Technological advancements of the last few years are radicalising healthcare. The healthcare sector is looking to current trends, to evolve and adapt to the changing needs of consumers.

At a growth rate of about 16%, the Indian healthcare industry is expected to reach US$280 billion by 2020.[1] Technological advancements of the last few years are radicalizing the way healthcare is perceived and delivered. Changes in the Indian consumer sector, including wage-rises and improved lifestyle awareness will contribute to future transformations in the sector.  Now more than ever, the healthcare sector in India is looking to current trends, to evolve and adapt to the changing needs of consumers.

Favourable government policies towards healthcare witnessed increased global collaborations and FDIs in the sector.

 


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2017 saw the following emerging trends in the Indian healthcare scenario: [2]

  • Electronic filing: The rapid digitisation of the medical industry is expected to impact record-keeping in a big way. Combined with resource-sharing technologies such as cloud computing, and predictive innovations such as Internet of Things, this move will integrate and consolidate the key operations of leading healthcare providers, leading to improved connectivity and efficiency.
  • Virtual hospitals: Already a breaking trend in developed countries, remote consultation is now rapidly booming in developing nations where large populations have limited or no access to the traditional (physical) model. The telemedicine industry in India is predicted to hit USD32 million by 2020. Virtual consultation is now a quick and affordable solution to the lack of accessible medical expertise, and is set to bridge the gap between urban and rural medi-care.
  • Smart healthcare: Powered by data analytics and innovation, smart healthcare technologies are quickly taking root among societies across the globe. Through intelligent and cost-effective innovations, such as wearable devices, early detection and treatment, scheduled monitoring, and improved patient care are now possible within the comfort of one’s own home.

Industry highlights you should know: [3] [4]

  • The medical technology sector in India is fast growing, with a turnover of US$110 billion. This is expected to (more than) double by 2020.
  • Healthcare delivery adds up to 65% of the market.
  • Medical tourism in India is projected to hit US$ 8 billion by 2020.
  • India is far behind its peers when it comes to the number of doctors available in the market. Current stats stand at 1 physician for every 1,000 patients.
  • India faces a severe shortage of medical resources and infrastructure, including 3.6 million hospital beds.
  • Only 27% of Indians are currently covered by health insurance.
  • Top hospitals in the country are looking to expand to tier-2 and 3 cities, to cater to the rising demand.[5]
  • The healthcare sector will employ about 7.4 million people by 2022.[6] 

 


 

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Upcoming healthcare summits in India:

  • An event to look out for, is the 4th edition of Health 2.0 India conference, scheduled for November. The summit will involve nearly 30 speakers – all industry experts. This edition of Health 2.0 will focus on the innovative new trends in healthcare, delivered through interactive and real-time learning sessions.

 


[1] Source: “Indian healthcare sector to grow to $280 billion by 2020: Report”, article by The Economic Times, Sep 2015, https://goo.gl/QkvDnF
[2] Source: “Smart Healthcare: A Game Changer” and “Electronic Medical Records Soon to Become a Reality in India,” articles by eHEALTH magazine, August 2017, https://goo.gl/YkyuCz
[3] Source: “Global exhibition on services – The India opportunity,” report by CII and Deloitte, April 2017
[4] Source: “India lags behind peers, only one physician per 1000 persons,” article by Business Standard, https://goo.gl/vY8ca1, September 2017
[5] Source: IBEF Healthcare report, https://goo.gl/R8soSH , January 2017
[6] Source: “Indian healthcare sector to grow to $280 billion by 2020: Report”, article by The Economic Times, Sep 2015, https://goo.gl/QkvDnF

 

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