Healthcare market is expected to reach USD 372 Billion by 2022.
Growth driven by higher incomes,greater health awareness, lifestylediseases and increasing access to insurance.
India ranks 145th among 195 countries in terms of quality and accessibility of healthcare. Thus presenting ample opportunity for development of the industry.
Health insurance witnessed a growth of 20-30% in a span of 25 days in March (from March 6 to March 31).
Source: IBEF Feb 2020 report, Business Standard, Economic Times
Visits to hospitals, nearby doctors or chemists may be reduced as these might be seen as high-risk areas for contracting the virus. Instead people may google doctors and do a lot of self-diagnosis. Only for severe health conditions will people prefer stepping out.
Telemedicine may see a rise as more and more people would prefer contactless consulting. Home delivery for chemists and on-line medicine delivery apps might see a rise in demand.
Immunity and health status is seen as a great way to fight the virus. More and morepeople may now try and get fitter and depend more on health and wellness apps.
Health insurance may now play a bigger role and change frombeing a ‘Tax Saver’ to ‘Life Saver’. People may start investing more in order to be ready to fight any uncertainty in the future.
Health and wellness has never been our top priority, always an afterthought. Instead of being reactive and curative with respect to health, people may start being proactive. The pandemic has taught us an important lesson - treat your body well so that it is strong enough to fight the uncertainties of the future.
Technology may play a huge role. The usage of delivery apps might ensure social distancing is followed.
Digital advancements and better telemedicine experience may encourage people to adopt new ways.
As people may always be in a dilemma to visit a hospital or a doctor for smaller health issues, it presents an opportunity for companies to start a ‘Doc at doorstep’ facility which may make the patient feel safer.
Insurance companies may come up with better benefits not just for individuals but the entire family that would encourage more people to invest.
Once things are back to normal, people will be juggling with work-life-balance again. However, people don’t mind paying a premium for a better health.
Social distancing may keep offline health centers on their toes. At an offline level, they could look at time slots in order to maintain social distancing.
As people get more aware of their health, consumption of multivitamins may see a rise in demand.
Ayurvedic products may see a spike in demand across SECs.
Monitoring your health on regular basis may become a habit. People may want to invest in self diagnose equipment.
Health monitoring apps on smartphones and smart watches which were under utilised may now come into prominence.
Since spending more hours at home might be the new normal, people may start investing in personal fitness equipment like treadmills, joggers etc.
COVID-19 has made people read more in order to be aware. Brands have an opportunity to come out with genuine communication.
Due to space or financial constraints, there could be a rise in viewership of video content that teaches Yoga & meditation.
Sanitizers could see product development with added benefits like – Santizers with choice of fragrance, moisturizer or even sun protection.
We could see demand in anti-bacterial clothes like shirt, trousers and socks in the market.
The usage of more traditional utensils like steel plates, copper and brass water containers may become popular again.