By Dr. Charit Bhograj
2022 has been eventful for the Indian digital health market. The coronavirus pandemic has facilitated a digital revolution in the healthcare and medtech sector. In addition, the widespread adoption and use of smartphones and the Internet, along with supportive government legislation, has fueled the growth of digital health businesses in India.
Over the past decade, the nation has adopted a digitally focused mindset, with digital payments and electronic money becoming more prevalent in Indian culture. According to Markets and Research, the digital healthcare and medtech industry in India is valued at Rs. 252.92 billion in FY 2021. It is also expected 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 is constantly striving to improve and develop on several fronts, from e-consultation and telemedicine to real-time diagnostics and access to digital therapies. Artificial Intelligence (AI), Internet of Things (IoT) and data management methods are combining to make the sector smarter by the day. However, doctors working in hospitals and small clinics that predominate in rural India need a digital boost to improve patient care.
Artificial intelligence (AI) applications in healthcare have proliferated in recent years. AI is already being used to discover new medical therapies, detect diseases early and improve the efficiency of healthcare delivery. Technology is constantly evolving and becoming adept at understanding the complexities of human health. AI will help doctors and healthcare professionals provide better care to patients.
The Government of India is partnering with digital health companies to promote access to better healthcare. It collaborates with leading IT pioneers, dynamic technology startups and established healthcare organizations to provide access to quality healthcare.
The STEMI program is a great example of the use of Medtech in public health. This is one of the most significant initiatives of the Indian government to combat the rising number of cardiac deaths. The STEMI Initiative aims to reduce the number of preventable deaths from cardiovascular disease. The government is collaborating with many companies led by AI MedTech to enable rapid detection and management of heart diseases to speed up the processes involved in the project. Within the first year of this program’s inception in Maharashtra, it has helped to rapidly diagnose more than 2,000 heart attacks, with a turnaround time of less than six minutes.
From electronic health records (EHRs) 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 medical device companies driving the industry forward. With the help of a few growing trends, let’s take a look at how technology is changing healthcare:
AI is becoming a powerful force:
Everyone is vying for a piece of one of the tech industry’s most sought-after assets: Artificial Intelligence (AI). According to recent research, the global share and size of the artificial intelligence (AI) healthcare market will exceed $95.65 billion by 2028.
AI is expected to provide personalized medicine while playing a vital role in improving the diagnosis and treatment of various diseases in the coming years. Therefore, it will not be a surprise if digital or frontier technologies, such as AI, become part of every aspect of the healthcare ecosystem, positively impacting people and society. Additionally, digital solutions formulated by health technology startups will enable doctors and hospitals to streamline their operations, patient monitoring, engagement and administrative responsibilities.
Today, MedTech businesses enable care professionals to predict, prevent and treat disease with greater precision by combining intelligent automation and intelligent algorithms. Smart sensors, natural language processing (NLP) technologies, and machine learning systems can improve the quality of care provided by early disease detection and prevention of complications.
Predictable and individualized treatment is increasing:
According to a survey of healthcare industry stakeholders, over 87% of executives believe that predictive analytics is vital to their outlook, and 60% estimate that predictive analytics will help them save 15% more lives in the next five years.
Medical professionals need security when treating high-risk patients and emergencies. With automation and AI analytics, healthcare practitioners can validate their decisions with actual data and statistics. By integrating and analyzing a patient’s physiological states, medical conditions and history of adverse reactions, AI can help doctors diagnose patients with better accuracy and select treatment options to improve survival.
For example, with the help of predictive MedTech service providers, healthcare professionals can predict the risk factor for diseases much earlier. This has helped to implement preventative treatments that help save lives on a larger scale.
The growing importance of data:
Digital technologies and data-driven insights and treatments are radically transforming patient care. This new age of care will be revolutionary, not evolutionary. However, we are still at the beginning of this journey, with many obstacles to overcome before the promise of digital health is fully realized.
The Indian market is witnessing the emergence of new healthcare technology players keen to ensure and speed up the process. Changes in regulatory, financial and delivery systems and expanded access will provide breakthroughs in digital health technologies and data-driven solutions. Data increases in scope, quantity, volume and authority. Its availability can easily be used to gain better knowledge of medical trends and exponentially improve healthcare efficiency.
In conclusion:
Technology has the UNique ability to improve patient care while reducing costs. With an ever-growing population, rising costs, and increased complexity of healthcare management, technology offers a viable path for healthcare businesses to achieve exponential growth while championing constant innovation.
Dr. Charit Bhograj, CEO & Promoter, Tricog Health
(DISCLAIMER: The views expressed are solely those of the author and ETHealthworld does not necessarily subscribe to it. ETHealthworld.com shall not be liable for any damages caused to any person/organization directly or indirectly.)