India’s infrastructure is being shaped by health-tech post-covid-19
The Covid-19 outbreak caused a massive catastrophe that was unprecedented and put a tremendous amount of strain on the weak points and structural flaws of the Indian healthcare system. It brought to light the critical requirement for a strong healthcare system in a country with a large population like India.
For the Indian health-tech system, the global Covid-19 outbreak presented a difficulty as well as an opportunity. When the epidemic struck the nation, the healthcare system, hospitals, and medical personnel were obliged to shift a significant portion of their services online. This provided the health tech sector with even more of a boost.
India’s health tech market will reach $50 billion by 2033, predicts a study by RBSA Advisors. The industry is reportedly expanding throughout the fiscal years 2020 to 2023 at a compound annual growth rate (CAGR) of 39%. Fitness, IT, e-pharmacy, wellness, healthcare, and telemedicine are just a few of the almost six areas that make up the $2 billion health tech industry today. Data from the India Brand Equity Foundation (IBEF) show that by 2023, the health tech sector would account for over 1% of India’s whole healthcare market and be worth up to $132.84 billion.
Since the majority of industry players, including the government, patients, insurance companies, specialists, etc., have adopted digital technologies widely, it is reasonable to predict that these trends will continue for some time. There are currently over 4800 health tech businesses operating in India, and 52 of them have received capital totalling more than USD 500 million just in 2020. The health-tech industry has garnered over $3 billion in private capital financing during the previous three years.
Health technology has the potential to change how healthcare is currently given in India and improve access by increasing the availability and cost of the current medical and healthcare infrastructure. The health-tech industry may be broken down into a more manageable ecosystem of companies that cater to a variety of requirements, including distribution, supply chain management, diagnostics, data management, care, and rehabilitation.
In the coming years, the Indian health tech industry is anticipated to increase by 39%, according to research just issued by IAMAI-Praxis.
Praxis is assisting in the redefining of business research and advisory services that will be advantageous to customers, subject matter experts, service partners, analysts, and a large group of advisory talent. The size of the Indian health tech market, according to this analysis, is US$1.9 billion. 1% or less of the healthcare market is represented by it. Fortunately, the initial stage of health tech development has only begun. The health-tech sector in India is expected to develop quickly in the next years due to a variety of causes.
Numerous people have been saved because of the quick advancements in current healthcare technology, which are also steadily raising our standard of living. Nearly all healthcare procedures and practices have been significantly impacted by the disruptive technology trends now being employed in that sector of the economy. The healthcare industry is no longer on paper records in the modern era following the Covid-19 outbreak. Electronic Health Records are increasingly being used to store healthcare business data (EHRs). Everyone who works in the healthcare industry has access to digital medical records, including nurses, medical assistants, and medical coders.
Additionally, eHealth services are a part of the health-tech industry. These are digital platforms that assist in providing patients with pharmaceutical, diagnostic, and consulting services. e-Health is a simple consumer-facing approach that, in contrast to the traditional outpatient model, solves several customer pain points, such as travel, waiting periods, the unavailability of some drugs or specialists, the lack of discounts, the complexity of some operations, and many more.
By FY 25, the market GMV for the e-Health industry is anticipated to be between $11 and $17 billion. More significantly, Covid had a significant uptick in the e-Health industry thanks to support from clients, doctors, hospitals, regulators, and investors. Most pharmaceutical manufacturers have begun working with e-Health platforms because of the benefits they offer through their systematic tracking and wider reach. Given that the e-Health industry has drawn approximately USD 500 billion in private money over the past 24 months, investors are also enthusiastic about the future of the industry.
The demand for healthcare data management is growing These are modern companies that provide various companies data handling technologies and data management services. These tools aid in cost management, increase information transparency and boost income as a result. Examples of typical R&D services that fit this description include patient involvement, care management, referral services, clinical trial compliance and governance, and digital clinic management.
While this approach has the benefit of a cheap cost of client acquisition, some of the key success elements would be the quality of the algorithm with proven accuracy of findings and established commercial models, on which a sizable pool of samples are evaluated. Regarding piqued investor interest, this market segment has been quite active.
Growing personalization of care – Across the care continuum, there is a greater understanding of some of the key advantages of wearables, including early risk assessment, positive lifestyle and behavioural changes, and care personalization. Currently, bracelets and watches make up the majority of consumer wearables, and the many offers are focused on health tracking features like ECG sensors, heart rate and activity monitoring, sleep patterns, etc. Over the next five years, it is predicted that India’s whole wearable market, which is currently only worth approximately $10 million, would expand at a CAGR of over 60%.
With consumer awareness of preventative health together with the widespread use of smartphones and the internet, the market for wearables is expected to rise. Issues with data, privacy, and the price will need to be resolved in the long run.
aid in creating the biosimilar ecosystem in India Pharmaceutical businesses have been influenced by the coronavirus epidemic. They all participated in a competition with one another as a result. As a result, they used commercially available medications with other clinically authorized uses to treat individuals who all had this condition. The creation of biosimilars at this time has given them another way to guarantee a reliable and inexpensive supply for patients during periods of high demand.
Analytics information that will enhance the administration and distribution of vaccines – To make the most of vaccination supplies that are limited, flexible, data-driven solutions are required. Analytics data can aid in identifying some fundamental information, such as the location and concentration of priority populations, monitoring the relative sufficiency of providers able to administer vaccines to patients, measuring necessary changes and demand patterns to optimize the supply chain segment’s strategies, and aiding in the tracking of community-based transmission.
The Indian healthcare market is projected to reach INR 8.6 trillion ($133 billion) by year’s end. There will be more companies in the health-tech sector created, funded, and developing cutting-edge technology as more patients and ecosystem participants adopt digital healthcare solutions. Numerous new health technology advancements may hit the market during the next months.
edited and proofread by nikita sharma
