In terms of revenue, the digital healthcare market in India was valued at Rs. 252.92 Billion in FY 2021. It is expected to reach Rs. 882.79 Billion by FY 2027, expanding at a CAGR of 21.36% during the FY 2022 – FY 2027 period.
The year 2022 has been an eventful year in the digital health segment globally. Thanks to the coronavirus pandemic the much-needed digital transformation for the healthcare sector has opened many doors.
Several industry experts told Financial Express.com that the growth continued its momentum in 2022 and it will enhance further in 2023.
The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the digital healthcare market in India.
In India, the central government is also focusing more on digital health ventures to increase access to quality healthcare. The government has partnered with tech giants like Tata Group and Reliance Enterprises along with healthcare chains like Apollo Hospitals to contribute to patient care.
In the last 10 years, the country has embraced the ‘digital mindset’ with digital payments and electronic currency becoming more and more common in every Indian psyche.
A report by Markets and Research has revealed that in terms of revenue, the digital healthcare market in India was valued at Rs. 252.92 Billion in FY 2021. It is expected to reach Rs. 882.79 Billion by FY 2027, expanding at a CAGR of 21.36% during the FY 2022 – FY 2027 period.
According to Prashant Parmar, Head Doctor Growth, HealthPlix Technologies, from e-consultations and telemedicine to real-time diagnosis and access to digital therapeutics, the healthcare industry has advanced on many fronts.
“A combination of artificial intelligence (AI), the internet of things (IoT), and data management practices have led to the industry getting smarter by the day. However, doctors inside hospitals and individual clinics that dominate rural Bharat need a digital push that can advance patient care. In recent years, there has been an explosion of artificial intelligence (AI) applications in healthcare. AI is being used to develop new medical treatments, improve disease prevention and make healthcare delivery more efficient. It is getting better at understanding and responding to the complexities of human health, and complementing the work of doctors and other healthcare professionals,” Parmar told Financial Express.com.
As per a report the global Artificial Intelligence [AI] in healthcare market size and share is expected to surpass $95.65 Billion by 2028.
Meanwhile, the Ayushman Bharat Digital Health Mission (ABDM) remains on top of the list in the transformation of the digital healthcare landscape and has seen even more progress in its implementation this year. On Monday, the Union Health Minister, Mansukh Mandaviya took to Twitter to announce that India has crossed the 30 crore milestone in creating Ayushman Bharat Health Account (ABHA) IDs.
In January 2022, with the launch of the ABDM Unified Health Interface, digital health companies and other participating entities have been given the green signal to build their services on top of it.
According to Parmar, the expected growth highlights how frontier technologies can transform industries at peak adoption.
“In the coming years, AI is expected to get closer to being able to provide personalized medicine, and playing a key role in improving diagnosis and treatment for a range of conditions. It will be no surprise if digital or frontier technology like AI will be part of every aspect of the healthcare ecosystem, leading to a positive impact on lives and society. Furthermore, digital systems provided by health-tech start-ups will empower doctors and hospitals to streamline their operations, patient tracking and engagement followed by administrative functions,” he told Financial Express.com.
More importantly, the use of AI-powered Electronic Medical Records (EMR) in healthcare will advance rapidly and is one area where significant improvements will benefit Doctors, Patients and the Industry at large, he added.
According to Vivek Kanade, Managing Director, Siemens Healthineers Private Limited, recovering from the pandemic, 2022 was a year of consolidation and stabilisation at the new normal for the Indian healthcare sector.
“With an increasing demand for broader application of imaging procedures, intelligent imaging systems will play a critical role in healthcare delivery. Growing automation and digitalisation in operations will further enhance laboratory productivity and enable better clinical decision-making. Developments in AI, big data / ML, automation, and robotics will shape the future of healthcare in 2023 and in the ensuing years,” Kanade told Financial Express.com.
He also emphasised that with an increasing focus on the healthcare ecosystem in India, the country can emerge as one of the manufacturing hubs for medical devices, R&D, and innovation, thereby creating greater opportunities for local talent.
“This will go a long way as we work on ensuring quality healthcare for all,” he added.
In March 2022, the NHA released a Consultation Paper on Drug Registry under the ABDM. According to the government, the Proposed Drug Registry is intended to be a single, up-to-date, centralised repository of all the drugs across all systems of medicine (although initially only applicable for allopathic drugs) within the NDHE.
In June 2022, the Parliamentary Standing Committee on Commerce submitted its Report on Promotion and Regulation of E-Commerce in India, 2022. While noting the growth of the e-pharmacies in India, the Report expresses concern over possible misuse of such avenues for the distribution of illegal or unethical medicines or outdated, substituted, or counterfeit medications amid the absence of regulations.
The telemedicine segment continues to have a strong hold and as the COVID-19 fear hits again, its prevalence will grow further in 2023.
This year, the NHA announced the integration of eSanjeevani – India’s National Telemedicine Service launched by the Union Health Ministry. It enables the existing users of eSanjeevani to create their Ayushman Bharat Health Account (ABHA) and link it to their existing health records.
According to Vikram Thaploo, CEO, Apollo Telehealth, the worldwide market for telehealth was estimated to be worth USD 83.5 billion, and it is anticipated to expand by 24 percent globally between 2023 to 2030 at a compound annual growth rate.
Moreoever, the use of artificial intelligence and machine learning in telehealth is expected to increase in 2023 as a result of the technology’s expanding use and scope, thanks to its wide range of applications. Furthermore, recent research has shown that these solutions can assist healthcare organisations in reducing their operational costs by as much as 30 percent.
According to Thaploo, healthcare professionals can make various advances by utilising AI, such as automating the scheduling of appointments, monitoring patients’ progress, and creating more individualised treatment plans.
To keep their disease symptoms under control, the majority of patients don’t adhere to their treatment plans, renew their medicines, or visit the doctor frequently.
Thaploo emphasises that telehealth’s potential is priceless since it has the potential to lower costs while also increasing patient involvement and adherence to treatment.
The year also led to digital health startups experiencing turbulence as globally investments in 2022 decreased drastically compared to the swells of financial capital raised in 2021. Reportedly, this lack of funding also forced companies to rethink their business models.
According to industry experts, the slowing of digital health funding this year accelerated merger and acquisition activity, and this trend may also continue in 2023.
https://www.financialexpress.com/healthcare/healthtech/year-ender-2022-indias-digital-health-space-witnessed-immense-growth-this-year-2023-to-be-more-opportunistic/2929407/
