The increase in spending on healthcare is surging at an alarming rate. The global healthcare spending is estimated to reach over USD 10 trillion by 2022. The management of operational, clinical and financial operations is becoming complex and are difficult to manage. With soaring costs and increasing focus on preventive healthcare and wellness, it is essential to invest in the development of innovative solutions.
HealthTech Sector : Potential Domain of Economy
The pandemic has led to an increased adoption towards online consultation, e-pharmacy, homecare services and e-diagnostics. Even hospitals started redesigning their strategy and increased their focus to acquire patients through online channels. According to the report, e-pharmacy and B2B healthtech are the two largest segments in the sector and account for about 70% of the overall healthtech market while e-diagnostic and tele-consultation are the fastest-growing sub-segments with 66% and 73% growth respectively.
The integration of healthcare with technology is blurring the divide and improving patient care services, declining cost margins and leading to efficient operational performance. The advent of smart health will help improve quality, increase access, affordability, and lower costs. Digitization will lead to quality patient care and promote personalized healthcare services.
Developments Which Are Disrupting The Traditional Ways
The extensive research in the domain of AI, blockchain, telehealth, etc. is disrupting the market and creating silos for development in the global healthcare industry. Let’s look at some of the trends gaining traction around the world:
Need for value-based care models: The growing demand for transparency around price, quality and safety is driving the integration of data-driven healthcare systems. Virtual health/telehealth, sensors, wearables and biometrics will be at the forefront of this revolution.
AI and all its applications: AI is disrupting operations and performance of applications across industries. Healthcare is also now a part of this evolution. AI is emerging as the groundbreaking technology that will offer patient care access in remote corners of the world and enable doctors to offer enhanced treatments with minimal invasion. AI and its applications in drug creation, genome sequencing, patient care and emotional diagnoses are drastically improving the workflow in the industry.
The rise of digital health: Chronic diseases and systems designed to empower individuals to manage their own health is driving the growth of digital health solutions. RPM devices, mHealth applications, PERS and telehealth platforms are leading the digital transformation in the healthcare industry.
Commercial implementations of Blockchain: Healthcare-focused enterprise blockchain is much hyped about in the industry. There are a number of startups that are focused on offering blockchain applications in partial/limited commercial availability. Hashed Health, Change Healthcare, and Guardtime have already expanded their applications in commercial used cases.
Healthtech Startups in India
Even though there are certain roadblocks, the picture of the ubiquitous healthtech is a pretty bright one. According to 15-country Future Health Index (FHI), about 76% of healthcare professionals and medical practitioners are embracing digital technology and 46% usage of Artificial Intelligence (AI) is also observed in the domain.
The major factors driving the innovation in the Future of Healthtech are:
- The explosion of online platforms
- The growing number of healthcare startups
- Tech-enabled healthcare equipment
- Rising health awareness
- Increasing literacy
- Rising of per capita income
The development and innovation of new technologies in the healthcare sector are opening new doors for various startups. Bridging the demand gap in rural areas and reducing the cost of healthcare services can be achieved by believing and investing in healthtech startups.