Dr Nimish Shah, Vice President-North America Sale and Marketing, Nexdigm highlights that the medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business
The Indian healthcare sector has witnessed some transformative changes in the last decade. Stakeholders across the industry have been active participants in this journey. Although the pandemic brought adversities, it also led to the sector leapfrogging in adopting digital technologies to deliver healthcare.
The medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business.
The Medtech industry has grown steadily over the past decade and is expected to grow from US$ 12 billion to US$ 50 billion by the end of this decade. There are two broad ways to achieve this growth: to increase exports of devices manufactured in India and to move up the value chain by delivering new and innovative products. Over the next few years, the industry will focus on keeping innovation at the heart of everything.
A few areas that the industry is looking at from a medium-term perspective are as follows: –
- End-to-end product development: With ample support from the government via both policy and financial initiatives, there is an emerging trend where companies are looking at end-to-end product development in the medtech industry. Several companies within the industry are developing and manufacturing products in India for affordability purposes while catering to the export market. GE’s Revolution Aspire CT Scan machine is an example of end-to-end product development. Similarly, many other companies are opting for this route. This is helping to create an R&D culture and moving the industry up in the manufacturing value chain by developing supplier ecosystems. The Production Linked Incentive (PLI) and Promotion of Research and Innovation in Pharma (PRIP) schemes further accelerate this trend.
- AI and ML: Medtech has been at the forefront of adopting AI-ML technologies, albeit initially via start-ups. However, these technologies have become a mainstay across the industry. For example, the Clinical Decision Support (CDS) systems powered by AI-ML are widely used now and will become better with their predictive capabilities. These algorithm-based learning and predictive systems have the potential to significantly improve patient outcomes by addressing challenges in a laboratory-based approach to diagnosing and treating diseases.
- Shift in point of care: The pandemic has moved the point of care. More and more patients are interested in home care rather than being stuck in a hospital. Hence, remote monitoring of patients in home care becomes extremely important to ensure the treatment is not affected. The medtech industry has responded to this demand by introducing products and services that monitor patients’ vitals and other medical parameters. Over the medium term, more services will be offered at home, and patients might be admitted to hospitals for only surgery or critical care. Any post-surgery rehabilitation can be done at home. This will spawn an entire new industry of formal home care providers which today is a mix of trained maids and a few nursing staff. Portable diagnostic equipments will also see a surge in demand.
- Use of Virtual Reality (VR): VR offers a very scalable and effective way of imparting medical and procedural training to students and doctors alike. It is a technology that will transform the upskilling of healthcare professionals at different stages of their careers. Through VR’s immersive simulation capabilities, students and professionals can be trained in life-like scenarios to help them achieve practical experience. VR is also helpful from a patient’s perspective by reducing surgery time and pain and improving recovery timelines.
India’s healthcare industry is firmly on a path to revolutionising healthcare in the country. Due to advancements in technology and innovation, the medtech industry will witness a steady evolution of products and services. The government must create a supportive environment by enabling policy and regulatory initiatives and providing financial support wherever necessary. The aforementioned initiatives will benefit the patient significantly by improving health outcomes and reducing the country’s healthcare costs.