India Healthcare IT Market Outlook to 2023

The report titled “India Healthcare IT Market Outlook to 2023 – By Hospital, Pharmacy, Medical Imaging and Laboratory Information Management Systems and by Delivery Mode (On Premise, Hosted and Cloud Mode), By Component and By End Users” provides a comprehensive analysis on the Healthcare IT market of India. The report covers various aspects including introduction, pricing analysis, Market Overview and Genesis, Porter’s Five Forces Model, trends and developments, issues and challenges, SWOT analysis, competitive landscape, India Healthcare Statistics and government regulations. The report concludes with future market projection and analyst recommendations highlighting the major opportunities and cautions.

Market Overview

India Healthcare IT market is at the growth stage. India Healthcare IT market in terms of revenue has increased at a positive double digit CAGR during the period FY’2013-FY’2018. The market is gradually increasing with more number of Pharmacies opening up and Hospitals and clinics moving towards IT solutions for recording and storing the patient’s data on premise as well as on Hosted and cloud services. The customers in the market are highly price sensitive as there are various players present in the market.

Healthcare IT services are used by major hospitals, clinics and pharmacies for better management purpose. The clients opting for Healthcare IT solutions largely use them for managing Pharmacies, in patients, out patients, laboratory testing, Medical imaging and keeping patient records.

India Healthcare IT Market Segmentation

HIMS

By Delivery Mode: The HIMS market on the basis of delivery mode is divided into on premise and Hosted and Cloud based. Hosted and Cloud services hold the major share in the market and will grow at a positive double digit CAGR from FY’2018-FY’2023E.

By Component: On the basis of component, the HIMS market is segmented into Software & Services and Hardware. Software & Services accounted more than half of the revenue share in the market as all the Hospitals opts for the Software which is of very high cost, and mostly the hardware component is already available with the hospitals.

By End Users: Private Hospitals are the largest contributor towards the HIMS system which accounted for more than half the market share. The second position is held by Government Hospitals followed by clinics which has shown a growth of positive double digit CAGR.

PIS

The PIS market is majorly dominated by the unorganized players and they are the ones controlling the market. With the expansion plans of large chains and increase in number of unorganized pharmacy stores, the industry will undergo some consolidation. The retail pharmacy sector is quite fragmented, posing a major challenge in addition to the complex supply and distribution chain comprising various stakeholders as well as the circulation of drugs. Many pharmacies have been implementing online tracking system for managing their inventory of medicines. Major companies offering PIS services in India include Cerner’s Pharmacy System, Mckesson, Logic Pharma and others.

LIMS

Laboratory information systems market in India is a niche segment of the healthcare IT market, which has been witnessing tremendous growth over the last few years and will continue to grow in the coming future. There are many standalone labs in the country and their number is increasing significantly. Most of the major players operating in the market have already adopted LIMS and the stand alone companies are also following their footsteps. Market is highly fragmented largely dominated by the local firms operating in the market. Major players include Thermo Fisher Scientific, Labware, NextGen and others.

MIIS

In the medical imaging arena common-use cases include 3-D viewing, clinical collaboration and easy PACS connectivity, which enable access to radiology reports and referral studies. Large imaging independent software vendors are investing in cloud-based MIIS platforms which will eventually enable integration of their medical devices across the world. Picture Archiving and communications Systems (PACS), Radiology Information System and Monitoring Analysis software are the major type of MIIS and accounted for the highest revenue share amongst the three MIIS components and will grow at a double digit CAGR in future.

Competitive Landscape

The India Healthcare IT market is highly fragmented. The market has several players operating in the market. The major players in the market are Wipro, Fujifilm, Thermo Fischer Scientific, Allscripts healthcare solution, Cerner Corporation, Innovative Medisoft, Mckesson Corporation, GTI Infotel, Birlamedisoft, Athenahealth and Shrishti Software. These players compete on the basis of Implementation cost, implementation ease, functionality, certification, customization and expertise.

India Healthcare IT market Future Outlook

In future, it is anticipated that India Healthcare IT market in terms of revenue will increase at a positive double digit CAGR during the period FY’2018 –FY’2023E. The demand for Healthcare IT technology services will be further augmented largely with increase in number of pharmacies, hospitals and pathology labs and rise in per capita expenditure on healthcare. The use of HIMS will increase in future largely due to the growth in number of Hospitals, medical Tourism and Telemedicine will further increase the demand of Healthcare IT services in hospitals.

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