Industry Analysis

The health-tech market, consisting of six segments — telemedicine, e-pharmacy, healthcare IT, analytics, home healthcare, and personal health management — was valued at approximately $2 billion in 2021.

Indian health-tech companies have the potential to generate $37 billion in revenue by 2030 with a market penetration of 7-8%, according to a joint report by BCG and Singapore-based venture capital firm B Capital. The COVID-19 pandemic has reshaped consumer behavior, making digital healthcare access a regular practice.

Overview of Philips India

Philips India, established in 1930 and headquartered in Kolkata, operates as a subsidiary of Royal Philips, a global leader in health technology. The company specializes in health systems, personal care, and innovation services, focusing on enhancing health and well-being through cutting-edge innovations. It maintains a robust business presence, with key strategic accounts centered on multi-modality deals and government tenders.

Previously, Philips India had subsidiaries such as Preethi Kitchen Appliances Private Limited and Philips Domestic Appliances India Limited, which ceased to be its subsidiaries effective July 1, 2021, following a scheme of arrangement. Additionally, Philips Home Care Services India Private Limited ceased operations in October 2021 after receiving approval from the Ministry due to unfavorable financial performance.

Philips India places a strong emphasis on technological advancements, with R&D investments amounting to ₹202 crores in FY23. The company maintains a significant presence in India through an extensive network of sales and service centers.