Mykare Health is a tech-enabled full-stack asset-light healthcare chain and a bootstrapped healthcare startup founded by three of us in 2020 during the early period of the Covid-19 pandemic.
We offer affordable, personalised and standardised elective surgery and wellness space for patients travelling from domestic and international regions. Despite the pandemic and travel restrictions, Mykare has been able to register a growth of more than 300% in its revenue since July 2020.
Mykare has served more than 1500 national and international patients in the last nine months and its team size has grown from two to 22 in the same period. Currently, we operate with four facilities in Chennai and plan to expand its services in the southern part of the country covering the states of Tamil Nadu, Karnataka, Kerala, Telangana and Andhra Pradesh.
The market size of secondary care surgery is estimated to be US$ 20 Billion in FY 2021 for the surgery tech player current penetration is estimated to be just 0.1%. However, it is poised to grow at more than 100% CAGR over the next 5 years to reach 5% by FY 2026. Minimally invasive surgery without extensive hospitalization, which can easily be done by skilled surgeons outside major hospital chains in smaller/mid-sized units, is poised to be a nearby $80 billion market in India.
There are almost 44,000 private hospitals in India and only 10% of these are in the organized sector and mostly centered around Tier 1 Metros, thus preventing people in Tier 2 & 3 towns from accessing quality healthcare. Some of the key pain points during an inpatient journey for patients include discovery & placing trust on the right hospital and doctors to get the surgery done, getting an advisor who can provide the right guidance while maintaining privacy, hassles of dealing with insurance claims and anxiety through the process.
The majority of estimated 30 Mn Surgical Procedures carried out in India every year are conducted in small & medium size hospitals. In such cases patients often find it difficult to discover and place their faith.
The pandemic has proved to us the importance of the small and medium hospitals in India. In our country more than 80% of the facilities are in the small and medium segment, the majority of the facilities are accredited and with high-quality surgeons. Currently, they lack visibility and are underutilised, unable to attract enough patients, whether domestic or international. And for patients, currently, the treatment journey to the small and medium hospital is highly fragmented and unorganised.
For patients from India and abroad looking for affordable and standardised surgical care , we aim to build India’s largest asset-light healthcare chain for elective surgeries and preventive/wellness care. Since our inception, we have seen a huge demand in this sector and we are working towards fulfilling it.
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