The healthcare industry in India has undergone massive changes thanks to the global pandemic. It highlighted the inefficiencies and problems rooted in our healthcare system. Be it lack of awareness in the population, lack of infrastructure or lack of innovation in giving and managing health services.
On average 62% of the cost in healthcare is borne by the patient themselves. This is a very unique feature that sets the Indian healthcare space apart from the rest of the world. To offer affordability, many startups in the sector are bringing innovative solutions.
Due to the massive challenges imposed by COVID, the industry went all out to deal with it. It upgraded, made itself available irrespective of one’s standing, went digital and touched every inch of India with quality care.
The telemedicine sector was a game-changer during the pandemic imposed lockdown. Quick diagnosis, real-time patient insights, and delivery of treatments right at the doorstep even in the remotes of places have revolutionised India’s healthcare delivery.
The 2021 Future of Healthcare Report by the Healthcare Information and Management Systems Society (HIMSS) says that in the next five years we will see 80% investment in startups that will aim to scale up digitalisation within their operations.
To achieve the digital healthcare dream, more AI and ML tools will be needing the momentum. This would lay the foundation for disease diagnosis, product development, personalised treatments, efficient drug discovery and effective and efficient clinical trials.
2022 will also feature the focus shift from ‘illness’ to ‘wellness’. Patients are more eager to get their hands on preventive treatments than reactive treatments. In India, the preventive market was insignificant prior to Covid at less than 11% of our overall health budget. But the market is expected to rise by CAGR of 27.30% between 2020-25.
This opens up the market for wearable technology. Such tech has evolved from monitoring physical activity to monitoring the psychological, physiological and electrodermal activity of a person. Indian startups excelling in this field are GOQii, GridAnts and more.
The biggest trend is going to be “data”. Over time the most marketable and commoditised offering for any company will be to provide access to such data that provides health insights.
Do let us know which trends do you think will transform Indian healthcare in 2022.