HEALTHTECH may have been quite the buzzword in the year gone by, but numbers show an awning hiatus between the perception and the reality. A Lancet report published this year ranks India 145 out of 195 countries in terms of quality and accessibility of healthcare. Even so, the Indian healthcare system is highly fragmented and utilisation of health-tech is sub-optimal. However, the demand for better and world-class medical facilities at affordable prices is immense. So India simply needs to grab the bull by the horn and adopt tech-driven global healthcare practices.
New trends are now evident in the healthcare industry that support predictions of tremendous growth. The healthtech sector in India has been estimated to be growing at a CAGR of 39 per cent during the FY2020- FY2023 period and is expected reach a market size of $50 billion by 2033. Industry reports from the RBSA Advisors and IAMAI-Praxis indicate that the current market size stands at $2 billion, which is less than one per cent of the overall healthcare industry in India. The anticipated growth in the market size of the healthtech sector from $2 billion now to $50 billion over the next decade hinges on several factors that driving the Indian healthtech industry.
Healthtech can broadly be divided into six segments in India, namely telemedicine, e-pharmacy, fitness and wellness, healthcare IT and analytics, home healthcare and personal health management. Several initiatives by the government, the private sector, foreign investors and startups, have led to changes in each of these sectors, creating a groundswell of shifting mindsets in favour of health tech.
A Growing Market
This story is from the November 30, 2021 edition of Businessworld.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 30, 2021 edition of Businessworld.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Technology, AI Driving Warehousing Sustainability
Anshul Singhal on how Welspun One is rapidly transforming Grade-A logistics and industrial parks across India, offering integrated fund development and asset management for large-scale warehousing solutions
DECODING RETAIL'S NEXT FRONTIER
As brands pivot towards omnichannel ecosystems and startups challenge legacy frameworks, the focus sharpens on experiential retail, sustainability and data-driven personalisation.
SORORITY OF WOMEN OF METTLE
Awinter afternoon in mid-December found quite a crowd at the Oxford Book Store on Connaught Place, as bibliophiles congregated at a corner to listen to three women authors, diverse in their passions, but drawn together by an urge to tell their story.
THE LEGACY OF THE AMARNATHS
IN NOVEMBER 2017 the management committee of the Delhi Cricket Association named the eastern stand of the Feroze Shah Kotla ground the Mohinder Amarnath stand.
PUTTING THE POWER IN THE POWERHOUSE
The Asus ExpertBook P5 is powered by an 8-core 8-thread Intel Core Ultra 7 Series 2 processor that clocks a maximum speed of 4.8 GHz, but it does not have hyperthreading. It is light weight, with a smooth glass touch pad. The laptop almost has all the I/O ports you could possibly need in a business laptop, making it an extremely lucrative option for professional computing, says
"We must be aware of our energy and water consumption"
BW Businessworld caught up with actor, philanthropist, and climate warrior BHUMI PEDNEKAR to chat about climate change and more.
"Cooking is a passport to the world"
In conversation with renowned CHEF MANJIT GILL, Advisor at Kikkoman India and President, Indian Federation of Culinary Associations (IFCA). As the former Corporate Chef of ITC hotels, Chef Gill has helped shape iconic restaurants, such as the Bukhara, Dum Pukht, and Dakshin. He has had the privilege of serving former American Presidents Barack Obama, Bill Clinton, George Bush, and the French, Canadian, British and German premiers. In 1992, Chef Gill had the opportunity of being invited to cook for Prince Charles and Lady Diana, at the Palace of the Maharaja of Jaipur. He was awarded the Lifetime Achievement Award from the Ministry of Tourism in 2007.
Strengthening Middle Management for Organisational Resilience
WHAT HOLDS AN organisation together in chaos? Is it visionary leadership, cuttingedge strategies, or robust technology?
The Retail Trailblazers
A look at companies that are making a positive impact on India's growing retail sector with their future fit business and marketing strategies.
Driving Conscious Consumerism
VIDIT JAIN, Co-founder of Kindlife, is leading the charge in revolutionising the intersection of technology and conscious consumerism.
