Telemedicine Market Analysis in India
The relevance of research
Currently, the telemedicine market in India is actively developing, there is a search for niches, models for organizing services to provide services, alliances are emerging between market participants, and cooperation agreements are being concluded. Since 2018, the market has seen an increase in the number of operators, an increase in the number of involved medical professionals and medical centers, as well as consumers of telemedicine services
Purpose of the study
Analysis of the state of the telemedicine market in India, assessment of the market size, analysis of competitors, as well as identification of factors affecting the telemedicine market
Content
Part 1. Overview of the Indian telemedicine market
1.1. Definition and Characteristics of the Indian Telemedicine Market
1.2. Dynamics of Indian Telemedicine Market Size, 2017-2021
1.3. Market structure by type of service provided in India
1.4. Structure of the telemedicine market by Union Territories
1.5. Assessment of current trends and development prospects of the studied market
1.6. Assessment of factors affecting the market
1.7. Analysis of sectoral indicators of financial and economic activity
Part 2: Competitive Analysis in the Telemedicine Market in India
2.1. Major players in the market
2.2. Market shares of the largest competitors
2.3. Profiles of major players
Part 3. Telemedicine Consumption Analysis
3.1. Estimated per capita telemedicine consumption
3.2. Market Saturation and Estimated Market Potential in India
3.3. Description of consumer preferences
3.4. Price analysis
Part 4. Assessment of factors of investment attractiveness of the market
Part 5. Forecast of the development of the telemedicine market until 2026
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
Research excerpt
Part 1. Overview of the Indian telemedicine market
1.1. Definition and Characteristics of the Indian Telemedicine Market
Consider the characteristics and features of the telemedicine market in the Indian market.
The market of telemedicine (remote medicine) in this study is understood as a set of enterprises providing services ...
Telemedicine is the provision of healthcare services in an environment where distance is a critical factor, by healthcare professionals using information and communication technology to share essential information in order to…
Postponed telemedicine consultations are a way of organizing consultations at a distance by transferring medical information via e-mail or other information and communication channels. This method is…
Real-time consultations are carried out using broadband communication channels and video equipment with direct ...
Telemedicine activity is carried out in two directions: ""doctor-patient"" and ""doctor-doctor"". The direction ""doctor-patient"" in telemedicine is a way ...
The main target groups of consumers of telemedicine services: ...
At present, the telemedicine market in India is actively developing, there is a search for niches, models for organizing activities for the provision of services, …
A feature of the provision of telemedicine services in India is: ...
1.2. Dynamics of Indian Telemedicine Market Size, 2017-2021
Consider the dynamics of the volume of the telemedicine services market in India. According to GidMarket's calculations based on … data, the volume of the telemedicine services market in India in 2021 amounted to … million Rs., having increased by …% compared to 2020. In 2020, the telemedicine services market amounted to … million Rs., which is …% higher than in 2019 (… million Rs.).
Throughout the analyzed period, there has been a significant increase in the volume of the telemedicine market in monetary terms at current prices. Every year, the growth driver is the factor ... Other factors that affect the dynamics of the telemedicine services market are: ... According to ... the share of the population using the network increases annually ... On average, the population of India seeks medical care ... once a year and less often . The frequency of patients contacting medical organizations from year to year did not change in …
However, the ongoing coronavirus pandemic that began in 2020 is forcing the population to resort to …
Diagram 1. Dynamics of the telemedicine market volume, 2017-2021, million Rs.
1.3. Market structure by type of service provided in India
The structure of telemedicine services includes two main areas - ...
Remote diagnostics is a remote consultation with a doctor, during which the patient has the opportunity to receive ...
In 2021, according to …, in the first place in popularity among specialists in the format of remote medical consultations is … It is his services that are most often searched for on the Internet. At the same time, demand for … grew by …% over the year. The leaders in demand growth in the telemedicine market have become ... They are a little less popular ... Services are also becoming popular among Indians ... Experts suggest that due to the long-term remote work format, citizens could develop ...
Along with this, one of the promising areas for the provision of telemedicine services is the sale of …
In modern world medicine, there is such a service as ... or ""..."", which is becoming popular in India as well. If earlier this service involved a face-to-face consultation with a specialist of the chosen medical profile, now it has moved into the sphere of…
...
Remote control - current monitoring of the patient's health status and its individual indicators, carried out remotely using modern equipment. Monitoring the health of patients using telemedicine technologies is possible ...
1.4. Structure of the telemedicine market by Union Territories
According to experts, telemedicine services should be in high demand in the future in regions where there is no ... However, in 2021, according to ..., telemedicine services were most in demand in ... (...% of the total number of requests), ... (...%), …
According to GidMarket, among the regions the leaders in applying for telemedicine consultations are … the Union Territories (…% of requests), … the Union Territories …
Diagram 3. Structure of the telemedicine market in India by Union Territories, 2021, %
1.5. Assessment of current trends and development prospects of the studied market
Key trends in the telemedicine market include: …
Among the prospects of the analyzed market are: ...
1.6. Assessment of factors affecting the market
Let's consider the main factors influencing the telemedicine market and, accordingly, the demand and income of market operators.
- Economic
Dynamics of India's GDP
The dynamics of India's GDP determines the vector of development of the country's economy as a whole and to a large extent affects trends …
In 2007-2015 GDP growth in India had a negative trend, this was accompanied by a decline in business activity in the private sector of the Indian economy. Starting from 2016, there has been…
In 2020, there was a sharp decline in the economy by …%. A strong influence on the dynamics of the Indian economy was exerted by such factors as the decline in …
In 2021, the recovery of the country's economy began. At the end of 2021, Rosstat estimated India's GDP growth at …%.
...
- Social factors
- ...
- Technological factors
- ...
- Political and legal factors
- ...
Table 1. STEP analysis of factors affecting the telemedicine market
According to the results of the performed STEP-analysis, macro-environment factors have a greater influence on the telemedicine services market. Each of the considered groups of factors has an impact on the development of the market ...
A positive impact on the telemedicine services market is provided by: …
The development of the telemedicine market is negatively affected by such factors as …
1.7. Analysis of sectoral indicators of financial and economic activity
Profit and profitability in the telemedicine services market in 2017-2019 was significantly ... than the average for all sectors of the economy. This is due to the fact that the organization of the process of providing telemedicine services is a process ... It is associated both with the costs of the corresponding hardware and software, and with the formation of the market itself through ...
Chart 14. Absolute liquidity in telemedicine compared to all sectors of the Indian economy, 2017-2021, times
Telemedicine businesses tend to have … balance, which may be due to the fact that they only …
Business activity of organizations working in the telemedicine industry in 2020-2021 … (i.e. the period of turnover of receivables …). This may be due to low volumes ...
Attracting additional financial resources to solve development problems is the main reason for the significant ... financial stability of organizations operating in the telemedicine industry. Throughout the analyzed period (2017-2021), the average value of own working capital of telemedicine companies was …
Part 2: Competitive Analysis in the Telemedicine Market in India
2.1. Major players in the market
The telemedicine market in India is characterized by … a level of concentration. In the market ... operators, each of which has ...
The largest operators of the telemedicine market in India are medical companies “…”, “…”, “…”.
2.2. Market shares of the largest competitors
Let's determine the shares of the largest competitors in the telemedicine market in India. Market … shares of individual market players ... As a basis for calculating the shares of the largest market competitors, data on ...
Chart 17. Shares of the largest competitors in the telemedicine market in India in 2021
In general, we can say that the TOP-11 largest players in the telemedicine market occupy …% of the market in value terms. At the same time, in 2021 the key player is “…” with a market share of …%, then “…” is the share of …%, “…” is …
The remaining …% of the market is distributed among smaller Indian companies providing telemedicine services.
2.3. Profiles of major players
""…"" (OOO ""…"")
...
Table 6. Basic information about participant No. 1 of the telemedicine market
...
Consider the dynamics of the total revenue of the largest telemedicine market operators in India in 2017-2021.
In 2017-2021 the total revenue of the largest companies in the market is growing, in general, this indicator has increased over 5 years ... The largest increase was recorded in … (…%), which is associated with an increase in demand for online consultations of doctors in the period ... In 2021 the growth of the indicator continued in ... At the same time, it should be taken into account that some of the considered companies (...) were created at the end of 2017-beginning of 2018, i.e. revenue values ...
Part 3. Telemedicine Consumption Analysis
3.1. Estimated per capita telemedicine consumption
Estimation of per capita consumption of telemedicine services in India was made by GidMarket based on the ratio of …
The consumption of telemedicine services in India is growing at a high rate during 2017-2021, from … to … Rs. per person per year. At the same time, it should be taken into account that such growth occurred not only due to an increase in market volumes, but also due to a decrease ... Thus, based on the average prices for telemedicine services, we can conclude that, at least once a year, paid only every … resident of India uses telemedicine services, which indicates the unattained ... For the period 2014-2019. The per capita spending on telemedicine services by the population increased …, while the growth was due to an increase in …
3.2. Market Saturation and Estimated Market Potential in India
...
3.3. Description of consumer preferences
...
3.4. Price analysis
The dynamics of prices for telemedicine services is due to the general level of consumer inflation, rising costs ... The main operators in the telemedicine services market are companies registered in ... and ... federal districts. In ... the Union Territories in the period 2017-2019. price growth amounted to …%. In 2020-2021 price growth was minimal and amounted to …%. In January 2022, the value of this indicator increased to …%. AT …
In general, in India, the consumer price index for telemedicine services in 2017-2018. increased from …% to …%, in 2019-2021 growth slowed down and the price index …
Telemedicine services provide services on the Internet, potential consumers of services are all residents of India (regardless of the region of residence), as well as abroad, so the prices for services …
Table 18. Average telemedicine market prices in India. Price for the services of the main operators of the telemedicine market in India (one-time consultations), February 2022, Rs.
At the moment, two pricing models have been formed among telemedicine service operators - the consumer is offered to pay for individual consultations of doctors or to purchase ... So far, due to the weak development of the market, there has not been a consensus on which of the models is the most profitable ...
Part 4. Assessment of factors of investment attractiveness of the market
… factors of the investment climate of the telemedicine market in India dominate over ... A comprehensive assessment of the factors of investment attractiveness is ... points - ... investment climate.
The most significant positive factors. …
The most significant negative factors. …
Part 5. Forecast of the development of the telemedicine market until 2026
...
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
...
Diagrams
Diagram 1. Dynamics of the telemedicine market volume, 2017-2021, million Rs.
Diagram 2. Structure of the telemedicine market by types of services provided, 2021, %
Diagram 3. Structure of the telemedicine market in India by Union Territories, 2021, %
Diagram 4. Dynamics of India's GDP, 2014-2021, % to the previous year
Chart 5. Monthly dynamics of the US dollar against the rupee, 2017-2021, Jan. 2022 Rs. for 1 US dollar
Chart 6. Price index for medical services in Russia, 2010-2021, %
Diagram 7. Population dynamics in India, as of 01 Jan. 2014-2022, thousand people
Chart 8. Dynamics of the unemployment rate in India, 2014-2020, Jan-Nov. 2021, %
Diagram 9. Dynamics of real incomes of the population of India, 2014-2021, % to the previous year
Diagram 10. The share of medical services in the structure of paid services of the population of India, 2014-2020, Jan.-Nov. 2021%
Chart 11. Gross margin of the telemedicine industry in comparison with all sectors of the Indian economy, 2017-2021, %
Diagram 12. Profitability before tax (profit of the reporting period) in the field of telemedicine in comparison with all sectors of the Indian economy, 2017-2021, %
Diagram 13. Current liquidity (total coverage) in the field of telemedicine for 2017-2021, times
Chart 14. Absolute liquidity in telemedicine compared to all sectors of the Indian economy, 2017-2021, times
Diagram 15. Business activity (average term of receivables turnover) in the field of telemedicine, for 2017-2021, days days
Diagram 16. Financial stability (security of own working capital) in the field of telemedicine, in comparison with all sectors of the Indian economy, 2017-2021, %
Chart 17. Shares of the largest competitors in the telemedicine market in India in 2021
Diagram 18. Dynamics of the total revenue of the largest telemedicine market operators in India, 2017-2021, million Rs.
Chart 19. Telemedicine consumption per capita, 2017-2021, Rs./person
Diagram 20. Forecast of the telemedicine market size in 2022-2026, million Rs.
Tables
Table 1. STEP analysis of factors affecting the telemedicine market
Table 2. Profit (loss) from the sale of telemedicine in India, 2017-2021, thousand Rs.
Table 3. Gross margin of the telemedicine industry in comparison with all sectors of the Indian economy, 2017-2021, %
Table 4. Absolute liquidity in the field of telemedicine in comparison with all sectors of the Indian economy, 2017-2021, times
Table 5. Main companies participating in the telemedicine market in 2021
Table 6. Basic information about participant No. 1 of the telemedicine market
Table 7. Basic information about participant No. 2 of the telemedicine market
Table 8. Basic information about participant No. 3 of the telemedicine market
Table 9. Basic information about participant No. 4 of the telemedicine market
Table 10. Basic information about participant No. 5 of the telemedicine market
Table 11. Basic information about participant No. 6 of the telemedicine market
Table 12. Basic information about participant No. 7 of the telemedicine market
Table 13. Basic information about participant No. 8 of the telemedicine market
Table 14. Basic information about participant No. 9 of the telemedicine market
Table 15. Basic information about participant No. 10 of the telemedicine market
Table 16. Basic information about participant No. 11 of the telemedicine market
Table 17. Consumer price indices in the telemedicine market (initial medical consultation) for India in 2017-2022 (2022 - Jan.), %
Table 18. Average telemedicine market prices in India. Price for the services of the main operators of the telemedicine market in India (one-time consultations), February 2022, Rs.
Table 19. Price for the services of the main operators of the telemedicine market in India (service packages), February 2022, Rs.
Table 20. Assessment of factors of investment attractiveness of the telemedicine market in India
All reports