“Prevention is better than cure,” it is the most commonly used phrase in our life when we talk about out health ailments. The lifestyle of the people has been changing toward healthcare. However, the situation remains grim in the tier-II, III and rural pockets in India.
The technological solutions and innovation have been shaping the digital space of the Indian healthcare system. Healthcare is one of the largest sectors, which has been growing at a good pace. There are two healthcare delivery systems – private and public. Out of these, the private healthcare system is dominating others as most of the people depend on the private medical services for their treatment.
According to Delta Touche Tohmatsu, due to the digital adoption and raising health ailments like TB and other infectious diseases, the Indian healthcare market is expected to touch USD $280 billion by 2020 with a CAGR of 23 percent. The Healthcare Information Technology (IT) market is expected to grow 1.5 times by 2020, currently, it worth USD$1 billion, as per the IBEF report.
More than 15 million people die every year across the world due to the infectious diseases like Malaria and Tuberculosis, as per the report of the World Health Organization. Of late, preventive health care has been taking the center stage. The digital adoption and awareness among the people in India have been changing the face of the healthcare sector in India. However, a lot has to be done to shape the future of the healthcare in tier II and III cities in India.
There are lots of opportunities for the IT companies and technology startups in the healthcare sector to experiment the implementation of the latest trends like big data and IoT. According to experts, technology can play a big role in the preventive healthcare sector.
Major problems of the Indian healthcare sector are – infrastructure, lack of data and innovations. Technology companies and startups could focus on these problems and build solutions to address those. Innovation has been the core strength of startups and their innovation would do wonders in the healthcare sector, helping hospitals to provide better medical services.
In the case of preventive healthcare, technology companies and startups can be useful for the hospitals by providing the technological solutions. Most of the hospitals have been working with innovative startups for the implementation of solutions for preventative care. The date analytics by the companies would help the doctors to take the right decision.
According to SKP Group, medical devices are the essential goods in the healthcare care sector, in India, the sector is pegged at USD 4.9 billion and is expected to witness at a CAGR of 17 percent in the coming decade. India is among top 20 countries for the medical devices. But, the sector is largely unregulated.
The startups and technology companies would play a major role in regulating the medical devices. With the usage of cloud technology, the companies would help the hospitals to get most accurate reports.
More and more startups and technology companies should come forward to build technological solutions for the hospitals and institutions to provide better preventive health care measures.