Preventive healthcare market to reach $197 bn by 2025: RedSeer-Chiratae-AWS report

With COVID-19 pandemic making people more aware about disease prevention and immunity boosting, India’s preventive healthcare sector is projected to reach $197 billion by 2025, growing at a CAGR of 22 per cent, indicated a report by strategy consulting firm RedSeer Strategy Consultants in collaboration with Chiratae Ventures and Amazon Web Services (AWS), released on Thursday.
 
The preventive market largely consists of fitness and wellness, foods and supplements, early diagnostics and health tracking among others. There has been a trend in India wherein curative care has been preferred over preventive care. The report takes account of a survey conducted with over 1,000 individuals with at least 40 per cent of the respondents highly inclined towards preventive health.
 
The report also considered another survey conducted with a group of over 300 Health-Conscious Individuals (HCIs) who actively track different aspects of their health such as lifestyle, physical wellness, and more, to maintain and prolong wellness.
 
These HCIs are familiar with health monitoring devices and apps and use them regularly to monitor their health. Further, the study revealed that these HCIs spend on an average between Rs 4,000 and Rs 10,000 on various preventive healthcare practices annually and are also willing to pay up to 50 per cent more in the future, the report said.
 
The report said that more than 40 preventive healthcare technology startups have raised approximately $1 billion in funding over the last three years to tap the preventive health opportunity across segments such as nutrition management, condition management, lifestyle monitoring, health checkups, and mental and physical wellness.
 
“We have invested over $150 million in healthcare companies in India, such as Cure.fit, Redcliffe, HealthifyMe, Smiles.ai, HealthPlix, Onco, and others, who are revolutionizing care delivery in nutrition and wellness, cancer, genomics, and other critical areas,” said Sudhir Sethi, Founder, Chairman, Chiratae Ventures.
 
The report noted that not only startups, but diversified corporate and healthcare businesses, are entering the preventive health space by partnering with startups or building their own programs and digital platforms. “Creating more HCIs, tapping into existing ones and leveraging partnerships with corporates, providers, and insurers are ways that can help move in this direction,” said Amitabh Kumar, Senior Manager, RedSeer Strategy consultants.

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