RBETA 2024 celebrates India’s HealthTech innovation, eyeing $37 billion potential by 2030

Rise of India’s HealthTech: India's digital healthcare market has the potential to amass revenue worth $37 billion by the year 2030, according to a collaborative report by Boston Consulting Group and Singapore-based venture capital firm B Capital. 

The forecast anticipates major growth in the healthcare digitalisation business, with projections indicating a rise in revenue to $9,390.00 million by 2024.  The trajectory underlines the escalating demand and optimistic prospects for digital solutions within India's healthcare sector.

To celebrate the growth, innovation, and tech enablers of India’s HealthTech story, Republic Business is coming with its inaugural edition of the Republic Business Emerging Tech Awards 2024 (RBETA 2024). 

RBETA 2024 will mark the healthcare sector’s major drivers towards the adoption of technology at scale. Enabling quality healthcare services to reach every citizen in the country, HealthTech’s upsurge can change the nation for good. The event, celebrating innovation and entrepreneurship in the tech space, will shed light on the rise of India’s highly untapped HealthTech sector.

Expanding HealthTech Market 

The Digital Health market in India is anticipated to sustain an annual growth rate of 16.20 per cent from 2024 to 2028, according to Statista citing industry projections. This steady growth trajectory signals strong opportunities for innovation and investment within the sector. With an estimated average revenue per user (ARPU) of $26.99, the digital health market in India presents substantial revenue-generating potential. 

HealthTech solutions in India are constantly innovating to bring factors such as convenience, accessibility, and the growing awareness of preventive healthcare measures.  Comparatively, while India's Digital Health market shows promising growth, China is set to lead globally, with projections indicating revenue reaching $53,070.00 million by 2024. 

Fitness wearables 

In 2022, the global wearable fitness trackers market was worth $46.23 billion, rising to $54.34 billion in 2023. According to Straits Research, it will reach $230.56 billion by 2031, growing at an annual rate of 18.5 per cent from 2023 to 2031. 

While digital fitness and well-being market in India is going to cross the revenue of $8,159.00 million in 2024. The most popular global wearables for health include fitness trackers, smartwatches, wearable heart rate monitors, sleep trackers, and activity trackers. 

Extending experts’ reach

A notable trend fueling the growth of India's Digital Health market is the rapid expansion of telemedicine services. These services facilitate easier access to healthcare professionals for individuals residing in remote or underserved areas, bridging the gap in healthcare accessibility and improving patient outcomes.

Indian startups such as BeatO, CureBay, MediBuddy, CureSkin, Practo, and many others are enabling thousands and thousands of Indians to remotely access the advise of experts doctors. 

Doctors can now remotely consult patients and issue prescriptions via digital platforms, facilitating a clear differentiation between critical and non-critical ailments. Critical cases necessitate hospital visits, while non-critical ones can receive professional guidance from home, reducing strain on hospital resources and minimising travel requirements for patients.