As per new market research (1) on India’s preventive healthcare market, the segment is gaining popularity and is trending compared to previous years. The study was conducted based on several assessments regarding the preventive healthcare space in India. It includes market sizing trend, revenue, volume, growth factors, expert opinion, facts, market development, and more.
Notably, India has several players in the Preventive Healthcare market, such as 3M India Limited, Fitness First India Pvt Ltd, Amway India Enterprises Pvt Ltd, HealthifyMe Wellness Pvt Ltd, and Practo Technologies Pvt Ltd.
As the study suggests, there is a considerable impact on the Indian market due to the coronavirus outbreak and global lockdown. The Preventive Healthcare market includes health monitoring devices, healthy consumer products, telehealth services, digital healthcare services, telemedicine solutions. These are likely to benefit amid the COVID-19 crisis.
The Initiatives of the Indian Government is Encouraging Preventive Healthcare Market Growth
Indian market is also observing a spiked demand for immunity boosting products, and infections preventing products or consumables. There is also growing anxiety related to visiting hospitals and outpatients. India’s government is also taking initiatives to encourage preventive healthcare, which is also likely to accelerate its market growth.
As per reports, the market accounted for 11% of India’s overall expenditure in healthcare. In 2019, the preventive healthcare market was valued at 3.71 Tn INR. It is expected to reach 14.58 Tn INR by 2025, growing at 27.30% CAGR between 2020 and 20255.
Notably, the fitness and wellness market is witnessing a significant setback because of the risk of virus transmission, the imposition of social distancing norms, and fear of social gatherings.
Most segment players focus on innovation, introducing new technologies to increase production efficiency and lifecycle. The long-term growth and future opportunities in this space depend on the ongoing improvement process. The players following standards and guidelines, along with their financial flexibility for investments on strategies, would also play a significant role.