Healthtech sector in India grew 51pc in 2021: Redseer report
In 2021, India's healthtech space had an annual growth rate of 51 percent. Consulting firm Redseer collectively terms the rise in pharma, diagnosis and consultation as eHealth.
The healthtech sector in India is disrupting all spheres, including fitness and nutrition, diagnosis, treatment and disease management. This remarkable rise in the space of pharma, diagnostics, and consultation is being broadly termed as eHealth by consulting firm .
According to a report released by RedSeer, India's eHealth sector has seen a 47 percent increase in terms of its Net Promoter Score (NPS), indicating that customers are more likely than ever to not only use eHealth platforms themselves, but are also recommending it to people they know.
The report also noted that Customer Acquisition Cost (CAC) had reduced, implying that there is room for organic growth in the sector, with scope for profitability. A key aspect in pushing this segment was the concept of quick commerce, that is, same-day deliveries. Cross-selling too has aided eHealth to soar.
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Prior to the COVID-19, ePharma dominated the sector, as it still does today. This can be attributed to discounts and rewards on using ePharma's offerings. As a sector driven by a convenience-first approach, it has witnessed massive growth due to the pandemic. The result was that the eHealth sector boomed with an annual growth rate of 51 percent in 2021, according to the report.
The sector has been plagued with inaccessibility, concerns over medicine quality, and the larger healthcare system. Healthtech offers quick solutions to these problems by providing a platform for diagnostic tests and medication.
During Ground Zero 6.0, an event conducted by RedSeer, Kushal Bhatnagar, Engagement Manager of the firm, said,
"We notice a huge headroom ahead for growth indicated by the global benchmarks, wherein healthtech players are already ahead of the traditional ones. 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."
Edited by Kanishk Singh