Preventive healthcare market to double in size to $106 billion by 2022: report
Around 130 million health conscious individuals will be actively taking preventive measures to ensure a healthy living by 2022, says a report by Redseer
The preventive healthcare market in India is likely to double in size to $106 billion by 2022, providing a lucrative opportunity for start-ups like Curefit, HealthifyMe and others, according to a report by RedSeer Consulting.
“There is an unprecedented rise in health awareness and management of lifestyle among Indians. (Some) 130 million health conscious individuals will be actively taking preventive measures to ensure a healthy living by 2022,” Redseer said.
The consulting and market research firm said that technology and internet adoption are the driving forces behind the increasing spending on preventive healthcare among consumers.
“(Technology) is solving the problem of engagement and milestone achievement that was missing traditionally in taking preventive practice. Say, a Fitbit or mi band user is getting motivated to walk a few extra steps today to save the cost of treating obesity a few years down the line,” Redseer said.
The fast pace of growth in fitness and the broader preventive health business provides a lucrative opportunity for tech start-ups that are offering a range of services like workouts, healthy food, yoga and mental wellness.
There are five key niches within preventive healthcare: healthy consumption, fitness, health monitoring, rejuvenation and wellbeing assurance. Of these, fitness and health monitoring are expected to be the largest categories at $32 billion each by 2022, according to Redseer.
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