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Adoption of digital technologies is indeed a game-changer on the Indian healthcare landscape. To this end, the Union government’s National Health Stack and Ayushman Bharat Yojana have the potential to revolutionize healthcare delivery in India by leveraging technology, data, and financial protection to ensure that quality medical care reaches a larger portion of the population, particularly those who have been historically underserved, said Dr S Senthil Kandeepan, founder and CEO,
Healthwatch.
Health tech has come up in a big way offering solutions to extend and improve life, alleviate pain, injury, and handicap, and enhance the quality and outcomes of healthcare. The Indian health tech industry was valued at 5 billion dollars in 2023 and is projected to reach a size of 18 billion dollars by 2030, indicating significant growth potential, he added.
Health tech adoption has achieved CAGR of 39 per cent and is estimated to touch a $50 billion valuation by 2047. Technology integration has made healthcare services more accessible, efficient, and patient-centric. It has made healthcare services more accessible, especially in remote and rural areas.
Electronic Health Records (EHRs) allow doctors to access patient data and medical history, improving the accuracy of diagnoses and reducing medical errors. AI and machine learning are implemented to develop predictive models for diseases, allowing doctors to identify patients who are at high risk and provide proactive treatment. The use of AI in the healthcare market is projected to grow by USD 102.7 billion by 2028, which will further result in better patient outcomes.
Wearable devices and Internet of Things (IoT) technology are being used to monitor patient health and collect data in real-time, allowing doctors to identify potential health problems before they become serious. Telemedicine and remote monitoring, can reduce the need for hospital visits and admissions, lowering costs for patients and healthcare providers. Electronic prescriptions and medical billing can reduce paperwork and administrative expenses, improving efficiency and saving money.
While health tech adoption has the potential to revolutionize the healthcare system in India, several challenges must be addressed. The level of internet usage in India remains relatively low, at 48.7 per cent of the entire population as of early 2023. Many healthcare facilities in India lack basic infrastructure like electricity and running water, making it challenging to implement health tech solutions that require reliable power and internet connectivity, he noted.
Additionally, the adoption of technologies is due to a lack of awareness or concerns about the reliability and effectiveness of health tech solutions, along with privacy and security concerns. Also, complying with regulations makes developing and implementing new technologies difficult and time-consuming, he noted.
India has seen a significant push from the government to promote the growth of its health tech ecosystem. The National Health Stack will enable the development of various digital health applications and services such as telemedicine, e-pharmacies, and health information exchanges. Ayushman Bharat Yojana provides healthcare coverage to the economically vulnerable population in India. Further, the Digital India campaign has played a major role in promoting the growth of the health tech ecosystem, he said.
The way forward of digital healthcare in India is that it is poised for significant growth. Integration of health IoT, AI, 3D printing, and robotics will address challenges in patient monitoring, supply chain management, clinical efficiencies, claims settlements, and patient safety. The thriving medical technology industry needs a collaborative effort. Start-ups must now scale up solutions and demonstrate ICT applicability for a stronger healthcare ecosystem, said Dr Kandeepan.
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