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The integration of advanced health technologies into wearable devices and trackers is rapidly transforming the healthcare landscape, offering consumers and medical professionals new ways to monitor health in real-time. These innovations not only will improve the accuracy of health data but also contribute to more personalized care, early disease detection, and overall well-being, stated Peeyush Kaushik, vice president and head of Philips Healthcare Innovation Center, Pune.
An interesting trend emerging in healthcare innovation is the combination of technologies into wearable devices. People are taking charge of their health into their own hands with such wearable devices and trackers. These devices monitor even slight inconsistencies in various health parameters, such as heart rate, blood oxygen levels, sleep quality, physical activity, and stress levels. This enables timely visits to the doctor and serves as an excellent tool for preventive care, he added.
Building on existing features such as heart rate monitoring in smartwatches, we anticipate a broader adoption of diverse health-related functionalities in wearable technology in the near future, Kaushik told Pharmabiz in an email.
The Indian medical devices industry is one of the fastest growing sectors within the healthcare ecosystem. Valued at $15.35 billion in 2023, the industry is expected to grow to more $20 billion by 2029, making it the fourth-largest Asian medical devices market after Japan, China, and South Korea, stated Kaushik, quoting the data from Medical Devices Industry in India – Market Share, Reports, Growth & Scope: IBEF.
There have been significant developments in the Indian medical devices industry over the last few years, spurred by government support and private investments. The introduction of the National Medical Devices Policy, 2023 and continued support for Make in India through several initiatives such as 100% FDI and production linked incentive (PLI) scheme augur well for the coming years. From a future perspective, the industry is expected to do well given increasing demand and policy support which in turn will spur more investments, he said.
In 2025 and beyond, we expect to see AI and sustainability to create significant impact on innovations in healthcare. The innovations will be around four areas primarily. First is accessibility. Second is hospital efficiency. Third is workflow efficiency. Fourth is new areas of patient care.
As chronic diseases rise and healthcare strives to come closer to patients by improving accessibility, technology will play an enabling role through the deployment of remote healthcare. Technology will also play a critical role in improving hospital efficiency through streamlining of workflows, resulting in better hospital management and leading to delivery of better care to more patients, said Kaushik.
Latest technologies like AI and cloud computing will enable better workflow efficiencies to improve patient outcome. As new diseases arrive, it will be imperative to focus on finding solutions through innovation. In the future, we will also see an increase in technologies that will help with early diagnosis and proactive management of diseases. The future, we will also see an increase in technologies that will help with early diagnosis and proactive management of diseases. Finally, we will see the coming to prominence of GCCs in healthcare as MNCs look to develop healthcare technologies closer to where they are needed, noted Kaushik.
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