The Indian online doctor consultation market is expected to reach $836 million by FY24, growing at 72 percent CAGR, according to a recently published report titled “Outpatient Healthcare Market in India” by Praxis Global Alliance.
The report revealed the market already reached $163 million in March 2021.
It also claimed that one in 35 consultations will happen online by FY24. The COVID-19-led digital disruption in the Indian healthcare market has boosted the demand for online health services. The report revealed that during COVID-19, online consultations recorded 0.8 percent penetration by volume and 1.6 percent penetration by the value of total consultations till March 2021.
Image Credit: Praxis Global Alliance
It also highlighted that the overall outpatient healthcare market — valued at $26 billion in FY21 in India — is likely to grow at 13 percent over the next three years. The government’s push to increase electronic health record (EHR) penetration is considered a driving factor for the growing outpatient consultation market.
According to the report, the National Digital Health Mission (NDHM) is a prospective “game-changer for the Indian healthcare ecosystem”.
“Outpatient market is poised for a significant overhaul driven by the adoption of online consultations as an acceptable alternative, digital enablement of clinical practices in line with NDHM, changing customer expectations, and the emergence of an organised network of tech-enabled outpatient care providers,” Sumit Goel, Managing Partner and Head – Healthcare and Pharma, Praxis Global Alliance, said in a statement.
Image Credit: Praxis Global Alliance
Other key data
According to the consulting and advisory services firm, the increased adoption of artificial intelligence and machine learning technologies, growing teleconsultation penetration, an increasing number of doctors and hospitals, and favourable healthtech regulations are some foreseeable opportunities for the outpatient consultation market in India.
The report said:
- The number of doctor consultations crossed four billion in India in FY21, spending a total of $26 billion on outpatient prescriptions.
- On average, Indians do three doctor consultations in a year. Each consultation leads to one pharma prescription.
- A diagnostic test is prescribed in every 3.5 consultations.
- Convenience and safety during COVID-19 is the major reason behind the use of teleconsultations.
- Amid the rise in the number of teleconsultations, difficulty in understanding the patient’s symptoms over calls was regarded as the major challenge.
“Growing adoption of technology-led solutions in healthcare due to the ongoing pandemic has helped in giving a significant push to the online consultation market in India. The next wave of growth for online consultations would be driven by new-age technology-enabled solutions like AI and ML, which can help patients to derive better and faster care,” Aryaman Tandon, Managing Partner and Co-founder, Praxis Global Alliance, said.
