2020/4/1 – CRI Report

Home Testing Kits Market in India 2020

admin — Sat, 12 Sep 2020 05:25:39 +0000

With the growing population and changing lifestyle of Indians, the market for home used testing kits in the country has gained momentum over the past few years. Home testing kits that are most popularly used in India include at-home pregnancy test kits, home testing kits for fertility prediction, at-home HIV test kits, at-home blood pressure monitoring devices, glucometer and thermometer. Europe, North America and the Asia-pacific region together account for more than three-fourth of the global home testing kits market. China, India and Japan contribute significantly to the market revenue in the Asia-pacific region.

Market insights:

As of 2019, India accounted for about 7% of the overall revenue generated by the global home testing kits market. The home testing kits market in India was valued at INR 9.05 Bn in 2019. Further, the market is anticipated to expand at a compound annual growth rate (CAGR) of ~9.88% during the 2020-2025 period, to reach a value of INR 15.57 Bn by 2025. Rising prevalence of chronic ailments like hypertension, diabetes and cardiovascular diseases is one of the major factors propelling the growth of the market in India. Increase in disposable income, improved awareness regarding physical wellbeing among people, and easy accessibility of home testing devices in urban and semi-urban areas of the country are some of the other important factors contributing to the growth of the market. However, the lack of accuracy in test results, awareness, affordability and accessibility of these devices in rural areas is impeding the development of the industry.

COVID-19 impact analysis:
The worldwide outbreak of the COVID-19 pandemic, followed by a long-term nationwide and global lockdown to curb contagion proved difficult for the manufacturing and logistics sectors. As a result, the home testing kits market is anticipated to witness a breach in the demand and supply of testing devices. The market experienced an unexpected increase in the demand for home testing kits like infrared thermometer and glucometer on account of the lockdown following the outbreak. The sudden rise in demand of these devices significantly contributed to the market revenue in the first quarter of 2020. However, due to the unanticipated disruption in international trading and halt in the production of devices, the supply is expected drop in the post-lockdown period, leading to a fall in the market revenue. This scenario is expected to persist until the market stabilizes itself in a healthy business cycle, overcoming the effects of the pandemic and lockdown.

Competition analysis:
The home testing kits market in India is highly competitive, owing to the presence of numerous players in the market. The market is not only dominated by its existing established players like Morepen Laboratories and Mankind Pharma (Prega News) but also by a number of prominent start-ups including OMRON Healthcare India, Bright Healthcare Limited (HealthSense) and Roche Diabetes Care India (Accu-Chek). New market entrants like Bione Ventures Private Limited and CPC Diagnostics Private Limited intend to establish their roots in the market with their latest venture into the COVID-19 home screening kits.

Companies covered
• Morepen Laboratories Limited
• Nectar Lifesciences Limited
• Mankind Pharma Limited
• Advacare Pharma LLP
• Swiss Precision Diagnostics GmbH
• Bright Healthcare Limited
• Nureca Private Limited
• OMRON Healthcare India Private Limited
• Roche Diabetes Care India Private Limited

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

Healthcare Analytics Market in India 2020

admin — Sat, 12 Sep 2020 05:25:33 +0000

Healthcare analytics is a part of the digital healthcare system, which is technologically advanced and provides enhanced health management services using IT and effective communication tools. Though at a nascent stage in India, healthcare analytics has the potential to fill the gap between the lack of availability of clinicians and limited capacity of clinics to serve patients with the help of artificial intelligence (AI) and Big Data analytics.

Healthcare analytics aims to enhance patient outcomes by assisting healthcare practitioners with the use of medical knowledge that have been memorized and analyzed by
computer-enabled robotic systems, that results in an effective medical solution. It encompasses mainly three types of analytics solutions, namely descriptive analytics, predictive analytics and prescriptive analytics. Healthcare practitioners, healthcare providers, the government and pharmaceutical companies are the major end users of healthcare analytics solutions.

Market insights:
In 2019, healthcare analytics accounted for ~10.81% of the digital healthcare market in India. The healthcare analytics market in India is expected to reach a value of INR 47.04 Bn by 2025, expanding at a CAGR of ~20.49% during the 2020-2025 period. Factors like increased focus on collection and analysis of data from different healthcare sources for improved customer service, technological advancements and rising adoption of EHRs are expected to drive the growth of the healthcare analytics market in India.

Over the past few years, the volume of data generated by healthcare organizations has increased immensely on account of the growing adoption of digital technology, Big Data and other advanced technologies. Use of descriptive analytics techniques facilitates better analysis of structured and unstructured data and generates valuable insights to make improved clinical decisions. Descriptive analytics accounted for ~75% of the total healthcare analytics market in 2019 in terms of the type of analytics used in healthcare organizations in India, followed by predictive and prescriptive analytics.
It is estimated that in India (including rural and urban India), 4,300 people die every day due to poor diagnosis and wrong treatment of diseases. Healthcare analytics is expected to bring down this patient death rate by using more advanced tools for diagnosis and planning out proper treatment procedures.

However, with rapid digitization, cybercrime poses a major challenge for the growth of the Indian healthcare industry at large. The healthcare sector is increasingly being beset with social engineering and email spoofing to target human nature and behaviour. Healthcare providers that adopt healthcare analytics tools and software should work together with cybersecurity companies, and identify techniques to secure EHRs and analytics applications, which are used remotely by various clinics to minimize cyber threats.

Using healthcare analytics to contain the COVID-19 pandemic globally
AI has emerged as a powerful tool to fight against the deadly novel coronavirus. Healthcare providers, healthcare professionals and researchers are increasingly using AI, machine learning, and natural language processing in order to track and contain coronavirus, and gain a comprehensive understanding of the ongoing pandemic, globally, as well as in India. Using predictive analytics, healthcare data scientists and researchers are analyzing patient data sets to determine hotspot areas. This would allow to recommend strategies for quarantining people to curb the contagion, and most importantly deploy and test new vaccines and drugs.
• RADLogics, a healthcare software company developing AI-powered solutions, based in Boston, has developed a data analytics platform for imaging COVID-19 infection from chest scans
• In March 2020, Qure.ai, an Indian healthcare analytics solutions providing company, launched an AI-powered virtual care platform named qScout for contact tracing and remote triaging of COVID-19 patients in India
• Apollo Hospitals Group, one of the largest chain of multi-specialty hospitals in India, has designed an AI-based Coronavirus Risk Assessment scanning app for screening and initial assessment of coronavirus patients, which is available in the form of an application, as well as on the website (https://covid.apollo247.com/)

Competition analysis
Most domestic healthcare analytics companies operating in India are aiming to reduce the disparity between the urban and rural healthcare scenario. Leading specialty-hospital chains in the country have collaborated with technology giants like Microsoft and IBM to leverage their AI and machine learning technologies to build healthcare analytics tools in order to provide advanced healthcare services to patients, and effectively manage their internal operations. Niramai Health Analytix Pvt. Ltd., SigTuple Technologies Pvt. Ltd., Tricog Health Services Pvt. Ltd. and Qure.ai are some of the major players operating in this market.

Companies covered
• Aindra Systems
• Artificial Learning System (Artelus)
• Health Arx Technologies Pvt. Ltd.
• Niramai Health Analytix Pvt. Ltd.
• Predible Health
• Qure.ai
• SigTuple Technologies Pvt. Ltd.
• Tricog Health India Pvt. Ltd.
• IBM India Pvt. Ltd.
• Microsoft Corporation India Pvt. Ltd.
• Siemens Healthcare Pvt. Ltd.

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

IT Outsourcing Market in India 2020

admin — Sat, 12 Sep 2020 05:25:22 +0000

Market insights
With the turn of the twenty first century, India emerged as a global sourcing destination for IT-related functions, as well as BPO. Low cost, technological competence, access to a competent talent pool, and a supportive policy framework are driving the Indian IT outsourcing market. In terms of revenue, the IT outsourcing market in India was valued at INR 5,649.47 Bn in 2019 and is estimated to reach INR 8,830.14 Bn by 2025, expanding at a CAGR of 7.25% during the 2020-2025 period.
Market segmentation based on type:
The IT outsourcing market in India is segmented into IT services and packaged software. The market was dominated by the IT services segment, which accounted for 89.70% share of the market revenue in FY 2019. Increased demand for infrastructure service and Cloud service outsourcing contributed to the large share of this segment.
The packaged software segment is estimated to develop rapidly over the forecast period. India’s proficiency in SMAC (social, mobility, analytics, cloud) technologies is expected to fuel the growth of this segment. India is likely to emerge as a leading provider of various software including fintech, SaaS and network security in the coming years.
Market segmentation based on industry vertical:
Key industries served by the Indian IT outsourcing companies include banking, financial services, and insurance (BFSI), hi-tech/telecommunication, manufacturing and healthcare. BFSI emerged as the largest industry segment, accounting for 55.65% of revenue share in FY 2019. India’s aim of achieving a cashless economy with the aid of digital banking and fintech solutions has allowed steady growth of the BFSI segment. The healthcare segment is projected to expand at a CAGR of 12.00% during the FY 2020-FY 2025 period. The healthcare industry is at the cusp of a digital revolution, resulting in a colossal demand for technology-enabled products and services including telehealth, telemedicine, healthcare analytics and electronic health records (EHR).
Market segmentation based on export destination:
The U.S., U.K. and Europe are among the major countries and regions that outsource IT services from India, owing to price advantage and flexibility. With growing digital capabilities, India has leapfrogged from being a service provider to a developer of innovative software based on frontier technologies. The IT outsourcing market in India generated a revenue of INR 3,499.28 Bn from the U.S. Moreover, China, Japan, and ASEAN countries are likely to offer lucrative opportunities to IT outsourcing companies in India.
Market influencers:
The phenomenal enhancement of digital infrastructure in India played an instrumental role in driving the IT outsourcing market. Penetration of the internet and high-speed internet connectivity, and establishment of innovation centers in software technology parks of India (STPI) units and special economic zones (SEZs) have propelled market growth. Furthermore, Indian IT companies are offering training on disruptive technologies like automation, analytics, AI, machine learning and IoT in order to build a digitally skilled workforce. However, the growth of global in-house centers and reduced global IT spending have been keeping the market from progressing. The economic meltdown and complex geopolitical environment are projected to impede its growth further.
Impact of COVID-19:
The COVID-19 pandemic has led to an unprecedented economic turmoil across the world and the IT outsourcing market in India is not expected to be resilient to its impact. Global business are likely to trim down their IT budget as part of their cost-cutting strategies. Stringent measures taken by enterprises to reduce discretionary spending are projected to affect the conversion of new deals in pipeline, assignment of new contracts and delay contract renewals. On the other hand, existing projects are likely to face a reduction in billable employees, affecting price negotiations. However, as enterprises focus on business continuity plans (BCP) for remote working, the demand for Cloud infrastructure services and security software is expected to pick up.
Competitive landscape
The IT outsourcing market in India is led by established players, collectively accounting for more than 50% revenue share of the market. These players provide a comprehensive range of services and solutions to their huge customer base present across the globe. In addition to these large players, the market has a significant presence of numerous mid-level, emerging, and small players. The leading IT companies in India have been focusing on strengthening their digital capabilities through inorganic growth strategies. Companies like Infosys Limited, Wipro Limited, Tata Consultancy Services Limited and HCL Technologies Limited have acquired start-ups and niche players with exclusive capabilities in digital technologies.

Companies covered
• HCL Technologies Limited
• Hexaware Technologies Limited
• Infosys Limited
• Larsen & Toubro Infotech Limited
• Mindtree Limited
• Mphasis Limited
• Tata Consultancy Services Limited
• Tech Mahindra Limited
• Wipro Limited
• Zensar Technologies Limited

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