India’s healthcare gap is being bridged by startups
Technology is quickly becoming ingrained in many parts of life. Artificial intelligence (AI), Big data, machine learning (ML), Blockchain, cloud computing, and other technologies have changed the way organizations and industries operate. Artificial intelligence is being explored by start-ups across industries to attract investors and customers as technology becomes the lynchpin for furthering the economy’s growth.
Advanced technologies are being used in the healthcare industry for treatments, and diagnostics, improving clinical outcomes, increasing efficiency, and decreasing human error. Due to its revolutionary character, which will have a major influence on the country’s economic growth, the Indian technology industry is attracting continuous worldwide interest.
A future open platform for the national digital health ecosystem was also hinted at in the Union Budget presentation. Budget 2022 is a move toward becoming investor-friendly to attract billions for capital formation, and it will be the cornerstone of the country’s digital growth potential, with a significant focus on health, education, and digitalization of various industries in Pan India.
Investors have become more interested in the healthcare industry in recent years, with transaction values jumping from $94 million in 2011 to $1,275 million in 2016 — a growth of almost 13.5 times. Since 2016, India’s healthcare business has risen at a compound annual growth rate of roughly 22%.
It is predicted to reach $372 billion in 2022 at this rate. In terms of income and employment, healthcare has become one of the most important sectors of the Indian economy. In 2015, the healthcare industry surpassed manufacturing as the fifth largest employer, directly employing 4.7 million people. According to the National Skill Development Corporation (NSDC), healthcare in India might add 2.7 million employment between 2017 and 2022, or over 500,000 new jobs each year.
The COVID-19 epidemic serves as a spur for the expansion of Indian start-ups. India is quickly becoming a hotbed for start-ups. New-age technologies like AI, ML, Blockchain, and cloud computing give new-age start-ups cost-effective and timely answers to numerous concerns affecting humanity.
With the current start-up boom across the country, more and more start-ups are relying on emerging technologies to deliver solutions, such as nanotech, IoT, AI, robots, and 3D printing. Healthcare, manufacturing, banking, transportation, retail, and education all rely heavily on AI.
In the healthcare industry, AI has proved critical in supporting practitioners with better diagnosis, better results, more efficiency, and fewer human mistakes. Because AI is still a new technology, its applications are nearly limitless. The healthcare sector has a variety of issues, and AI start-ups spurred by the COVID-19 epidemic have aided in developing solutions through telemedicine, remote monitoring, robotic surgery, AI-assisted imaging, diagnostics, and record-keeping.
These start-ups’ technological solutions are tailored to unique needs, resulting in enhanced productivity, better time management, and cost reduction. Advanced technology can assist optimize procedures, automating jobs, and scaling workflow as the demand for healthcare services and accessibility grows. As healthcare providers adopt developing technology solutions, these solutions aid healthcare personnel in enhancing patient care, increasing patient experiences, and reducing burnout.
Technology’s Benefits in India’s Healthcare:
- Open-source digital systems may aid in better operations, resource management, patient flow, and healthcare practitioner task management. It can assist in better managing resource use and data-driven choices, resulting in increased efficiency and fewer mistakes.
- Genome sequencing is assisting healthcare practitioners in decoding human DNA to extract significant markers that may be utilized to discover illness causes and origins.
- Wearables and remote monitoring technologies have not only helped to boost productivity and decrease mistakes, but they have also helped to give timely therapies without exhausting the healthcare workers.
- Electronic health records aid in the preservation of patient information, allowing for effective medical treatment and diagnosis.
- The use of robots and technology has improved surgical results and survival rates, as well as patient satisfaction.
- Telemedicine has made healthcare more accessible to the general public by allowing it to reach rural locations.
- Health-tech start-ups have had a beneficial effect by delivering tailored solutions to a variety of healthcare concerns (remote monitoring tools, diagnostics, pharmacies, teleconsultation, etc.).
It would have been impossible to make the progress that has been accomplished in healthcare without the use of technology. Emerging technologies may hold the key to attaining effective capital use, scalability, and affordability, among other things. The Indian healthcare industry has been changed by health-tech start-ups, and technology may be the answer to the issues that the Indian healthcare sector confronts.
In India, start-ups have the potential to bridge the gap between demand and need for healthcare. As more emerging technologies become widespread, practitioners must up-skill and embrace these newer technologies, which not only enhance outcomes but also shorten treatment/diagnosis time while being cost-effective.
edited and proofread by nikita sharma