The future of Healthcare is under transformation to become Digital Healthcare. Technological advancements within Healthcare IT such as cloud-based warehouse system and the increased use of smartphones and tablets by healthcare professionals to track and observe patient health and records is a significant factor in driving the market growth. Increasing developments in healthcare IT with favourable government regulations have considerably encouraged the adoption of various healthcare IT solutions such as e-prescribing systems, electronic medical records, wearable medical devices, and remote patient monitoring.
The healthcare companies need to focus on innovation and emerging trends to successfully drive new generation technologically driven business strategies by gaining consumer interest.
The Digital Healthcare Industry
Digital Health IT Systems sector is estimated to reach USD 156.9 billion by 2025 due to increased adoption of advanced technology like Radiology Information System (RIS) and an Electronic Health Record (EHR) in hospitals that decrease the timeline during medical documentation and aids in investing efforts toward diagnostic procedures. The government initiatives support with rapidly improving IT infrastructure are some of the factors that impact industry growth.
mHealth business Sector is anticipated to grow at a CAGR of 38.8 percent. The growth is attributable to the increasing adoption of technological advancements that include apps and wearables to monitor the health of patients. Wearables such as blood glucose monitors, pulse oximeters, sleep apnea monitors provide wide range applications that include disease tracking, treatment, and diagnosis, remote data collection & remote monitoring, and point of care diagnostic. Alive Cor Heart Monitor is an app-based electrocardiogram that facilitates individuals to get clear insights on their cardiac health utilizing precise recordings.
Technologies of the Industry
Telecare: Telecare helps to assists patients to keep up with their health and safety together while staying in their homes. The technology includes medical alert systems, mobile monitoring devices, and more.
Telehealthcare: Telehealth technology allows the remote diagnosis and assessment of patients to remote detection of fluctuations in their medical condition so that the therapy or medications can be adjusted accordingly.
Video Consultation: Video consultation provides real-time audio and visual assessment remotely. A patient can instantly communicate with the doctor and receive well-being and medical information.
mHealth: mHealth or mobile health is used for the practice of medicine and welfare support by mobile smart devices. It excludes the patients that use monitoring devices connected to a cell phone or computer. Medical Apps and Fitness are leading the technological revolutions under mHealth.
Wearables Sensors: Wearable devices or equipment were the first domains where digitization was used initially in health care. For example, Pedometers and heart monitors help people track the functions of their bodies and encourage themselves for well-being changes.
Big data analytics: Big data is entering the Indian health care sector. Several international health care players have realized the importance of combining consumer insights, internal company information to inform and optimize the product offerings and are raising funds through the necessary tools.
Electronic medical records (EMR): EMRs are used by several health care providers. The digitization is promoting the advanced IT systems, such as cloud computing and health information systems to increase remote and availability to patient data. This will help in improving health outcomes and reducing medical errors.
The global digital health sector generated USD 73.1 billion revenue in 2017 and is anticipated to show tremendous growth, with a CAGR of 21.1 per cent in 2018–2023. Increasing government support for digital health solutions, innovative and advanced applications of mHealth technologies, and the growing use of smartphones and tablets is one are the key factors responsible for the growth of the market.
In India, the private health care sector is the largest source of health care for 63 per cent of families in rural areas and 70 per cent of families in urban areas. Two per cent of doctors is only available in the countryside for 68 per cent of the residents. There is a huge investment scope through digitalization through which we can connect to the villages and remote locations and provide them with healthcare services. mHealth is one of the largest sectors in India in digital healthcare, with a projected market size of USD 416 million USD in 2017, which is set to increase to USD 1 billion by 2020. The overall health care wearables market in India is currently valued at USD 6 million and is expected to increase exponentially shortly as well.
Digital Healthcare Growth Drivers
Disease Surveillance and Preventative Management: Healthcare analysts search both structured and unstructured data and convert all the data into actionable insights and operate towards achieving better health outcomes. The study patterns are presented in the data and monitor for any disease outbreaks. Through correct analysis, the analyst can provide treatments and even respond to medical emergencies.
Telemedicine and remote advice: Telemedicine helps medical experts to stretch beyond the boundaries of a medical facility by providing medical expertise. Lybrate is a Delhi-based healthcare startup, which was started to bridge access to healthcare. The direct-to-patient mobile app is a healthcare delivery platform providing health tips customized to a user and access to an online database of physicians. Practo is a platform that connects a person to multiple healthcare services such as booking appointments, diagnostic tests, and getting medication to name a few.
Mental and behavioural healthcare: The incidence of depression in India is high, 36 per cent of citizens are likely to suffer from depression at some time or the other, according to the World Health Organisation. Technology-enabled service models to assist in tackling mental health problems. It provides access to better tools and resources to manage mental health for the patients.
Recent Funding in Health Care Industry:-
CureFit is a health and fitness platform has received USD 120 million in Series C funding led by IDG Ventures, Accel Partners, and Kalaari Capital.
HealthSignz raised USD 5 million in a Pre-series A funding round led by New Zealand-based Nirvana Health Group founder Dr Kantilal Patel.
myUpchar.com is a Hindi language online source for health-related content has raised USD 5 million in Series A funding round from Nexus Venture Partners, Omidyar Network, and Shunwei Capital, HealthPlix, a developer of an Artificial Intelligence-driven electronic medical records app for patients, raised USD 3 million in Series A funding from IDG Ventures India and Kalaari Capital.
MyHealthcare is a provider of electronic medical records has raised USD 2 million in a Series A funding round led by Hunch Ventures with participation from Ajay Nanavati.
3Hcare, an online healthcare services aggregator, raised USD1 million in its second round of funding, while Cyclops MedTech, a developer of wearable eye-tracking goggles and software modules for diagnosing vertigo and balance disorders, got USD 1 million from Bengaluru-based marquee venture capital firm Unitus Ventures. Existing investor C P Bothra also participated in the round.
MedCords, a developer of an AI-enabled healthcare engagement app, raised USD 377,071 in funding from Info Edge India and Water Bridge Ventures.
MEngage Technologies, a doctor-patient engagement platform, raised USD 75,000 in seed funding from angel investors.
iNICU (Integrated Neonatal Intensive Care Unit) is a provider of hospital workflow automation solutions has raised an undisclosed amount in pre-Series A funding, and Welcome Cure. It is an Indian online homoeopathic treatment and consultation platform, raised an undisclosed amount of funding from Indian film stars Riteish Deshmukh and Genelia Deshmukh.