Healthtech industry reinforcing improvement in Indian healthcare with its relentless innovation

After the Covid-19, the evolution of the healthtech industry got a boost. As it grew tremendously and successfully drew the attention of the masses. The digital transformation that has occurred in the healthcare industry has, thus, been a boon for the healthtech proponents. Unlike earlier, the healthcare industry is not bound to address a patient only when they have entered the worst phase instead treats them or aims to cure them at the beginning of a disease. Similarly, Indian healthcare has always been known for its delay and insufficiency. With the adoption of healthtech, experts are effectively working on this drawback. As the world continues to introduce innovation in the healthtech industry, to be in parallel the leaders of Indian healthcare are embracing healthcare advancement abundantly. It is further shrinking the loopholes that have plagued Indian healthcare for ages. 

Elementary Healthtech

The majority of the people embraced healthtech with the reliance on telemedicine, e-pharmacies, wireless wearables, and online consultation and diagnosis. Besides, growth in healthtech is also noted in the healthcare data science sector as healthcare data is taken seriously by the healthtech experts for developing advanced algorithms for future healthtech.

Advanced Healthtech

Digital therapeutics serves as one of the best solutions to remote healthcare objectives. It facilitates treatment and therapies from distant locations. Through the employment of evidence-based software digital therapeutics make the task of preventing and managing a disease efficient. However, a handful of diseases are as of yet incorporated under the phenomenon that includes obesity reduction and diabetes prevention. Mobile devices are playing a vital role in the intervention of digital therapeutics into chronic diseases. 

Healthcare Data Science

Healthtech largely depends upon the extraction of data from across the world. Healthcare data science is one of the best trends that are driving the expansion of the healthtech industry in India and all over the world. Data generates insights that can manufacture new and innovative applications of healthtech, thus, expanding opportunities. Various other use cases can be gauged through data collection such as response management, human error reduction, timely and accurate patient care. The current operation of EHR or electronic healthcare records is an initiative towards advancing the bulk of data. 

Major Stakeholders

Consumers or patients play a crucial role amongst the stakeholders of the healthcare industry. Thus, engaging them in various decision-making processes must be a mandate. Especially the millennials or the dominant population in the demography now are immensely resourceful for the healthtech industry. The disease profile or the data of the youngsters can assist in developing personalized care systems, besides recognizing the concerns of privacy and confidentiality. Further, using this data mindfully in AI-based software development, offering push notification to the target audience emerges from the website traffic, building trust over a digital medium, and cultivating a loyal base of consumers. 

Prospective Valuation 

According to the reports, the Indian healthtech industry stood at US$1.9 billion in 2020, which experts predict to reach US$5 billion by 2023. Of about 5K healthtech startups are all set to be launched. Nevertheless, the healthtech of Indian healthcare does have challenges and scepticisms. Acquisitions and mergers intensify this concern. On the other hand, attracting investments is also an indicator of success as the acquisitions are not always a consequence of stagnancy of the acquired one, it also collectively signifies growth. To name some would be Tata acquiring 1mg, Flipkart obtaining SastaSundar. Furthermore, Pristyn Healthcare and HealthQuad received generous amounts of funding.