India’s fitness generation market is expected to gain $21 billion by 2025 thanks to the expansion of telemedicine and preventive fitness care.
The long-awaited telemedicine rules have brought new businesses to life, and many new telemedicine platforms have emerged in recent months.
Preventive healthcare in India is expected to grow to a $170 billion market by 2025, driven through fitness and wellness apps and diagnostic solutions.
A global fitness emergency like the coronavirus puts a spotlight on the fitnesscare industry, with all stakeholders fighting on the frontlines. The pandemic has been described as a structural change for virtual physical care in many countries, adding India. Many have said that now is the time for India to revive fitnesscare and help fitness tech startups fill in the gaps in the classic fitnesscare system.
With telemedicine rules now in place and mandatory fitness insurance for workers, the generation is well-positioned to redefine the physical care infrastructure in India. In two months, India, once an importer of personal protective equipment, will have the world’s second-largest producer.
In the new normal, India is set to see more significant advancements in the classical physical care system. The progression of India’s physical care infrastructure will be led by local fitness technology startups, with telemedicine and online pharmacies leading the existing wave of startups. The fitness generation market will contribute $21 billion through 2025, which is still only 3. 3% of the overall addressable fitness care market, which is expected to reach $638 billion by 2025. This indicates that the Margin for expansion is maximum and fitness technologies have enormous potential. Opportunity here.
Indian fitness technology startups secured a total investment of $2. 3 billion between January 2014 and March 2020, spread across 459 deals. The lack of regulatory standards and the shortage of generation-based fitness care infrastructure are some of the main points driving the fitness generation sector’s low investment. However, the government’s resolution to publish telemedicine rules at the beginning of the lockdown has helped to bring at least much-needed clarity to this segment. The same is expected for new online pharmacies. This deserves to attract more investors to this sector. Regulatory rules for fitnesscare knowledge and analysis will also help create more startups and inventions for quality and access to fitnesscare.
Major telemedicine startups adding myUpchar, Practo, Tattvan, Lybrate, and mFine have noticed that the number of new users has increased roughly 3-fold since the shutdown. Practo, which claims to be India’s largest virtual physical care platform, has increased its number of doctors by 50% in recent months. Alexander Kuruvilla, head of fitness strategy at Practo, previously told Inc42 that GP on its platform now serves around a hundred patients, 4 times the same volume as before.
The clarity of regulations has led corporations to create other spaces for intervention. For Practo, the biggest increase in consultations comes from pediatric consultations, which have increased by approximately 350% and then gynecology consultations, which have increased by 250%. DocsApp, which acquired MediBuddy during the lockdown, says that has noticed an average 60% increase in inquiries across all departments.
Growing awareness among consumers, fitness service providers and the government will drive macroeconomic fitness generation trends in the coming quarters. Companies like Curefit, Practo, 1mg, PharmEasy, Netmeds and others have dominated the fitness technology ecosystem when it comes to investment. Bengaluru’s fitness technology ecosystem has helped it be the leading hub in terms of investment amount and number of deals.
Modern urban lifestyles have led to an increase in the occurrence of life-threatening diseases, such as cardiovascular disease, high blood pressure, cancer, and diabetes. The number of cumulative cases of diabetes (3. 18%), cardiovascular disease (47. 94%), high blood pressure (10. 51%), stroke (46. 24%) and common cancers (324. 18%) from 2017 to 2018, according to ENT data.
This is largely attributed to abnormal and poor diets, high alcohol consumption, smoking, drug addiction, and lack of physical exercise among the urban population. However, the coronavirus pandemic has sparked a renewed interest in healthy lifestyle and eating habits, which is expected to drive the adoption of preventative fitness solutions.
The preventive healthcare market in India is expected to reach $170 billion by 2025, driven primarily through fitness and wellness apps, as well as the diagnostics and therapeutics sub-segments. The trend of joining fitness centers and maintaining healthy nutrition is expanding in urban spaces along with the adoption of fitness and yoga apps.
The growing need for healthcare is driving consumers to purchase health insurance plans. The government’s announcement of mandatory fitness insurance for staff will cause a sudden surge in the fitness insurance market. The positive reaction of Indian SMEs and MSMEs will drive the adoption of compulsory physical insurance in India.
Covid-19 has shown us the shortcomings of the classic health formula in India. The poor control of the classic sanitary formula will increase the need for a technological solution to increase the potency of the sanitary formula. The Covid-19 outbreak is a wake-up call for India’s healthcare formula and will provide a positive boost for health tech startups looking to expand cutting-edge products to ease the burden of offering healthcare to the world. massive Indian population.
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