Telemedicine market in India to reach USD 5.5 bn by 2025: EY-IPA study
The domestic telemedicine market is expected to reach USD 5.5 billion by 2025 and Indian healthcare industry should shift from traditional method of doctor-patient interaction to digitally enabled remote consultations, according to an EY-IPA study.
Evolution of teleconsultation and e-pharmacy will be the new norm and around 15-20 per cent of the healthcare ecosystem is expected to shift to virtual care across triaging, consults, remote monitoring, home health, etc. The healthcare industry, driven by the increased digitisation will require a strong regulatory framework to protect the patient’s data privacy and prescription substitution.
The study stated that the telemedicine market in India will grow at a compound annual growth rate (CAGR) of 31 per cent for the period 2020–25 and reach USD 5.5 billion.
There is a growth in virtual care such as tele–consult, telepathology, teleradiology and e–pharmacy in India due to the current pandemic situation. The teleconsultation and e-pharmacy will account for around 95 per cent of the telemedicine market by 2025 which amounts to USD 5.2 billion
As per the study, India's e-pharmacy market is projected to reach 10-12 per cent of the overall pharmaceutical sales in the next five years driven by strong regulations, increased funding and creation of digital infrastructure, it added.
Indian Pharmaceutical Alliance (IPA) Secretary-General Sudarshan said that with the challenges due to the COVID-19, consumer behaviour and patterns are changing and the new norms of social distancing traditional ways of in-person doctor-patient interaction are being digitally enabled by remote consultations.
EY India Life Sciences - Partner & Leader Sriram Shrinivasan quoted that the current levels of adoption by the patients and doctors along with emerging technologies, India will experience a growth in the digital health ecosystem, however, it will also need a robust regulatory and governance framework that provides the right support for growth