By Dr Charit Bhograj
2022 has been an eventful year for the Indian digital health market. The coronavirus pandemic has facilitated the digital revolution within the healthcare & MedTech industry. In addition, the widespread acceptance and utilisation of smartphones and the internet, together with supporting government legislation, has fuelled the expansion of India’s digital healthcare business.
The nation has adopted a digital-focused mindset in the past decade, with digital payments and electronic money becoming more widespread in Indian culture. According to Markets and Research, India’s digital healthcare & MedTech industry was estimated at Rs. 252.92 billion in FY 2021. Furthermore, it is estimated to reach Rs. 882.79 Billion by FY 2027, growing at a CAGR of 21.36% between FY 2022 and FY 2027.
Today, the MedTech business constantly strives to improve and evolve on several fronts, from e-consultations and telemedicine to real-time diagnostics and access to digital therapies. Artificial Intelligence (AI), the Internet of Things (IoT), and data management methods have combined to make the sector smarter by the day. However, physicians working in hospitals and small clinics, which predominate in rural India, need a digital push to enhance patient care.
Artificial intelligence (AI) applications in healthcare have proliferated in recent years. AI is now used in discovering novel medical therapies, early illness detection, and improving the efficiency of healthcare delivery. Technology is constantly evolving and is becoming adept at comprehending the complexities of human health. An AI will assist physicians and healthcare professionals to help bring better care to patients.
The government of India is partnering with digital health companies to promote access to better healthcare. It has collaborated with leading IT pioneers, dynamic tech start-ups, and well-established healthcare organisations to enable access to quality healthcare.
The STEMI program is a great example of the use of Medtech in public healthcare. It is one of the most significant initiatives of the Indian government to fight the rising number of cardiac fatalities. The STEMI initiative aims to reduce the number of preventable deaths from cardiovascular disease. The government has collaborated with many AI-led MedTech companies to enable rapid detection and management of cardiac illnesses to speed up the processes involved in the project. Within the first year of its inception of this program in Maharashtra, it helped provide a prompt diagnosis for more than 2,000 heart attacks, with a turnaround time of fewer than six minutes.
From Electronic Health Records (EHR) to telemedicine and robotic procedures, the healthcare sector is waking up to a new era of technology-driven, value-based care, with the help of MedTech companies driving the industry to evolve rapidly. With the assistance of a few growing trends, let us examine how technology is altering healthcare:
AI becomes a powerful force:
Everyone is vying for a piece of one of the most sought-after assets of the tech industry: Artificial Intelligence (AI). According to recent research, the worldwide share and size of Artificial Intelligence (AI) in the Healthcare market will exceed $95.65 billion by 2028.
AI is anticipated to provide personalised medication while playing a vital role in improving diagnosis and treatment for various illnesses in the coming years. Therefore, it will be no surprise if digital or frontier technology such as AI becomes a part of every facet of the healthcare ecosystem, positively impacting people and society. Further, digital solutions formulated by health-tech start-ups will enable physicians and hospitals to optimise their operations, patient monitoring, engagement, and administrative responsibilities.
Today, MedTech businesses enable care professionals to forecast, prevent, and cure illnesses with greater precision by combining clever automation and intelligent algorithms. Smart sensors, Natural Language Processing (NLP) technologies, and machine learning systems can improve the quality of care delivered by detecting disease early and preventing complications.
Predictive and individualised treatment is on the rise:
According to a poll of stakeholders in the healthcare industry, over 87% of executives feel that predictive analytics are vital to their prospects, and 60% estimate that predictive analytics will help them save 15% more lives in the next five years.
Medical professionals need certainty when treating high-risk patients and emergencies. With automation and AI analytics, healthcare practitioners can confirm their decisions with actual data and statistics. By integrating and analysing a patient’s physiological conditions, medical conditions, and history of adverse reactions, AIcan assist doctors in diagnosing patients with better accuracy and selecting treatment options to improve survival.
For instance, with the help of predictive MedTech service providers, healthcare professionals can predict the risk factor of diseases much in advance. This has helped in the deployment of preventive treatments helping save lives on a larger scale.
The increasing importance of data:
Digital technology and data-enabled insights and treatments radically transform patient care. This new age of care will be revolutionary, not evolutionary. However, we’re still early in this journey, with multiple obstacles to overcome before the promise of digital health can be completely fulfilled.
The Indian market is witnessing the emergence of new health tech players willing to ensure and expedite the process. Changes in regulatory, financial, and delivery systems and broadened access will provide breakthroughs in digital health technology and data-based solutions. Data is increasing in breadth, quantity, volume, and authority. Its availability can be effortlessly leveraged to acquire a better knowledge of medical trends and exponentially improve healthcare efficiency.
Technology has the unique ability to enhance patient care while lowering cost burdens. With an ever-burgeoning population, growing costs, and increased health management complexities, technology offers a feasible avenue for the healthcare business to achieve exponential development while championing perpetual innovation.
Dr Charit Bhograj, CEO & Promoter, Tricog Health
(DISCLAIMER: The views expressed are sole of the author and ETHealthworld does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.)