In a fragmented healthcare informatics and patient monitoring market in India, numerous local and international players are competing with one another. In order to steal a march over their rivals, they are said to be expending a lot of money on developing cutting-edge products. This is majorly fuelling growth in the market along with the dearth of nursing staff and mushrooming hospitals and homecare centers.
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Besides, the alarming increase in chronic diseases in the nation due to the burgeoning geriatric population and changes in lifestyle brought about by urbanization and increasing income of people has also stoked growth in the market for healthcare informatics and patient monitoring in India.
Posing a roadblock to the market, on the other hand, is the price sensitivity of the consumer and frequent recall of patient monitors.
A report by Transparency Market Research predicts the India market for healthcare informatics and patient monitoring to rise at a robust 16.3% CAGR from 2017 to 2025 to attain a value of US$560.9 mn by 2025 from US$124.7 mn in 2015.
Metropolitan and Urban Hospitals and Healthcare Facilities Segment Boosted by Increasing Cardiovascular Diseases
Based on demography, the market for healthcare informatics and patient monitoring in India can be broadly split into metropolitan and urban hospitals and healthcare facilities and rural hospitals and healthcare facilities. Of the two, the metropolitan and urban hospitals and healthcare facilities segment leads the market with a mammoth share. In 2014, the figure stood at a whopping 88.0%. One of the primary reasons for the segment’s dominant position is the growing occurrence of cardiovascular and respiratory diseases. Besides, the rising instances of fatal conditions and rising number of beds in tier 1 and tier 2 cities have also helped the segment garner a leading share in the market.
The other segment of rural hospitals and healthcare facilities is predicted to progress at a healthy clip in the foreseeable future on account of the rising demand for multispecialty hospitals in rural pockets of the country.
Depending upon types, the segment of hospitals accounts for a dominant share in the India market for healthcare informatics and patient monitoring. This is mainly because of the rising number of critically ill patients in India and increasing number of hospital beds.
South India Market Shines due to Availability of Technologically Superior Patient Monitors
Region-wise, the key segments of the India market for healthcare informatics and patient monitoring are North, South, West, and East. Of them, the South India market has progressed the most to account for a dominant position. This is primarily due to the quick adoption of latest medical technologies, better availability of technologically superior patient monitors, and solid support from the government. In 2015, South India accounted for 39.0% share in the overall India market. Currently, the market in South India is worth US$56.81 mn.
Going forward, the Eastern part of India is also likely to contribute significantly to the market for healthcare informatics and patient monitoring, powered by the highly populated city of Kolkata where a large number of people are said to be ailing from respiratory and cardiovascular diseases.
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Some of the key players operating in the India market for healthcare informatics and patient monitoring are Mindray Medical India Pvt. Ltd., Philips India Ltd., Wipro GE Healthcare, Nihon Kohden India Pvt. Ltd., BPL Medical Technologies Pvt. Ltd., Schiller Healthcare India Pvt. Ltd., Dräger India Pvt. Ltd., and India Medtronic Pvt. Ltd.
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