July 21, 2022
July 21, 2022: According to a report released by strategy consulting firm Redseer Strategy Consultants in collaboration with Chiratae Ventures and Amazon Web Services (AWS), India’s preventive healthcare sector, which includes fitness and wellness, foods and supplements, early diagnostics and health tracking among others, is projected to reach USD $197 Bn by 2025, growing at a CAGR of 22%.
“India is looking to effectively deliver quality healthcare to a billion people through rapidly evolving technology that can provide affordable, accessible and personalized healthcare. We have invested over $150M in healthcare companies in India, such as Cure.fit, Redcliffe, HealthifyMe, Smiles.ai, HealthPlix, Onco, and others, who are revolutionizing care delivery in nutrition and wellness, cancer, genomics, and other critical areas,” said Sudhir Sethi, Founder, Chairman, Chiratae Ventures.
Kumara Raghavan, Head – AWS Startups India, Amazon Internet Services Private Limited said: “Startups are known for their ability to invent new solutions that address society’s problems and inefficiencies, and the digital transformation happening in India’s healthcare sector is an example. At AWS, we’re on a mission to empower the startups at the center of this change with the tools they need to build new digital healthcare solutions for the betterment of all Indians. AWS provides the security and privacy that HealthTech startups require, as well as the expertise and breadth and depth of services that founders can rely on to build transformative healthcare solutions to enhance the health and wellbeing of individuals. Cloud technologies like machine learning, analytics, and Internet of Things have the potential to open new channels to help monitor health and wellness, decrease the cost of care, improve collaboration, make data-driven clinical and operational decisions, and enable faster development of new therapeutics and treatment paths. Whether our customers are building telemedicine, remote monitoring, diagnostics, fitness, or personalized wellness solutions, we are committed to providing the tools that enable HealthTech startups to support preventive care.”
“Startups can unlock the potential of preventive healthcare in India by focusing on the 3A’s – Awareness, Accessibility, and Affordability for consumers. Creating more HCIs, tapping into existing ones and leveraging partnerships with corporates, providers, and insurers ways that can help move in this direction.” said Amitabh Kumar, Senior Manager, Redseer Strategy consultants.
*Note: Health-Conscious Individuals (HCIs) refer to NCCS A (refers to households with the highest number of consumer durables owned, and with the highest level of education) individuals who have scored 40 or more on Health Consciousness Score (HCS). HCS is the sum of scores obtained on 10 different activities, rated on a scale of 1-5 (1 being never and 5 being always). These activities are eating regularly, sleeping 8 hours, exercising, drinking water regularly, visiting the doctor for annual check-ups, eating unhealthy foods in moderation, practicing stress relief activities, spending less time on screen, maintaining work-life balance and using self-monitoring tools.
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About Chiratae Ventures