Ankur Gigras, CEO and Co-founder, HexaHealth reflects on the significant developments, victories, challenges, and general impact of health technology in last year
For the healthtech ecosystem, 2023 is another dynamic year marked by substantial developments. In India, the industry poised itself to reach $5 billion by year-end, with an impressive projection of $50 billion growth in the next decade. While the year-end figures confirming the 2023 target are pending, the undeniable growth in this sector presents abundant opportunities and new advancements.
Demand for medical services is rising, thanks to the sizable Indian population of over 1.4 billion.
Key trends of healthtech in 2023
Artificial Intelligence (AI) in diagnostics and treatment: AI is playing a pivotal role in reshaping healthcare, specifically in diagnostics and treatment. Fueled by AI algorithms, precision medicine is actively revolutionising our healthcare landscape. AI-driven programs analyse pathology images for precise cancer diagnoses and optimal drug predictions. Machine Learning (ML) algorithms expedite drug development, promising high cost and time savings. The anticipation is that AI will cut early drug discovery timelines by four years, potentially saving around 60 per cent.
Overall, projections suggest AI will play a vital role in saving USD 150 billion in US healthcare costs by 2026. This transformative wave reflects the 14-fold increase in active AI startups since 2000, emphasising AI’s enduring influence on healthcare innovation.
Blockchain for enhanced data security in healthtech: Blockchain technology has become essential in the healthtech sector, addressing compatibility and security concerns. Companies are prioritising its deployment to ensure patient data privacy and confidentiality. The incorporation of blockchain not only mitigates security risks but also actively promotes accountability and trust across the entire healthcare system. Encouraging a transparent and safe framework for patient data management is crucial in the current digitally driven healthcare setting, and it serves as a solid foundation.
Telehealth and Remote Patient Monitoring (RPM): Access to healthcare went through an innovative change with the introduction of telehealth applications and remote patient monitoring. Healthcare technology companies have developed cutting-edge remote monitoring systems in response to this structure transformation. These advanced technologies empower patients by providing seamless, round-the-clock healthcare from the comfort of their homes. Beyond mere convenience, this advancement signifies a monumental stride in healthcare delivery, offering timely interventions and personalised care. The integration of telehealth and remote patient monitoring not only enhances accessibility but also lays the foundation for a patient-centric, technologically advanced healthcare landscape.
Investment landscape in 2023
In 2023, the healthcare technology sector saw significant investment shifts. Investors recognised the potential of innovative solutions, leading to continued industry growth. Predictions indicate over $50 billion in accumulated investments over the next decade. This evolving investment context highlights the resilience and future advancements in healthcare technology.
Crucial role of funding operations and research expansion
The vitality of funding operations and expanding research endeavours has been unequivocally established for healthtech startups. These financial commitments are pivotal in enhancing operational efficiency, expanding service offerings, and, ultimately, ensuring superior healthcare outcomes. The strategic allocation of resources becomes instrumental in propelling innovation, sustaining growth, and addressing the ever-evolving needs of the healthcare industry.
Impact on healthcare infrastructure
Medical technology firms have improved medical outcomes and patient care by collaborating with healthcare institutions. They streamline communication, provide reliable information, and integrate services to align with the broader medical system. Community awareness campaigns promote health consciousness and informed healthcare decisions, contributing to overall well-being.
What’s in the future of healthtech startups?
Looking into the future of healthtech startups in 2024, the Indian health technology market is set for ongoing growth. This trajectory is supported by constant innovation, whether through groundbreaking ventures showcased on platforms like SharkTank—featuring innovations like pocket ECG equipment and medical-grade high-risk pregnancy assessment devices—or the continuous evolution of AI-powered health tech platforms. With health technology at the forefront of empowering individuals and revolutionising healthcare in India, a clearer and more accessible future unfolds. The strides made in 2023 lay the groundwork for a collaborative and impactful future, underscoring the collective industrial efforts that open the door to a healthier nation.