According to joint research conducted by the Internet and Mobile Association of India (IAMAI) and Praxis Global Alliance, the health tech sector in India is expected to reach US$5 Billion by 2023, a significant increase from US$1.9 Billion in 2020. The projected growth underscores the immense potential of the Indian health tech industry. India already harbors more than 7500 health tech startups that are continuously driving innovation in telemedicine, diagnostics, and remote monitoring to transform patient care delivery. By leveraging cutting-edge technologies such as EMR, AI driven diagnostic tools, machine learning, digital engagement and overall business process automation healthcare providers have been relentlessly enhancing healthcare access and improving the quality of care.
Let’s discuss in detail to understand how technology is changing the consumer healthcare landscape.
How is Health-tech Revamping Consumer Well-being and their Experience?
Digital technologies are indeed a vital enabler as innovations in the healthcare industry continue to enhance and expand the systems’ offering to meet consumer’s needs. This is becoming quite evident as more healthcare facilities integrate technological upgrades in their platforms to achieve more accurate diagnoses, treatments, and patient outcomes.
The trend gains vigor as consumers take the lead in becoming more active towards managing their health and overall well-being. Their refreshing attitude towards wellness is also driving their interest in tools that help monitor health and symptoms better. For instance, health apps and smart devices that enable users to track their activities and health status are currently having a moment.
Additionally, the health tech sector at large is trying to innovate its services to cater to the unmet healthcare needs of consumers in rural and urban areas. However, to do so, they are relying on the latest health tech trends and practices.
Healthcare Trends that are Transforming Consumer Wellbeing
Integrating technology in healthcare has empowered the patients by providing end-to-end solutions which have improved the overall quality of care. Health professionals are now more equipped to diagnose health complications, and deliver solutions remotely by embracing some of these healthcare innovations on a large scale:
Telehealth has become an important means to connect with patients and provide them access to required care at their convenience. India’s telehealth market is expected to expand at the CAGR OF 21.2% from 2022-30. This growth could come as more individuals seek a hassle-free digital experience to schedule doctor’s appointments, get personalised treatments, or follow up during the course of the treatment.
EMRs will not only help in streamlining various healthcare processes by digitizing patient records, but they will also enable healthcare professionals to access patient information quickly and efficiently, ensuring that critical data is readily available. With real-time access to a patient's medical history, EMRs will also make it easier for medical practitioners to provide better patient care.
This emerging consumer wellness industry is responsible for delivering wearable devices, such as fitness trackers and smartwatches, that help consumers monitor their physical activity, vital signs, and more. The devices enable health professionals to track patients' health conditions remotely and gain real-time insights. Consumers can expect that with more advancements in AI and machine learning, the medical IoT space will expand and enhance the overall wellness experience.
Improved Diagnostic Accuracy and Personalised Treatments
Advances in AI, data analytics, and machine learning will further enable healthcare professionals to analyse vast amounts of healthcare data, improving diagnostic accuracy, predicting disease risks, and offering personalised treatment plans tailored to an individual’s lifestyle and specific health needs.
Online resources and health-related content will play a key role in empowering consumers with knowledge about their health, enabling them to make informed decisions and advocate for their well-being.
These trends reflect a shift towards consumer-centric healthcare, where individuals have more control over their health decisions and healthcare providers work to align their services with the healthcare needs of the consumers, thereby improving the overall quality of care.