimated to grow at a CAGR of 6% to $25 billion by 2020 from $17.36 billion in 2014.

In India, healthcare software is a small part of the total healthcare IT segment, comprising only about 9%. "There are about 150 companies operating in this space in India and they are creating products and solutions for a global customer and finding acceptance," said Sangeeta Gupta, senior vice-president at Nasscom.

There has been a sharp increase in India in the number of health tech startups - about 60% of the total number of companies - in the last few years and these have attracted funding worth over $100 million since 2014. Gupta said wearables and well-being related solutions were seeing a lot of consumer interest and were doing well.

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