eHealth sector to reach $40 billion GMV by 2030, says RedSeer report

Pandemic worked as a catalyst to trigger growth within this sector, paving the way for a booming eHealth landscape that grew at 51% CAGR in 2021

Topics


Health sector | RedSeer | Healthtech start-up


Peerzada Abrar  | 
Bengaluru 


India’s HealthTech sector is on an exciting journey of disruption and continues to offer immense value propositions at almost every step of the consumer healthcare journey, including fitness and nutrition, diagnosis, treatments and disease management. Specifically, HealthTech’s continuous rise in the spheres of pharma, diagnostics and consultation, together termed as eHealth by consulting firm RedSeer, has been remarkable. All this could potentially accelerate the eHealth sector to reach $9-12 billion gross merchandise value (GMV) by 2025 and $40 billion GMV by 2030, with promising avenues to enhance profitability, according to RedSeer.

“We notice a huge headroom ahead for growth indicated by the global benchmarks, wherein HealthTech players are already ahead of the traditional ones,” said Kushal Bhatnagar, engagement manager, RedSeer, during a recently conducted event by Redseer, Ground Zero 6.0. “India’s HealthTech sector is on an exciting journey of disruption and continues to offer immense value proposition to consumers and businesses alike. All this could potentially accelerate the eHealth sector to reach $9-12 billion GMV by 2025 and $40 billion GMV by 2030, with promising avenues to enhance profitability”.

A report released by Redseer stated that India’s eHealth sector witnessed a 47 per cent increase in 2021 in its Net Promoter Score (NPS), suggesting that customers are now more likely to recommend the eHealth platforms to their friends and relatives. The report further stated that India’s eHealth sector witnessed reduced Customer Acquisition Cost (CAC), another indicator that the sector is set to grow organically in leaps and bounds, with better profitability. Same-day deliveries and cross-selling further characterize the sector’s performance. Going ahead, players could choose distinct growth paths as there are multiple areas with high potential.

ePharma dominated the eHealth sector, even before Covid. In addition to creating a convenience-driven experience, ePharma was pushed through discounts and rewards. Soon enough, the Covid-induced pandemic worked as a catalyst to trigger growth within this sector, thereby paving the way for a booming eHealth landscape that saw an annual growth rate of 51 per cent in 2021. It’s been two years since the Covid-induced pandemic, yet it looks like eHealth is here to stay: the eHealth sector continues to create delights, indicating that it could be the new normal for our healthcare industry

Infusing technology to India’s healthcare system has proven to be the need of the hour. RedSeer said restricted access to healthcare, large burden of healthcare expenses, and quality concerns with medicines, diagnostic labs and overall infrastructure are the main issues that the Indian healthcare system is struggling with. From providing diagnostic tests and medication to patients, to serving as enablers of surgeries, healthtech platforms are becoming the go-to solution for consumers.

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