Healthtech startups leveraging changing market trends that goes beyond doctor consultation, medicine delivery

Published: May 18, 2019 8:51:08 PM

With a rising level of disposable income and standard of living, various new concepts have made their way into the lives of consumers such as effervescent nutrition, plant-based diets, pilates and more.

Over the years, the outlook on fitness has changed from occasional activity to a lifestyle.

By Vijayaraghavan Venugopal

India’s wellness and fitness industry is emerging to become one of the leading sectors thanks to initiatives like Khelo India. We are learning and adapting to the new concept, ‘self-care’. Young entrepreneurs of these startups have demonstrated massive growth through their innovative ideas. Mobile apps, wearables, nutrition, and health startups have disrupted the industry and improved the quality of life, making healthy living simpler and smarter.

Capturing Change

In India, consumers today are aware and willing to try new concepts. With a rising level of disposable income and standard of living, various new concepts have made their way into the lives of consumers such as effervescent nutrition, plant-based diets, pilates and more. Health tech startups in India have realized the shift in this trend and are doing their best to fill the gap by focusing on mental health, well-being, consumer lifestyle and digital solutions.

It’s exciting to see how fitness has taken off over the last few years. Smartphones have figured a new communication network among healthcare startups and consumers. People are using health and fitness apps to accomplish their daily fitness goals. Measuring your body mass index, motivating you to walk an extra mile, reminding you about your medicines and by keeping a tab on your water intake, these health and fitness apps have made a huge impact.

Wearable technology has become widely successful by moving beyond simple notifications across devices to helping you meet your ultimate goals while making day to day tasks efficient, easy and fun.

Key Market

Over the years, the outlook on fitness has changed from occasional activity to a lifestyle. This has urged upcoming startups to focus on manufacturing nutrition products and supplements that are backed by science and technology, catering to the specific needs of the active consumer. People are altering their lifestyle by devoting time and money to stay healthy. It is observed that there is an exponential change in awareness regarding effective healthcare.

The sports nutrition markets in India and similar countries have tremendous potential. Leading manufacturers are making innovative products that focus on bioavailability, taste, ease of use and compliance. These Indian products are in line with internationally successful concepts such as liposomal technology, transdermal technology, effervescent technology and gel-based nutrition.

Along with the growing healthcare industry in India, there is an emerging trend of growing consumerism for “Fast Moving Health Goods” (FMHG). FMHG in the space of food, dietary supplements and wellness is approximately a $2 billion market with a CAGR of 14 per cent. Dietary supplements and sports nutrition is growing at never seen before pace seeing increased consumption among middle-aged and working-class populations. The scenario in the country today, points towards increasing awareness towards self-care and supplementation required for an active lifestyle.

It is interesting to see millennial India getting fitter and be a part of this movement. From a prescription-based approach, communication of nutrition supplements has become more dynamic and helped change how the health and fitness sector is perceived.

(Vijayaraghavan Venugopal is the CEO at sports nutrition startup Fast&Up. Views are the author’s own.)

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