Healthtech in India: Heading towards a Big Boom

healthtech

healthtech

The spike in disruptive trends breaking through the healthcare sector has streamlined healthtech in India

A global emergency like the outbreak of the Covid-19 pandemic has shined the light on the healthcare industry. Besides improving the medical facilities and fast-tracking drug production and vaccination making, the healthcare industry has seen a big increase in technology adoption. The spike in disruptive trends breaking through the healthcare sector has streamlined healthtech in India.

In a normal scenario, the Indian healthcare industry was poised to see significant advancements in the traditional healthcare models. But the pandemic has changed the routine. With hospitals getting crowded with coronavirus-infected people, patients with other illnesses went unattended for a long time. As a remedy to address all the emerging healthcare challenges, healthtech got on its foot. Healthtech includes any technology-enabled healthcare products and services that are primarily delivered and/or consumed outside of the hospital or physician’s office, one notable exception being hospital and practice management software. With the amalgamation of automation and healthtech in India, the healthcare sector is graced to make new milestones in the coming years. 

According to several investors, the healthcare market might have a worth of US$370 billion. Indian healthtech industry is set to grow at 39% for the next few years according to the IAMAI-Praxis report released recently. Praxis is redefining business research and advisory in a way that is win-win for clients, domain experts, service partners, and analyst and advisory talent pool. On the other hand, IAMAI (Internet & Mobile Association of India) is a non-profit industry body registered under the Societies Registration Act, 1860. If we compare the report with the market size, India’s healthtech market alone stands at US$1.9 billion which is less than 1% of the total healthcare market. Fortunately, the healthtech is at its first phase of development. There are three main factors that will drive healthtech in India to see drastic growth in the coming years. 

 

Consumers look for more healthtech solutions

Before the pandemic, people were less aware of the influence that technology has on healthcare. It was kept in shadow for a long time. But when it came to light, people felt awe at its features and advanced applications. The openness to healthtech, although slow, has been seen across patient demographics, and has particularly defied age in a way most experts didn’t quite anticipate. More patients are looking to access virtual healthcare facilities during the lockdown period and beyond. A recent report from CVS Health found that across the country, hospitals are quickly propping up virtual care access and the digital care management platforms are also increasingly coming out as patients desperately seek them. The future of healthcare institutions is now fated to rely on technology and those who fail to do so will see the end. 

 

Hospitals adopt healthtech as a major tool

The technological developments in healthcare have saved countless patients and are continuously improving our quality of life. Besides, disruptive trends used in the medical field have had a massive impact on nearly all processes and practices of healthcare professionals. Healthcare institutions are not relying on paper records anymore. The healthcare data is being shifted to Electronic Health Records (EHRs). Starting from medical assistants to medical coding professionals and nurses, everyone has access to digital medical records. In addition to being handy for usage, EHRs can automatically alert the treating physicians to potential issues on patients. 

 

The government takes initiatives to promote telemedicine

Telemedicine and related e-health facilities leverage care from a distance through electronic information systems. Telemedicine was used as a major source of patient care during the Covid-19 pandemic. Despite treating Covid-19 patients, with the help of telemedicine facilities, healthcare workers were able to attend to patients with other illnesses as well. After seeing the potential of telemedicine, the government of India is also taking initiatives to promote the new method. eSanjeevani is a web-based online telemedicine initiative launched under the Ayushman Bharat scheme of the Government of India in 2019 to provide healthcare services to patients at home.