India’s infrastructure is shaped by post-covid-19 health technologies
The Covid-19 outbreak has caused an unprecedented massive disaster and has strained the weak points and structural flaws in India’s healthcare system. He shed light on the crucial need for a strong healthcare system in a country with a large population like India.
For India’s health technology system, the global outbreak of Covid-19 has presented a challenge as well as an opportunity. When the epidemic hit the country, the health system, hospitals and medical staff were forced to move a significant part of their services online. This gave an even bigger boost to the health tech sector.
The Indian health technology market will reach $50 billion by 2033, predicts a study by RBSA Advisors. The industry would grow throughout 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 nearly six areas that make up the health technology industry of 2 billions of dollars. Data from the India Brand Equity Foundation (IBEF) shows that by 2023, the health technology sector will account for more than 1% of the entire Indian healthcare market and will be worth up to $132.84 billions of dollars.
Given that the majority of industry players, including government, patients, insurance companies, specialists, etc., have widely adopted digital technologies, it is reasonable to anticipate that these trends will continue for some time. There are currently more than 4800 health tech companies operating in India, and 52 of them have received capital totaling more than $500 million in 2020 alone. The health tech industry has Raised over $3 billion in private equity funding over the past three years.
Health technology has the potential to change the way healthcare is currently delivered in India and improve access by increasing the availability and cost of current medical and healthcare infrastructure. The health technology industry can be broken down into a more manageable ecosystem of companies that serve a variety of requirements, including distribution, supply chain management, diagnostics, data management, care and rehabilitation.
In the coming years, India’s health technology industry is expected to grow by 39%, according to a study just released by IAMAI-Praxis.
Praxis helps redefine business research and consulting services that will benefit customers, subject matter experts, service partners, analysts, and a large pool of consulting talent. The size of India’s health technology market, according to this analysis, is US$1.9 billion. 1% or less of the healthcare market is represented there. Fortunately, the initial phase of health technology development is just beginning. The health technology industry in India is expected to grow rapidly over the next few years due to various reasons.
Many people have been saved by the rapid advances in today’s healthcare technology, which are also steadily increasing our standard of living. Almost all healthcare procedures and practices have been significantly impacted by the disruptive technological trends currently used in this sector of the economy. The healthcare industry is no longer on paper in the modern era after the Covid-19 outbreak. Electronic health records are increasingly being used to store healthcare enterprise (EHR) data. Everyone working in healthcare has access to digital medical records, including nurses, physician assistants, and medical coders.
Additionally, e-health services are part of the health technology industry. These are digital platforms that help provide pharmaceutical, diagnostic and counseling services to patients. e-Health is a simple consumer-facing approach that, unlike the traditional outpatient model, addresses multiple customer pain points, such as travel, waiting periods, unavailability of certain medications or specialists, lack of discounts, complexity of certain operations, and much more.
By FY25, the market GMV for the eHealth industry is expected to be between $11 billion and $17 billion. More importantly, Covid has seen a significant rise in the eHealth industry with support from customers, doctors, hospitals, regulators, and investors. Most pharmaceutical manufacturers have started working with eHealth platforms because of the benefits they offer through their systematic tracking and broader reach. Given that the e-health industry has attracted around $500 billion in private funding over the past 24 months, investors are also excited about the future of the industry.
The demand for health data management is growing These are modern companies that provide various companies with data processing technologies and data management services. These tools facilitate cost management, increase information transparency and thus increase revenue. Examples of typical R&D services that fit this description include patient engagement, care management, referral services, clinical trial compliance and governance, and digital clinic management.
Although this approach has the advantage of cheap customer acquisition cost, some of the key elements for success would be the quality of the algorithm with proven accuracy of results and established business models, on which a large pool of samples is evaluated. In terms of investor interest, this market segment has been quite active.
Increasing personalization of care – Across the continuum of care, there is growing understanding of some of the key benefits of wearable devices, including early risk assessment, positive lifestyle and behavior changes, and personalization of care. Currently, wristbands and watches make up the majority of consumer wearables, and many offerings focus on health tracking features such as ECG sensors, heart rate and activity monitoring, habits sleep, etc. Over the next five years, India’s overall wearable market, which is currently worth only around $10 million, is expected to grow at a CAGR of over 60%.
With consumer awareness of preventative health along with the widespread use of smartphones and the internet, the wearables market is expected to grow. Data, privacy and price issues will need to be resolved in the long term.
helping to create the biosimilar ecosystem in India Pharmaceutical companies have been influenced by the coronavirus outbreak. As a result, they all entered into a competition with each other. As a result, they used commercially available drugs with other clinically approved uses to treat people who all suffered from this disease. The creation of biosimilars at this time gave them another way to ensure a reliable and inexpensive supply to patients during times of high demand.
Analytical insights that will improve vaccine delivery and delivery – To get the most out of limited immunization supplies, flexible, data-driven solutions are needed. Analytical data can help identify certain fundamental information, such as the location and concentration of priority populations, monitor the relative sufficiency of providers able to deliver vaccines to patients, measure changes needed and demand patterns for optimize supply chain segment strategies and assist with community-based transmission monitoring.
India’s healthcare market is expected to reach INR 8.6 trillion ($133 billion) by the end of the year. More and more companies in the health technology sector will be created, funded and develop advanced technologies as more patients and ecosystem participants adopt digital healthcare solutions. Many new advancements in healthcare technology could hit the market in the coming months.
edited and proofread by nikita sharma