Market insights:
In 2019, preventive healthcare accounted for ~11% of India’s overall healthcare expenditure. The preventive healthcare market in India was valued at INR 3.71 Tn in 2019 and is expected to reach INR 14.58 by 2025, expanding at a compound annual growth rate (CAGR) of ~27.30% during the 2020-2025 period.
The rise in prevalence of chronic and non-communicable ailments like hypertension, diabetes, arthritis, cancer and cardiovascular diseases, as well as the easy availability of advanced medical devices and services are driving the market to prosper. Moreover, the cost-effective nature of preventive healthcare has made it more adaptable for Indians. However, lack of awareness regarding preventive healthcare facilities among people and inadequate insurance coverage for preventive treatments are impeding market growth.

Segment Insights:
The preventive healthcare market in India is segmented into healthy consumption, fitness and wellness, infection prevention care, health monitoring, and wellbeing assurance segments. As of 2019, the preventive healthcare market was dominated by the healthy consumption segment, which accounted for ~26.55% of the total market revenue. The healthy consumption segment consists of nutraceuticals, healthy foods, organic skincare and other skincare products.
The wellbeing assurance market is anticipated to be the fastest growing, expanding at a CAGR of ~31.91% during the forecast period. The growth can be attributed to the increasing popularity of telehealth and telemedicine services, owing to the social distancing and self-isolation norms imposed to curb the spread of COVID-19. By 2025, fitness and wellness, infection prevention care, and health monitoring segments are expected to hold ~9.30%, ~16.15% and ~22.80% shares, respectively, in terms of market revenue.

COVID-19 impact analysis:
The outbreak of the novel Coronavirus, followed by a long-term global lockdown has had a severe impact on the overall preventive healthcare market in India. Market segments including health monitoring devices, healthy consumption products, digital healthcare services, telehealth services and telemedicine solutions are likely to benefit amid the crisis. The surge in demand for immunity-boosting consumption products and infection-prevention products, growing anxiety regarding hospital and outpatient visits, and initiatives undertaken by the Indian government to encourage preventive healthcare are likely to accelerate market growth. The fitness and wellness segment has witnessed a significant setback due to the risk of virus transmission from social gatherings, and the imposition of social distancing norms.

Companies covered
• 3M India Limited
• Amway India Enterprises Private Limited
• Fitness First India Private Limited
• HealthifyMe Wellness Private Limited
• Practo Technologies Private Limited
• Serum Institute of India Private Limited
• Svasth Life Private Limited
• GOQii Technologies Private Limited
• OMRON Healthcare India Private Limited
• Xiaomi Technology India Private Limited

The post Preventive Healthcare Market in India 2020 first appeared on CRI Report.

Market insights:
The healthcare market in India was valued at INR 14.32 Tn in 2019 and is expected to expand at a compound annual growth rate (CAGR) of ~34.04% during the 2020-2025 period, to reach INR 65.51 Tn by 2025. The growth of the market can be attributed to the surge in demand for home healthcare devices, digital healthcare solutions and pharmaceutical products. Rise in the prevalence of chronic diseases, growing investments from public and private investors, and the emergence of advanced technologies like telehealth and telemedicine solutions are some of the major factors propelling the growth of the Indian healthcare market. Relaxation of FDI and increased government expenditure are some of the key factors to drive the healthcare market during the 2016-2020 period. However, inadequate healthcare infrastructure in India and low penetration of health insurance are impeding market growth.

Segment Insights:
The healthcare market in India is segmented into outpatient care centers, hospitals, pharmaceuticals, medical equipment and supplies, diagnostic services, digital healthcare, research and development, medical insurance and medical tourism. As of 2019, the healthcare market was dominated by the hospitals segment, which accounted for about 38.50% of the total market revenue. By 2025, the market share of the hospitals segment is expected to decline by ~10.55% to hold around 27.95% of the overall healthcare market revenue. During the 2020-2025 period, the digital healthcare segment is anticipated to become the fastest growing segment in the market as a result of the self-isolation norms imposed to restrain the spread of COVID-19 and the cost-benefit obtained from using digital healthcare solutions. Other segments of the market which are expected to witness high growth rate during the forecast period are the pharmaceuticals, and medical equipment and supplies segments.

COVID-19 impact analysis:
The outbreak of the contagion, followed by a long-term nationwide lockdown has had a severe impact on the overall healthcare market in India. The market segments that are likely to be positively impacted during the pandemic and the period thereafter are the digital healthcare segment, pharmaceuticals, medical equipment and supplies segment. The medical research and development (R&D) segment and the medical insurance segments are expected to experience a relatively short-term benefit during this crisis period. The medical R&D segment and the insurance segment are some of the least prioritized segments of the Indian healthcare industry and hence, the impact of COVID-19 on these segments are expected plunge with the diminishing effect of the pandemic. Other healthcare segments such as hospitals, medical tourism, and outpatient care centers are witnessing severe downfall in their markets due to the risk of virus transmission from social gatherings and the imposition of the social distancing norms.

Companies covered
• Apollo Hospitals Enterprise Limited
• Aster DM Healthcare Limited
• Cipla Limited
• Dr. Lal PathLabs Limited
• Fortis Healthcare Limited
• Healthcare Global Enterprises Limited
• Narayana Hrudayalaya Limited
• Sun Pharmaceuticals Industries Limited
• Columbia Asia Hospitals Private Limited
• Max Healthcare Private Limited

The post Healthcare Market in India 2020 first appeared on CRI Report.

Market insights:
The home healthcare sector in India accounted for approximately 3.6% of India’s overall healthcare industry earning in 2019. The home healthcare market in India was valued at INR 295.70 Bn in 2019. It is expected to expand at a compound annual growth rate (CAGR) of ~18.91% during the 2020-2025 period, to reach a value of INR 1,117.29 Bn by 2025. Rise in aging population and increased prevalence of chronic ailments like hypertension, diabetes, arthritis, cancer and cardiovascular diseases are propelling the growth of the market in India. Inadequate doctor-patient ratio in the country and cost-effective nature of home healthcare services are some of the other important factors driving the market. However, the lack of adequate insurance coverage for the treatments to be conducted at home, is impeding its growth.

Segment Insights:
The home healthcare market is broadly segmented into home healthcare services, home healthcare devices and home healthcare solutions. As of 2019, the home healthcare market was dominated by the home healthcare service segment, which accounted for ~54.40% of the total market revenue. By 2025, the market share of the home healthcare services segment is expected to decline by ~14.40% to hold round 40% of the overall home healthcare market revenue. During the 2020-2025 period, the home healthcare solutions segment is anticipated to become the fastest growing segment of the market as a result of social distancing and self-isolation norms imposed to curb the spread of COVID-19. By 2025, the home healthcare devices and home healthcare solution segments are expected to hold ~15.70% and ~44.30% shares, respectively, in terms of market revenue.

COVID-19 impact analysis:
The outbreak of the Coronavirus disease, followed by a long-term global lockdown has had a severe impact on the overall home healthcare market in India. The telehealth solutions, health screening and monitoring devices, and home nursing services segments are likely to witness a significant growth amid the worldwide crisis. Perpetuation of social distancing norms, exhaustion of outdoor medical capacities, and initiatives undertaken by the Indian government to encourage at-home treatments and telehealth solutions are likely to accelerate market growth. Other home healthcare segments anticipated to be positively influenced during this period include health diagnostic devices, at-home therapeutic services and other medical supplies.

Companies covered
• Apollo Home Healthcare Limited
• CallHealth Services Private Limited
• Care24
• Critical Care Unified Private Limited
• Guardian Angel Homecare Private Limited
• Healthcare At Home Private Limited
• India Home Health Care Private Limited
• Life Circle Health Services Private Limited
• Medwell Ventures Private Limited
• Portea Medical Private Limited
• Practo Technologies Private Limited
• Lybrate India Private Limited

The post Home Healthcare Market in India 2020 first appeared on CRI Report.

The global health risk assessment market is forecast to expand at a CAGR of 4.52%, and will reach USD 28.26 Bn by 2023, from USD 22.66 Bn in 2018. The higher adoption of employee’s health screening is aimed at promoting healthy lifestyles and reducing health risks among employees.

Segmentation based on end user
Based on end user, the market is segmented into large-scale, medium-scale and small-scale organizations. Large-scale organizations held the highest market share (42.1%) in 2018, and will continue to expand at a CAGR of 3.99% during the 2018-2023 period, owing to the adoption of new technologies, and increasing expenditure on employees’ well-being.

Regional insights
The corporate wellness market in North America accounted for the highest market share (37.42%) in 2018, and will expand at a CAGR of 4.98% during the 2018-2023 period, owing to factors like high occurrence of lifestyle associated diseases, adoption of premium wellness services and programs, and favorable government policies.

In 2018, the health risk assessment segment contributed the highest revenue (USD 8.74 Bn) in the North America region, owing to increasing obesity, consumption of unhealthy food, and lack of physical activity among employees. This segment is projected to expand at a CAGR of 4.91% during the 2018-2023 period. The stress management segment is expected to hold a market share 26.9% by 2023, expanding at a CAGR of 3.35% during the 2018-2023 period. In the U.S., employers lose approximately 225 Mn working days annually due to stress, resulting in reduced productivity. This is likely to aid the growth of the stress management market in the region. The fitness and weight management segment is anticipated to witness the highest growth rate (7.05%) during the forecast period, owing to increasing awareness about nutrition and healthy lifestyles, and an expanding number of fitness centers in this region.

The U.S. dominated the regional corporate wellness market due to a steady rise in investments, adoption of corporate wellness services, escalating healthcare costs, and the rising incidence of chronic diseases. Furthermore, the U.S. market is being driven by higher adoption of newly introduced corporate wellness plans for fitness, weight management, and nutrition.

Companies covered
Virgin Pulse
ComPsych Corporation
Vitality
Quest Diagnostics Health & Wellness
Interactive Health
BurnAlong
FitBliss
IncentFit
Training Amigo

The post Global Corporate Wellness Market (2018-2023) first appeared on CRI Report.