Healthcare has a direct effect on the quality of life of patients. The word healthcare refers to diagnosis, treatment, and prevention of disease or illness, and other physical and mental impairments in humans and animals. The healthcare industry provides products and services to treat patients with curative, preventive, rehabilitative or palliative care.
Healthcare Servicescomprise hospitals, nursing, and community care facilities; home healthcare services; medical and diagnostic laboratories; veterinary services and residential mental health centers. It also includes offices of dentists, physicians, and healthcare practitioners.
Global Aspects of Healthcare
The healthcare industry is one of the largest and fast-growing industries in the world as global healthcare services are expected to increase from USD 7.724 trillion in 2017 to USD 10.059 in 2022 at an annual rate of 5.4 percent, as per the Deloitte Global Health Research 2019.
The Global digital healthcare market is expected to increase USD 504.4 billion by 2025, according to the research report by Global Market Insight Inc.
Indian Aspects of Healthcare
The Indian healthcare sector is expected to reach USD 372 Billion by 2022 according to an Economics Times report. It has become one of the largest Healthcare sectors - both in terms of revenue and employment.
India digital healthcare market is expected to grow at 35.0 percent CAGR by 2025 due to rising demand for remote patient monitoring services in the country. The government is also taking initiatives such as Digital India, which will further augment industry growth over the coming years.
India’s competitive advantage lies in the biggest pool of well-trained medical professionals, experts and also competitive costs compared to its peers in Asia and Western countries. In India, the expense of medical procedure is around one-tenth of that in the US or Western Europe.
Digital Transformation of Healthcare
Digital transformation in healthcare technology is helping everyone to live longer and lead safer, healthier, more productive lives. AI, blockchain and other technologies and platforms hold the potential to transform health care to the benefit of patients, payers, and providers. However, differentiating true value-producing innovations from hype requires a deep understanding of the technologies as well as the health care ecosystem.
Digital Health Start-ups in India
Digital health start-ups in India are coming with new technologies such as wearable tech, telemedicine, genomics, and artificial intelligence to the Indian healthcare system
Cure.Fit basically provides physical fitness known as Cult.Fit, mental fitness as Mind.Fit, healthy food as Eat.Fit and recently launched primary care which is known as Care.Fit, which includes doctor consultation, health check-up and managed care plans on a single platform.
DocsApp has altered the patient and doctor experience in many ways. This platform provides onboard specialist doctors that connected with patients in less than 30 minutes. The platform goes a step further in understanding the patient’s condition and, accordingly, connecting with the right doctor. The app offers tech-enabled multi-language service across India with expertise in more than 18 areas such as pediatrics, gynecology, psychology, cardiology, neurology, oncology, dermatology, among other domains.
Forus Health’s helps to reduce the cost of diagnosis (affordability) and raise awareness for eradicating the preventable blindness, which is a global healthcare challenge. Its specific products are 3nethra Classic and portable non-mydriatic fundus (retina) and anterior (cornea).
myUpchar provides health-related content in 13 different Indian vernacular languages and also helps the patients to connect with the doctor.
Government Initiatives To Strengthen Healthcare in India
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana provides financial protection up to Rs 5 lakh per family per year to cover over 10 core needy families in case of hospitalization. “with the vision of “Ek Bharat Shreshta Bharat,”.
The Pradhan Mantri Swasthya Suraksha Yojana is in respect to the development and enhancement of the government medical colleges across the country.
The Pradhan Mantri Matru Vandana Yojana and other similar plans are making safe pregnancy a mass movement.
The Central government health initiative Mission namely as ‘Indradhanush’. The speed and scale of ‘dhanush’ (arrow) were working and setting a new paradigm in preventive health care.
The number of MBBS seats has been increased by almost 30 percent.
About 1.5 lakh health and wellness centers were being set up to provide comprehensive primary care and preventive health services.