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Health tech is one of the few sectors that has seen a significant rally due to the pandemic. This adoption further paves the way for innovation and the use of advanced technology. It has also increased the possibility of grassroots access to healthcare. The Union Budget has allocated Rs 88,956 crore for 2023-24, representing a 2.7 per cent year-on-year increase. The government has also launched several national programs such as Ayushman Bharat and Ayushman Bharat Digital Mission (ABDM) to leverage technology to provide access to healthcare for all. .
The healthtech sector accounts for over 1% of the total healthcare industry in India and is expected to reach up to $132.84 billion by 2023, according to data from India Brand Equity Foundation (IBEF).
But will the pandemic-driven increase in health tech adoption continue in 2023, or has there been a slowdown? Here, we take a look at how different segments of the healthcare sector performed in 2023.
mental health care
According to Tracxn, there are currently around 280 mental health startups in India, which have raised more than $53 million in funding to date. Players in this space include Wysa, LISSUN, Shyft, Innerhour, Trijog, Sukoon, YourDOST, Mitsu, and more.
These startups have been around for a while, but gained traction during the pandemic when awareness and awareness about addressing mental health issues increased. And last year, these startups continued to leverage digital channels to reach more consumers. We also partner with companies to offer regular programs to their employees.
AI-powered virtual assistant
A distinguishing feature of 2023 was the predominance of AI-powered virtual assistants. ” In response to rising healthcare demands due to the rise in non-communicable diseases (NCDs), the development and integration of AI-powered virtual assistants has doubled. And machine learning has played a central role, playing a vital role in diagnosing, monitoring and predicting health risks, supporting comparative research and expanding into a variety of areas to streamline healthcare processes.”Redcliffe said Sohini Sengupta, director of the Labs Medical Research Institute.
Experts believe that these cutting-edge technologies will allow clinicians to comprehensively monitor a patient’s health and track aspects such as eating habits, sleep patterns, and weight. Smart reports provide personalized insights into medical history, facilitate customized treatment plans, and ultimately facilitate the delivery of individualized care tailored to patient preferences.
“While the advantages of technology in healthcare are undeniable, its effectiveness lies in its judicious use and has proven to be a valuable asset for clinicians and healthcare professionals alike,” Sengupta added.
Online consultation
During the pandemic, telehealth or online consultations were the only option for patients stuck at home. Experts expected this trend to continue even after the world opens up due to habit formation. But that wasn’t the case. More and more patients are once again choosing physical one-on-one consultations. But one space where teleconsultation has proven its effectiveness this year is the mental health space.
According to Tracxn, while telephone consultations play an important role in countries like India, the number of psychiatrists in the country is only 0.75 per 100,000 people, and only 0.75 psychiatrists per 100,000 people. This number is significantly lower than in European countries such as Germany, where the number of people is 27.
femtech
Femtech has emerged as a promising sector within healthtech. This year we have seen startups continue to offer advanced technologies that address women’s health. From pregnancy monitoring apps and telephone consultations to advances in breast cancer screening and treatment, this field is slowly but steadily growing. In addition, the sanitary products market continues to grow due to increasing awareness of sustainable products. E-commerce platforms have provided a level playing field for startups in this space. This year saw further adoption of real-time data tracking and personalized products.
fitness
Gym sales declined due to the coronavirus pandemic, but they got back on track last year. However, online fitness classes and offline classes that integrated technology continued to grow. Fitness enthusiasts continue to seek home workouts and digital fitness solutions.
According to a report by Statista, the Indian fitness app market is expected to grow by 19.47% from 2023 to 2027, reaching a market size of $7.99 billion in 2027. The home fitness app market is also growing significantly in India, with downloads increasing by 156% from Q1 to Q2 2020. HealthifyMe, Cure.fit, and Fittr are some of the leading companies in this space.
Diagnosis and preventive care
India’s preventive healthcare market will double in size from $93 billion in 2021 to $197 billion by 2025 at a CAGR of 22%, according to a report by RedSeer Strategy Consultants, Chiratae Ventures and Amazon Web Services (AWS). It is expected. The therapeutic healthcare sector, which accounted for 64% of India’s total healthcare expenditure in 2021-22, is growing at 15%. The report also found that more than 30% of the top 40 funded preventive health startups leverage AI/ML for use cases such as medical image analysis, document extraction, chatbots, personalization, and health risk prediction. He also states that he is doing so. Practo, Tata1Mg, Netmeds, and PharmEasy are some of the major players in this space.
Pharmaceutical delivery platform
Online pharmacies have received a lot of attention this year. In February this year, the Drug Controller General of India (DCGI) issued show-cause notices to 20 pharmacies, including Tata 1mg, Amazon and Flipkart, for selling and distributing medicines in violation of the provisions of the Drugs and Cosmetics Act, 1940. sent. In May, the Delhi High Court (HC) questioned the union government for failing to frame rules governing the country’s burgeoning pharmacy industry. It directed the Center to take action against illegal pharmacies. But despite this ongoing battle, some of the early-stage startups in the space, such as MrMed and Fundly.ai, have raised funding.
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