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Preventive Healthcare Business to Hit USD 100 Billion

With people concerned over lifestyle diseases, the preventive healthcare market, currently estimated to be at USD 55 billion, could touch USD 100 billion by 2022, said a RedSeer report. The sectors that have been covered under preventive healthcare include healthy foods and nutraceuticals, fitness and sports, health monitoring and diagnostics, wellness therapies and tourism and health insurance among others. Healthcare sectors that come into play when consumers seek prescription or cure do not form part of preventive healthcare including most of primary care, medical monitoring devices and medical tourism. The study said that with increasing cases of overweight, type 2 diabetes, heart diseases and undernourishment, people are increasingly becoming aware and conscious of wellness.

It said that of the total affluent class currently residing in the country; mostly urban Indians are consuming preventive healthcare services. Current awareness levels and concern for healthy living are riding very high in consumers psyche, said the study. This is reflected strongly through recent online search trends as presented in a Google report — Indians rank 5th globally for large number of search for fitness apps. “Healthy consumption at 30 percent followed by fitness at 27 percent has the largest share of this pie,” said RedSeer. It said that mega sectors of the segment are those that have grown to a substantial base and will continue to grow at a good pace. “They are recreational sports, wellness therapies and diagnostics. 18 percent CAGR is the expected growth of the industry from 2018 to 2022; outpacing the consumer retail spend growth rate,” it said. – Deccan Chronicle

 

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