Earlier this year, The IAMAI-Praxis report titled ‘HealthTech Predictions 2021’ revealed that the pandemic has pushed the healthtech sector in India and has opened up business opportunities for its stakeholders.
Indian healthtech is a $1.9 billion industry that is merely 1% of the total Indian healthcare market. However, with the COVID-19 pandemic outbreak pointing out gaps in the healthcare segment, its stakeholders have realized the necessity of technology in bridging those gaps.
Before the start of the next pandemic or the next wave of the current pandemic, this upward trend in technology spending focused on healthcare will enable consultations, diagnosis & treatment to be delivered , tracked and monitored remotely.
This will surpass the limitations and complications of the existing technology systems that the governments use for public healthcare. More so, private healthcare institutions will benefits with advanced healthcare technologies in reducing the burden on their doctors, who also form the larger pool of medicos in India.
Having said that, the need for technological advancement in the healthcare industry is now prevalent more than ever. Being in the intersection between design and delivery of health care services, the care domain has established a pool for healthTech to assist healthcare professionals in quality patient care. The continuous development in the healthTech space and a shift in the adaption of digital practices by healthcare providers has witnessed an improvement in care delivery, payment processes and consumption of care.
The health-tech market comprises of eight segments — telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare and personal health management. With fair consumer adoption in the coming up years, the industry will bloom with care models driven by AI/ML which will help the healthcare professionals to fulfill patient care demands with ease. The healthcare industry is about to witness a paradigm shift under technology influence which will also expand & enhance several business opportunities and employment.
HArbor Says: Ultimately, technology is easing out the healthcare processes while building up new business opportunities and employment in the sector. It is only such technological advancements which will save the humanity from next pandemic.