Profound technological advancements, along with the imperative for more cost-efficient care and enhanced health outcomes, are driving a dramatic shift in the healthcare sector.
Recent studies indicate that the healthcare industry will focus on advancing technologies like telemedicine, AI, and remote monitoring devices, as well as the need for increased cybersecurity, in the near future. The use of value-based care has also been noticed by experts.
As a result of these shifts and innovations, the healthcare industry and related fields will have access to new and lucrative consumer markets.
Let us see what are the factors driving the growth of the healthcare industry in India.
Healthcare Industry in 2022
A compound annual growth rate of 23% is being achieved in India’s healthcare sector. India’s healthcare industry is the country’s largest service sector, and it serves the country’s massive population of over 1.3 billion people. The healthcare market in India is expected to reach $372 billion (approximately INR 27, 90,000 crores) by the year 2022.
In the past decade, many groundbreaking movements have emerged. Most significantly influencing healthcare sector disruption and expansion is the convergence of engineering and medicine.
Key Trends of 2022
1. Apps, consumer electronics, and wearables
Patient’s vital signs are tracked in real time via the equipment they wear. Medical gadgets that are implanted (into patients’ bodies) and other devices that are worn on the body are examples of wearables.
These gadgets allow healthcare staff to monitor patient data in real time without leaving their homes.
2. Robotic Surgery
This technique for minimally invasive surgery has only been around for a short while. Robotic-assisted surgery, once reserved for the treatment of the prostate, is now the norm and is rapidly spreading to other areas of medicine and disorders.
3. New 3D Printing Methods
Prototypes, prosthetics, tissue and skin, and even medications can all benefit from this lower production cost.
4. LASIK
Eyeglasses are no longer necessary thanks to advances in laser technology that have made eye procedures simple for doctors and cost-effective for patients. Because of the efficacy and safety of this elective treatment, surgeons can treat more patients.
5. Machine Learning & Artificial Intelligence
Artificial intelligence (AI) can handle patient registration, appointment setting, and billing. Artificial intelligence has the ability to evaluate and decode complex data, yielding incredibly powerful data for fast and accurate diagnoses.
Therefore, AI will likely increase accessibility, reduce costs, and free up medical professionals to concentrate on providing quality care to patients.
6. IOT [Internet of Things]
The Internet of Things has revolutionized healthcare by linking together previously separate systems, devices, and items used by people all over the world. These are put to use so that appropriate, timely, and context-aware decisions can be made.
7. Blockchain
Blockchain is a distributed ledger that encrypts data and utilizes other security measures to keep it safe and accessible. Patient records, supply and distribution, and medical investigation are only a few of the areas that benefit from this development.
8. AI-powered voice assistants
In healthcare contexts, speech recognition systems might have features that improve patient care or lessen the burden on clinicians. Information management, medical record keeping, and routine tasks are just some of the uses for voice recognition technology.
9. Remote Care Assistance
Comfort and quality are brought to remote care through the Internet of Things’ ability to swiftly transmit data between various electronic gadgets. Video conferencing, big data, and wearable technology allow for remote patient monitoring and healthcare. This allows doctors to keep tabs on patients from afar and make accurate diagnoses.
10. Telemedicine
Experts agree that telemedicine is here to stay and that COVID-19 has helped speed up its delivery. Some patients even insist on it!
Growth Drivers of the Healthcare Industry in India
The introduction of new technologies has been the primary catalyst for healthcare’s explosive expansion in recent decades. Technology has been the driving force behind many innovative healthcare breakthroughs and underpins the whole healthcare system.
Many technological developments are still in the stages of development. However, the healthcare industry is aware of these advantages and will use the technologies mentioned above.
According to reports by NITI Aayog, Invest India, and the International Business and Economics Forum (IBEF), the industry is expected to expand rapidly in the aftermath of the recent epidemic.
So, what are the primary factors that contribute to expansion?
1. Policy
Budgeting for healthcare in India has increased from 1.2% of GDP to 1.8% of GDP. The healthcare industry in India is increasingly adopting public-private collaboration models. Investment in India’s healthcare sector is being actively pursued by NITI Aayog and Invest India.
2. Diagnostics
India is a major player in the global IVD solutions export market. From its present valuation of USD 1.3 billion, India’s in-vitro diagnostics industry is projected to grow to USD 2 billion by 2026.
3. Medtech
When it comes to cost-effective medical equipment design, India leads the world. The “Make in India” initiative has contributed to the rapid expansion of India’s medical device market, which in 2020 was valued at INR 77,539 crore and is expected to increase at a CAGR of 35% between 2020 and 2025 (IBEF research).
4. Health Insurance
Twenty percent of all non-life insurance premiums are paid for health coverage. It is the second-largest portfolio and has seen premium income growth of nearly 16%.
5. Hospital Infrastructure
Eighty percent of India’s healthcare market is made up of hospitals. From 2017’s $61.8 billion, it is expected to reach $132 billion by 2023, a compound annual growth rate of 16 percent.
In tier-2 and tier-3 cities, a plethora of new hospital construction projects are in the works from major healthcare providers including Apollo Hospitals, Columbia Asia, Manipal Hospitals, Max Healthcare, Medanta, Cloud Nine Hospitals, Park Group, and Narayana Health.
India’s Key Healthcare Trends to look out for in 2023
The pharmaceutical, medical device, and healthcare delivery sectors all saw significant improvements in operational efficiency, growth, and digitalization in 2022, giving healthcare its due significance.
The industry reached new heights in 2022 thanks to Ayushman Bharat’s efforts to increase both accessibility and affordability. India’s tenure as G20 chair in 2023 will pave the way for new opportunities for cooperative expansion in the healthcare sector, complementing the country’s rising domestic innovation.
5 Trends to watch out for in 2023:
1. Prioritizing preventative care
As the prevalence of lifestyle-related disorders rises, so will the demand for preventative diagnostics, early intervention DTX, and over-the-counter (OTC) pharmaceuticals.
2. Digital technology adoption on pace with the West
The digital health industry in India is forecast to expand in 2023 thanks to developments in areas such as ePharmacy, telehealth, and DTx, allowing the country to adapt international best practices to its specific needs.
3. Self-sufficiency for Pharma & MedTech
The PLI scheme and the China plus One Strategy, with their undercurrents of Industry 4.0 and custom R&D for India, are expected to attract billions of dollars in investment to the pharmaceutical and medical device manufacturing sectors in 2023.
4. Future growth of healthcare’s SaaS unicorns
The healthcare SaaS market in India will continue to expand thanks to the country’s thriving startup ecosystem, which is fueling the SaaS revolution, and the progress made in the Digital Health Stack.
5. Expert medical treatment will eventually come ‘home.’
Opportunities for non-traditional healthcare actors in the Home Health Sector will increase as a result of shifting consumer and provider preferences and increased access to and affordability of technological solutions.
Conclusion,
The Indian healthcare business is poised for explosive growth in the years ahead. As a result, both healthcare practitioners and those seeking treatment will benefit. Get in touch with Sparkleminds, to know more about how to grow your Healthcare Business in India.
Don’t forget, now is the right time, grab this opportunity right away.
