India Healthcare IT Market Overview:-
Market Growth (Current): The Healthcare IT market in India grew
at a CAGR of ~% between FY’2013 – FY’2018. The various market segments grew at
the following CAGR
HIMS
PIS
MIIS
LIMS
Market Stage: India
Healthcare IT market is at it’s growing stage.
HIMS-Growth stage
PIS-Growth Stage
MIIS-Growth Stage
LIMS-Growth Stage
Competition Structure: India Healthcare IT market is highly fragmented
in nature as there are many players in the market competing for the market
share.
HIMS
PIS
MIIS
LIMS
Current Growth Drivers: Increasing demand for advanced
analytical tools in the Healthcare sector, growing focus on telemedicine,
increased automation in healthcare organization, and advancement of mobile
technology act as the major growth drivers in the market.
Major Players: Wipro, Fujifilm, Siemens, Cerner Corporation,
Thermo Fisher Scientific, Mckesson Corporation, Gofrugal Pharmacy Software, GTI
Infotel, Allscripts Healthcare Solutions.
Market Growth (Future): In Future, the India Healthcare IT
market is expected to grow at a CAGR of ~% during the period FY’2018-FY’2023E.
HIMS
PIS
MIIS
LIMS
Future Market Overview: With the rising demand for healthcare
services, a greater focus is being laid on improving health care facilities and
the supply of healthcare services is also growing steadily, as the private
sector is becoming more involved in owning and running hospitals. Thus, patient
data security and efficiency during the process of healthcare is considered to
be vital. With greater number of people moving towards better equipped
healthcare institutes, technological advancements become an imperative need for
such healthcare organizations.
Future Growth Drivers: Some of the factors expected to drive
the demand for India Healthcare IT market are introduction of AI into the
market, increasing number of elderly population and increase in the number of
Pharma retail stores. An accommodative business climate created by government’s
supportive policies are expected to further attract more foreign capital,
thereby creating more demand for Healthcare IT services.
India Healthcare IT Market
Size:-
By Revenue:-
The India Healthcare IT market has grown from INR ~ crore in FY’2013
to INR ~ crore in FY’2018. The market increased at a CAGR of ~% during the
above mentioned period.
There has been an increase in the government initiatives which has
fueled the growth of the Healthcare industry market, various schemes launched
by the government such as Nikshay, MCTS and IDSP has played a major role in the
increase in the market size.
The healthcare organizations in the country used to give IT budgeting
a low priority as compared to equipment budgeting. The spending on Computed
Tomography scanners or Magnetic Resonance Imaging systems was emphasized over
allocating small budgets for the implementation of HIS solutions. However, in
the present times, with the impeding requirements for keeping track records,
high cost solutions such as Picture Archiving and Communications System (PACS)
is being implemented in corporate hospitals high-end private hospitals in the
country, thus leading to market growth.
Over the years, the impact of information technology in Indian
healthcare services has been transforming the sector into managed care
services. It is believed that accessing information by providers and patients
can be now easily done with safety and effectively through the use of
information technology. It has been cited that health care solution results in
efficiency, reduces delays and improves patient care, which are the prime
growth drivers of healthcare IT market in India.
Future Outlook And
Projections:-
By Type of Market - Revenue (HIS, PIS, MIS and LIMS):-
Hospital Information System (HIS):
The HIMS market holds the maximum share and is expected to dominate
till FY’ 2023 as well since most of the hospitals are using software services
for tracking and storing the health records of their patients.
Hospitals will start preferring Hosted and cloud services over on
premise services which is more expensive, however it more beneficial in the
long run. The initial cost of the application is also high. Furthermore,
maintenance of the server needs to be carried out by the enterprise, and this
adds to the resource requirements and their costs.
The market share by revenue of HIMS was 63.3% in FY’ 2018 and
predicted to become 62.8% by FY’ 2023 and subsequently the revenue is also
expected to rise from INR 8,500.0 crore to INR 14,257.3 crore during the same
time period at a CAGR of 13.5%.
Pharmacy Information System (PIS):
The Pharmacy Information System has the second highest market share in
the Indian Market of ~% in FY’2018. One major reason for high market share is
Over Supply of Drugs, The low cost of production coupled with poor adherence to
quality control measures has resulted in large supply of drugs in the market.
This keeps the prices of drugs low and makes them accessible to the general
public.
The organized pharmacies have started focusing beyond metro cities
amid growing demand for branded retail stores in Tier 2 and Tier 3 cities. This
has resulted in the growth of customer base.
The advent of online
pharmacy has closed the spatial gap between customers and pharmacies. This has
resulted in increase in average number of orders per customer as the customer
can purchase drugs without any hassle.
The PIS market
generated a market revenue of INR ~ crore in FY’ 2018 and is expected to rise
to INR ~ crore by FY’ 2023, the market is anticipated to grow at a CAGR of ~%
in the same time period.
Medical Imaging Information System (MIIS):
MIIS had a market share of ~% in FY’ 2018 which is expected to
increase to ~% by FY’2023, the market will grow at a CAGR of ~%.
The market faces concentrated competition therefore price variations
would highly affect the market.
Laboratory Information System (LIMS):
LIMS has the lowest market share of ~% in FY’2023 and will increase at
a CAGR of ~% during the above mentioned period.
Key
Segments Covered:-
HIMS:-
By Delivery Mode
On
Premise
Hosted
and Cloud
By Component
Software
and Services
Hardware
By End
Users
Private Hospitals
Government Hospitals
Clinics
PIS:-
By Delivery
Mode
On
Premise
Hosted
and Cloud
By Component
Software
Services
By End Users
Popular
Chain Brand
Standalone
LIMS:-
By Delivery Mode
On
Premise
Hosted
and Cloud
By Component
Software
Services
By End Users
Chain
Labs/Multispecialty Labs
Standalone
Labs
MIIS:-
By Type
PACS
Radiology
Information System
Monitoring
Analysis Software
Key Target Audience:-
Healthcare
IT Companies
Hospitals
Clinics
Pharmacies
Path
Labs
Private
Equity Firms
Government
Associations
Investors
Time Period Captured in the Report:-
Historical Period: FY’2013-FY’2018
Forecast Period: FY’2019-FY’2023E
Companies Covered:-
HIMS
Cerner Corporation
Allscripts Healthcare Solutions
Athenahealth
Innovative Medisoft / MED-E-NOVA
Birlamedisoft Pvt. Ltd.
GTI Infotel
MIS
Wipro
Fujifilm
Siemens Healthenieers
SRIT (Shobha Renaissance IT Limited)
Shrishti Software
Telerad Tech
PIS:-
Mckesson
Corporation
Logic
Pharma Reatail
Go
Frugal Pharmacy Software
LIMS:-
Thermo Fisher Scientific
LabWare
LabVantage Solutions
NextGen Healthcare IT Solutions
Caliber LIMS
Vanuston (Medeil)
Abbott Informatics/ Star LIMS
Keywords:-
India Healthcare IT Industry
Healthcare IT Industry In India
Market Research Report Of India
Healthcare IT
India Healthcare IT Market Size
India Healthcare IT Market Revenue
Pharmacy Information System in India
India Electronic Healthcare Records
HIMS Software Pricing In India
Healthcare Software in India
Number of Pharmacies in India
India Upcoming Technologies Healthcare
IT
India Technologies LIMS Market
Wipro Healthcare IT Market
Mobile Technology in Healthcare
For more
information, refer to below link:-
Related
Reports:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
