Do you know how many health tech startups there are in India presently? It is a staggering 10,524. In the year 2021, there were around 2354 health tech startups. Now that’s a whopping 347% increase in just 3 years! Yes, the healthtech industry in India is quietly creating a revolution by being an important contributor to the nation’s economy. The health tech industry is booming by seamlessly blending technology with traditional healthcare practices. This innovative approach is leading to significant improvements in efficiency, allowing healthcare providers to focus more on delivering exceptional patient care.
A Booming Landscape
The Indian healthtech industry was on a steady rise even before the COVID-19 pandemic. However, the pandemic acted as a catalyst, accelerating the adoption of telemedicine, online consultations, and digital health solutions. In fact. with social distancing measures in place, telemedicine platforms witnessed a surge in popularity. People could consult doctors remotely for non-emergency cases, reducing the burden on overwhelmed healthcare facilities. This trend has continued even as the pandemic waned, highlighting the convenience and accessibility offered by telemedicine. This surge in demand has attracted significant investment, making India one of the world’s fastest-growing healthtech markets.
As per a report published by BCG, the Indian healthcare innovation market will double from the current $30 Bn in the year 2028, where 80% of this growth will be driven by Pharma and Health tech companies.
One of the main reasons for this stupendous growth of the health tech sector is adoption and integration of technology into traditional health care practices. AI is being increasingly used to enhance product offerings by the healthtech industry. The spending on AI by healthtech is projected to increase from $18.8 billion by 2027 from $4.8 billion in 2022. An interesting example is Healthify’s AI coach, Ria, personalised your health journey by providing insights into calorie intake and recommending meal plans based on your needs.
Indian Health Tech Ecosystem
The Indian health tech ecosystem can be divided into 7 main sectors
- ePharmacy and eDiagnostics: Examples of major players in the epharmacy and ediagnostic sectors are Apollo Pharmacy, 1mg, Medlife, Dr LalPathlabs etc
- Telemedicine: Some of the major companies in this sector are Practo, 1 mg, Lybrate, mfine etc
- Healthcare Analytics: Major Companies Innovaccer, HealthPlix, Axtria etc
Health Tech Wearables: GoQii, Actifit, Healthify, Google Fitbit etc are some of the major players - EHR(Electronic Health Record) Software Systems: Cerner, Allscripts, Athena, Epic etc
- Fitness and Wellness: Cultfit, FITTR, Healthify etc
- AI Driven Diagnostics : Example Qure.ai, Pharmeasy, Niramai etc
The epharmacy is expected to experience an exponential growth CAGR of 44% between 2019 and 2025, resulting in a market size of US$ 4.5 billion by 2025. The telemedicine market size is now at USD3.26 Bn and is expected to grow at a CAGR of 23% to reach USD 9.54 Bn. All these are indicators of the robust growth of the healthtech industry. It is projected that by 2033 the Indian healthtech would reach a potential market size of US$ 50 billion, growing at a CAGR of 26%
Some of the factors fuelling the healthtech boom are
- Shortage of Healthcare Professionals: India faces a shortage of qualified medical professionals, particularly in rural areas. This creates a significant demand for innovative solutions that bridge the gap. Apollo Telehealth centres, numbering over 700 established in 7 centres is one such example where rural and remote India is benefitting from the healthtech boom.
- Increased Smartphone Penetration: The growing smartphone user base allows for wider adoption of healthtech solutions. Affordable mobile applications empower individuals to track their health, schedule appointments, and access medical information.
- Government Initiatives: The Indian government recognizes the potential of healthtech and is actively promoting its growth through initiatives like the National Digital Health Mission.
Impact, Implications, Challenges
India’s healthtech industry is experiencing explosive growth, bringing exciting advancements. This sector is rapidly becoming a powerhouse for the economy. Beyond making healthcare more affordable and accessible, even in remote areas, healthtech is leveraging cutting-edge technologies like IoT and AI/ML to create personalised healthcare experiences.
Some of the trends to look out for healthtech sector are
India’s booming healthtech sector is a double win for the job market. Not only is it improving access to healthcare, but it’s also creating a wealth of new employment opportunities. The healthtech industry thrives on a foundation of skilled IT professionals. Data scientists, Data analysts, QA specialists, AI engineers, Product Managers, and Software developers are just a few of the highly sought-after roles in this dynamic sector. In contrast, the non-tech side of healthcare prioritises different expertise, with sales managers, business development managers, and corporate sales managers being in high demand.
But all these are not without challenges. One of the most important challenges is data privacy and security. The humongous sensitive data collected by the numerous healthtech platforms need to be safeguarded and so requires robust regulations and user trust. While some healthtech solutions offer cost-effective services, affordability still remains a concern for a significant portion of the population. Also, bridging the digital divide in rural areas is essential for wider adoption of healthtech solutions.
PeopleLogic Opinion
India’s healthtech revolution is making healthcare more accessible, affordable, and efficient. With continued innovation, government support, and focus on overcoming challenges, this sector holds immense promise for revolutionising healthcare for India’s vast population and beyond. As healthtech integrates seamlessly into healthcare delivery, we can expect a future where preventive care takes centre stage, chronic diseases are better managed, and quality healthcare reaches even the most remote corners of the country.
Staffed with HR specialists possessing deep industry knowledge, PeopleLogic can be a valuable asset for healthtech companies seeking talent solutions. Having separate business practices that work in IT hiring and Non IT hiring, our expertise in recruitment allows us to identify qualified candidates that align with the specific needs of healthtech organisations. Our experience within the healthcare technology field enables us to target search efforts within the most relevant talent pools, saving healthtech companies time and resources during the recruitment process.
