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Indian Healthcare IT is Now $1 Billion Market Value Industry

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The incessantly growing demands, widespread awareness among the masses has put the healthcare sector at the forefront of Indian economy. The blending of IT with health care would greatly bring down the costs and improve the outcomes.

The global market of health care IT has seen a tremendous growth with a market value of $17.36 billion in 2014 and is estimated to expand up to $25 billion (i.e., by 6%) in 2020. A recent report from NASSCOM, a premier concern representing Indian software industry has estimated healthcare IT market of India to yield $96.8 million of revenue with a market capitalization of $1 billion that would gauge by 1.5 times in 2020.

Rapid adoption to advanced technologies, flexibility and affordable service costs has made IT involve more and more into health care. The massive population, indispensable need for efficiency in instruments and maintaining personal records, personalized medicine systems has driven India’s health care towards IT. Nowadays, patient diagnosis, e-prescription, pathology lab management, data management and case analysis in hospitals could not be imagined without IT being involved.

indian healthtcare IT industry NASSCOM report

(Courtesy: The Economic Times, India)

The software making sub sector makes up only 9% of healthcare IT. Since 2014, sheering development in this sector has allured about $100 million as funding. The line of cloud computing and healthcare predictive analytics has a higher scope offering more employment opportunities as well.  Privatization of health care has made IT to cast its view towards this sector highly promising the deal to be more profitable.

The senior Vice-President of NASSCOM, Sangeeta Gupta during the press release said, “There are about 150 companies operating in this space in India and they are creating products and solutions for a global customer and finding acceptance. NASSCOM is working with companies and the government on certain initiatives, but the process takes time. Because of the three-year track record aspect, most startups cannot pitch directly to the government unless they work with another larger company“.

The chances for more employment, simpler, highly efficient and error-free management and betterment of lives of patients are being made more optimistic with furtherance in this sector.

Featured image credit: Colorful India map on the globe close up shot © SNEHITDESIGN (Stock Photo ID: 27532532)

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