In healthcare, the healthtech sector is growing at the fastest pace. In summary, healthtech is the intersection of healthcare and technology, clearly referring to this development. It is broadly understood as any technology that facilitates healthcare delivery or consumption outside of a hospital or physician’s office.

Aside from delivering healthcare products and services outside of a hospital, healthtech companies also provide information technology solutions to improve healthcare delivery while reducing costs. Cloud computing, internet services, and social mobility optimize patient-centric healthcare. 

Healthtech startups in India 

The Indian startup community is gradually redefining healthcare delivery through various digital solutions, bridging the gap between patient and provider. Creating an ecosystem in the healthcare industry will help deliver better, faster, and more efficient care. There are approximately 3,225 startups focused on health technology in India, and several more are planning to launch.

Having access to healthcare is a significant priority for most startups. Considering the imbalance between medical specialists and patients in the country, this is not surprising. To help people self-assess for Coronavirus, the Indian government created the Aarogya Setu app, which leverages the potential of digital healthcare.

Our emphasis on genomics, biotechnology, and robotics in hospitals and clinics will soon be revolutionizing healthcare in India due to the rise of healthcare startups. While applications that track our vital signs and movements can improve the country’s health in the long run, artificial intelligence can make it easier to diagnose illnesses.

Top 10 HealthTech Companies in India In 2022

1. Innovaccer 

Innovative Acer provides a platform that uses artificial intelligence to analyze health data. Healthcare centres use the product to manage populations’ health. To collect, research, and provide insight on patient health, the company has developed a data activation cloud-based platform. There are four products offered by InNote – InConnect, InGraph, and InCare. 

2. PharmEasy

A pharmacy ordering platform that lets users order diagnostic tests and medicines online is called PharmaEasy. The app allows users to order medications from local pharmacies and collect samples from local labs for diagnostic testing at home. They can upload pictures of their prescriptions to the site and order from local pharmacies. Users can also book diagnostic tests with home samples collection and search for diagnostic tests. Supplements and other healthcare products can also be purchased from the platform. 

3. 1mg

A provider of online pharmacy marketplaces and teleconsulting services, 1mg is an online pharmacy marketplace. The site provides a pharmacy store offering online medicines that can be viewed, compared, and purchased. In addition to uploading prescriptions, the user can place orders online.

A user can also search and book appointments with doctors through the platform’s online doctor consultation platform. Aside from fitness supplements and health care products, the platform sells alternative medicines and healthcare devices.

4. Cure.fit

The Curefit platform combines fitness training with nutrition coaching. With its brand CureFit, the company offers fitness training in the gym and at home under the umbrella of dance, yoga, and workout. Under the brand EatFit, it provides healthy food delivery services, such as meals, snacks, beverages, and an online mental wellness platform.

5. Practo 

Practice management, telemedicine, and appointment booking are all offered by Practo. Patients and physicians can work together on this web-based platform. Patient profiles can be viewed online, appointments can be booked, and teleconsultations can be conducted using chat.

6. Mfine 

The Mfine app is a web-based service that offers online doctor consultations, appointment scheduling, and medicine delivery. Doctors from nearby hospitals can be consulted online. Paediatrics, gynaecology, and obstetrics are some of the specialities offered at the clinic. The clinic also provides home healthcare services like examinations and laboratory tests.

7. MediBuddy

Mobile app provider MediBuddy offers online doctor consultations with other services. Users can find healthcare providers through this online platform and communicate their treatments. Healthcare packages can be purchased, doctors can be scheduled, medicines can be ordered for door-to-door delivery, and medical records can be accessed. In case of hospitalization, users can also send pre-authorization requests and claims notifications.

8. HealthKart

Nutritional supplements, sports supplements, and health products are available at HealthKart. The company sells vitamins and supplements, Ayurveda and herbs, health food, and fitness products. Additionally, the article discusses the latest developments in each category and provides nutritionist consultations.

9. Medikabazaar

Medical equipment marketplace online. With a voice-based search engine and an online payment portal, the provider can search, compare, and purchase medical products. They also offer customer service on product specification and usage and hospital devices, materials, and medical consumables.

10. Indegene

North American payers and providers rely on Ingene to help them reform their health systems. Provider and ACO solutions portfolios consist of transformation services, outcomes improvement, patient engagement, and analytics. Payers’ solutions include transformation, care management, member acquisition, and member engagement. Besides providing customer engagement and loyalty platforms, it also provides care management platforms.

The pandemic and Indian healthtech 

The COVID-19 outbreak not only put the global economy to a halt, but the COVID-19 outbreak also exposed inadequacies in the developed world’s health systems in dealing with rapidly spreading diseases. Several countries, including India, have experienced a structural shift in digital healthcare due to the pandemic. Currently, India’s traditional healthcare system is not working, and it is time to introduce new healthcare startups to close the gap in the system. 

Pandemics have brought attention to the healthtech ecosystem and given us a new opportunity to examine how patients are diagnosed, treated, and monitored. Technology integration in health care blurs the divide and improves patient services, reduces costs, and increases access. As a result of the pandemic, radically better medicine is being developed, and lives are saved.

By harnessing innovation in big data analytics, artificial intelligence, remote learning, and data interconnectivity, the digital health community can take advantage of the incredible advances over the past few years. The government of India is fighting this ongoing virus through various information campaigns despite infrastructure and immense population.

Health tech is on the rise.

Healthcare is one of mankind’s most important fields that is constantly developing. In 2020, digital healthcare companies will have received more than $21.6 billion in investments. Covid-19 caused destruction and revealed many shortcomings in current healthcare practices.

An innovator sees every problem as an opportunity. In the past year, health and health technology startups have skyrocketed, thanks to the pandemic. Several startups have developed innovative solutions to these problems using technology. Several technologies have been making their way into healthcare in recent years, but most were still under development. While the pandemic has certainly sparked rapid progress and development in the health sector in general, one can certainly acknowledge that.

A significant gap in India’s health system has been highlighted by the Covid-19 pandemic, exposing the country’s flaws. The second wave devastated India in 2021 when it came two months after the first wave. Hospitals and medical professionals across the country were overwhelmed with staggering caseloads and gruesome deaths. In addition, oxygen cylinders and medicines were in short supply, and an unreliable and hard-to-access health care infrastructure made matters worse.

The Covid crisis, according to a 2020 report, has underscored the importance of implementing quality healthcare services as soon as possible. In addition, technology plays a crucial role in today’s healthcare environment, be it AI and machine learning-powered clinical diagnosis and prediction, telemedicine, remote health monitoring, or digitalization of patient data for safety and convenience. It immediately makes one think of the significance of health tech and how Indian startups assist traditional medical care in an invaluable way.

Consequently, it should not surprise anyone that Indian health-tech startups will reach $21 Bn in market value by 2025, while the total addressable healthcare market will grow to $638 Bn.
India’s healthcare ecosystem will significantly benefit from the tech-powered solutions listed above, especially during epidemics. As doctors and patients increasingly fear and are uncertain about healthcare, there has been a massive increase in telemedicine practices, video consultations, and remote monitoring of patients.

Healthtech got a boost from the government’s Telemedicine Practice Guidelines, published in March 2020.

Technologies of the future

In the 1970s, Electronic Health Records (EHR) were introduced, which led to the involvement of technology in healthcare. With computers, technology has evolved from recording data to analyzing it and detecting medical conditions. Currently, people are discussing whether humans will be displaced by technology shortly! We should not forget that change is inevitable, so we should also be cautious about our fear of technology in the medical field. Health care will be drastically changed by technology in the future. Here are some trends to watch in health care.

• Artificial Intelligence (AI)- AI can be used today to perform any task a human could achieve with increased efficiency. Today, humongous amounts of data are collected, monitored, and processed every minute. The superiority of AI models over humans has been proven in many research papers. Due to the trust factor in healthcare and the need for a doctor-patient relationship, the application of AI has been limited in its practicality. Using voice recognition, NLP, and AI, clerical tasks like filing and finding records can be reduced, allowing doctors to spend more time with patients. Well-trained AI models can speed up and improve the accuracy of image processing tasks, like reading X-rays.

• Virtual Reality (VR)– It is possible to practice surgery from your couch or experience a trip to Hawaii in virtual reality! Thousands use virtual reality to train for surgical procedures. Hasbro’s VR version of the board game “Operation” is a modern and technically advanced version of the training. Using a virtual environment, a person can view and control a human body in real-time. VR training is likely to improve performance in actual practice compared to conventional training.

• Augmented Reality (AR)– Augmented Reality applications are very different from those of Virtual Reality. Adding information to the actual environment is what AR is all about, i.e., enhancing what the user sees. A surgeon can use an AR set to project nerves, organs, etc., on a patient’s body for assistance in their work. 

• TeleHealth– In the post-Covid-19 era, Telehealth is in great demand. The doctor does not always need to be seen. A telephone call or a video chat can often suffice. Patients were too scared to visit clinics because of the pandemic, which highlighted the need for Telehealth. In addition to saving time for doctors and patients, Telehealth also reduces costs. The greatest benefit of Telehealth is that it increases access to proper medical care in places where it would be impossible to set up a clinic. It is also possible for a surgeon to instruct another medical practitioner to perform surgery via a video call in case of an emergency.

• Wearable fitness trackers and smart wearables- Fitness trackers and intelligent wearables can help you keep track of your body. In addition to tracking their user’s medical history, these trackers and wearables also alert them if specific parameters go out of range. When a person with diabetes wears the smartwatch, the wearable can monitor their blood sugar levels regularly and alert them if their levels drop or rise unexpectedly. Wearable devices can monitor our health regularly and reduce our chances of suffering severe illnesses. A watch saved a man’s life recently. Watches are capable of detecting the absence of pulse and alerting medical authorities.

• Internet of Things (IoT)– Sensors and medical equipment can be connected through the Internet of Things. Smartphones are handy since you can use your smartphone to send data from various sensors to other devices wirelessly. Utilize a smart home device such as Google Home or Alexa to control lights, fans, air conditioners, etc. The Internet of Things makes this possible.

• Robotics– The use of robots in surgery has been around for quite some time now. Compared with humans, robots are expected to have much greater precision and stability. Human brains controlled a robotic exoskeleton during a successful surgery. In healthcare, robots can assist patients in infected areas, lift patients and provide nursing aid.

Six segments can be broadly categorized as part of the Indian health-tech market:

• Telemedicine 

The practice of delivering healthcare remotely through the use of technology. Using this technology, a physician can provide care to a patient at a distance from his location by using telecommunications infrastructure.

• E-pharmacy 

A patient can buy prescription drugs and OTC (Over The Counter) health products through this one-stop online marketplace. 

• Fitness & wellness 

Fitness and wellness products and services are available online in various ways. Many products are available, such as gyms, yoga classes, group workouts, physical and mental health counselling, diet consultations, nutritional supplements, and healthcare products.

• Healthcare IT & analytics

Healthcare organizations may use SaaS (Software as a Service) and other Cloud solutions to manage and access resources, patient records, data, and healthcare infrastructure.

• Home healthcare 

Patients and the elderly can receive healthcare at home. 

• Personal health management 

Apps for tracking your health, wearables, monitoring sensors, and health advisory content aggregators. 

Future of healthtech sector

A prime example of this is digital treatments or digiceuticals, which will drive business and technology together in the future. The transition to therapeutic and holistic approaches is another noteworthy development. AI and machine learning will enable non-invasive, digital diagnostics and treatments as medicine become more customized. Here are some emerging trends and technologies in the sector:

• Cloud infrastructure in healthcare record maintenance 

The focus will likely shift to digitalizing patient health records. Establishing a shared public database for patient healthcare records is crucial to achieving digitalization by facilitating opportunities for healthcare products and services related to cloud infrastructure. 

• Wider application of robotics 

Healthcare and medical applications are using robotics at an increasing rate, and ‘humanless’ systems and technologies will be increasingly used in surgical procedures, prosthetics, therapeutics, healthcare logistics, pharma manufacturing, etc., in the future. Robot surgery offers many benefits, such as precision, sophisticated surgery, and minimally invasive procedures. Robots are expected to continue to be used due to technological advancement and cost-efficiency. 

• 3D bioprinting applications 

3D bioprinting is a very young industry in India, but as the adoption of 3D printing increases, it offers opportunities for existing and new healthtech startups. In drug testing, human tissue manufacturing, and medical research and development, 3D bioprinting is applied. 

• The Internet of Medical Things (IoMT) 

Telemedicine and the Internet of Things have led to creating a new network of Medical Things (IoMT), which has become instrumental in monitoring and preventing diseases. The Internet of Medical Things is an ecosystem of medical devices, equipment, data applications, health IT systems, and services interconnected over the internet. Wearables connected with smartphones and online patient data records such as ECG and blood pressure monitors are likely to significantly impact preventive healthcare.

• Machine learning and artificial intelligence 

Health tech startups are leveraging AI and Machine Learning to extend the reach of clinical data analytics, neurology, radiology, and diagnostic analytics. Artificial intelligence is becoming increasingly prevalent in medical equipment and devices, profoundly impacting how they interact with humans. Healthcare providers can better provide their patients with AI-driven analytics, tools, and machines. 

• Changing consumer needs and preferences 

Increasing internet and smartphone usage by consumers has led to healthcare evolving to meet their evolving needs and preferences. With the introduction of health tech, healthcare has been reimagined to support patients in their day-to-day lives, which includes social determinants of health such as inequities, income disparities, educational level, place of residence, transportation system, and accessibility to resources. 

• Emergence of Paratelemedicine 

Telemedicine has made faster healthcare delivery possible by connecting ambulance crews with specialists. Paramedics will communicate with doctors remotely and take timely actions to ensure timely treatment and save lives by using telemedicine.

• Healthtech to continue to attract investment. 

The COVID-19 pandemic has prompted rapid growth in healthtech, attracting public and private investment. Due to developing a robust healthtech ecosystem in India, fundraising by startups, mergers, acquisitions, and IPOs will accelerate further.

• Augmented Reality & Virtual Reality 

Enhancing the quality of telemedicine services for patients can be significantly improved by employing Augmented Reality and Virtual Reality. Simulated interventional procedures can also be used to teach medical students. Studies and research suggest that these technologies could be applied across many streams and workflows.

• Increasing use of wearable devices 

In preventive medicine, wearable devices play a critical role in collecting real-time patient data. Digital healthcare is transformed by wearable technology combined with the Internet of Medical Things (IoMT) platforms and technologies.

• Blockchain

Healthcare could be significantly enhanced with the help of blockchain technology. Digital ledgers can be used to secure patient transactions and medical records. Aside from IoT and cloud computing technologies, blockchain can also make healthcare solutions more accessible, secure, and portable.

Conclusion  

As healthcare in India continues to expand with the underlying technology, the rippling effect of technological improvements is expected to be evident. With the increased availability of healthcare data, data analytics and predictive healthcare will be more accurate.

Access to healthcare will thus be improved, while improved prediction accuracy will enhance the personalization of fitness and wellness goods and reduce treatment times. As a result, not only will personalized therapy benefit the treatment of diseases, but it will also benefit industry sectors such as biotech, biopharma, and medical devices.

In a nation where affordable healthcare is a significant concern, digital health dramatically benefits the public. I look forward to seeing if the country’s evolving legal and regulatory framework serves to deter or facilitate its advancement, with the public’s interest at the forefront of regulators’ and innovators’ thinking. The industry’s support and good general perspective are anticipated to last into the future, although there is still a long way to go.

-edited and proofread by nikita sharma