According to industry estimates, there are a number of fascinating healthcare technology developments for 2023 that could fundamentally change the sector. According to the most recent developments in the healthcare industry, it is obvious that more innovation is afoot in the field and that this will take centre stage in headlines all throughout the year. The global well-being of patients can be significantly enhanced by the new healthcare trends in 2023. Yet, if done incorrectly, it may make things worse rather than better. In order to build trust and value with their increasingly techsavvy patients, famous hospitals, clinics, and medical experts have already flocked to top technological developments in healthcare.
Indian pharmaceuticals have again demonstrated their leadership, and this time it was in the creation of the Covid-19 vaccinations that prevented millions of deaths worldwide. After Covid-19, domestic pharmaceutical businesses, which were previously known for their low-cost generic drug manufacturing, are now praised for their high-quality R&D ecosystem, a stunning transformation from being seen as a volume maker to a value generator. India produces 20% of the world’s volume supply, placing third globally in terms of production.
The healthcare and medical sector is about to undergo a significant transition. In 2023, the smartwatches and apps we use will fundamentally alter how we approach healthcare, ushering in a new era of patient-driven care. In 2022, the industry saw ups and downs. There were more layoffs at health tech companies and much less investments made in the sector. We are still committed to making structural and technological reforms as we recover from the pandemic. To improve patient satisfaction, the healthcare sector is becoming more organised and focused.[/vc_column_text]
India’s Healthcare Industry
The healthcare sector in India has seen a significant increase in employment and earnings. The fast growth of the Indian healthcare sector is being fueled by the increase of services and spending by both public and private organisations. In India, there is a surplus of highly skilled medical professionals, which gives them an edge. India is also cost-competitive when compared to its peers in Asia and Western countries. The cost of surgery in India is around onetenth that of the US or Western Europe.
The Indian healthcare industry is anticipated to grow by three times, at a CAGR of 22% between 2016 and 2022, from US$ 110 billion to US$ 372 billion. By 2025, it is predicted that the e-health market would be worth US$10.6 billion.
In the last few decades, technology adoption has fundamentally changed the healthcare industry in India, and the epidemic has sped up the process. Many tendencies that have evolved since COVID-19 are noticeable. Also, Covid-19 pushed healthcare delivery systems and infrastructure to their limits, paving the way for additional investments and the use of cutting-edge technologies to fight current and impending pandemics. Smartwatches monitoring vitals to flag a possible medical issue, robots using 5G networks to carry out medical procedures, patients using a cell phone to make video chats with doctors and during a global pandemic, a government app assisted in immunising more than 2 billion individuals.
With the adoption of technology and the emphasis on preventative health, disruptive models from healthtech start-ups have emerged. The Internet of Medical Things (IoMT), which will play a crucial role in monitoring and preventing illnesses, has been formed by the Internet of Things (IoT) in conjunction with telemedicine, according to Industry Advisors. Healthcare providers can determine the best method for each patient with the aid of more effective, precise, and lasting interventions with the aid of AI-driven analytics, tools, and equipment.
According to public health professionals, India’s healthcare system must strike a balance between providing excellencare at premium urban institutions and ensuring that the vast majority of the rural population has access to appropriate medical facilities. Also, the simple accessibility and affordability of medical gadgets will be beneficial. They have to be manufactured in India for that to happen. The first step has already been taken by the government, which introduced a production-linked incentive programme for medical equipment producers.
With India moving forward, the virtual or remote healthcare sector will be crucial. Data indicate that by 2030, the global market for virtual or remote healthcare would be worth more than $450 billion. The application of AI will be a key factor in its growth. Patients can interact with healthcare professionals or doctors with the desired experience through the use of AI-based algorithms, and they can obtain specialised treatments that are best suited to their current health issues. Analytics and data will be crucial to the industry’s evolution. Adaptive data analytics (ADA), which improves the capacity to swiftly adjust data and analytical methods, is already at the forefront of cutting-edge research in the field.
The growth of the healthtech industry may be essential to changing the healthcare industry. The Indian healthtech market is anticipated to develop at a CAGR of 39% and reach $50 billion by 2033. The market, which consists of six categories—telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare, and personal health management has a current market value of roughly $2 billion and accounts for less than 1% of India’s total healthcare market.
In the future, a larger application of “humanless” systems and technologies is anticipated, particularly in surgery, prosthetics, medicines, healthcare logistics, and pharmaceutical manufacturing, among other fields. The use of robotics in the healthcare and medical industry is expanding quickly. Drug testing, the manufacturing of living human tissue, and medical research and development will all benefit from 3D bioprinting.
The Indian healthcare industry is anticipated to grow by three times, at a CAGR of 22% between 2016 and 2022, from US$ 110 billion to US$ 372 billion. By 2025, it is predicted that the ehealth market would be worth US$10.6 billion.
By 2025, the Indian government wants to spend 2.5% of the nation’s GDP on public health. The higher success rate of Indian businesses in receiving Abbreviated New Drug Application (ANDA) approvals is another factor contributing to India’s competitive advantage. India also provides a wide
range of R&D and medical tourism options. In conclusion, both urban and rural India provide significant prospects for investment in healthcare infrastructure.
Share of Market Segments of Healthcare Sector in India
Hospitals made up 70% of the country’s entire healthcare market in FY 2021, with pharmaceuticals
coming in at 20% and medical technology at 10%. The long-term market forecast for hospitals in
India is stable, and over the next few years, yearly revenues are projected to expand strongly as a
result of rising local healthcare demand as well as medical tourism.
India's Healthcare Market Distribution 2019–2030 by Type of Provider (%)
India's Healthcare Market Distribution 2019–2030 by Type of Provider (%)
1. Demographic, epidemiological and health transitions
- Rising Income
- Inceasing life expectancy
- Communicable and non- communicable dual disease burden
- Lifestyle disorders
2. Travel for Medical Value
- India is quickly becoming an alluring travel destination for medical value travellers from all over the world, with many
3. Environment for Policy Enablement
- The execution of numerous expansive and ambitious projects like Ayushmann Bharat
- PLI programmes and initiatives to promote medical device parks
4. Vast Demand – Supply Gap
- Increased investment is required in the sector
- Public-private partnership (PPP) model emergence in the industry
Technological Trends
The impact of trends that emerged in the previous year will continue to be felt by the healthcare sector as 2023 progresses. Multi-omics and molecular diagnostics, individualised care, and digital health solutions are all gaining tremendous pace and will have a significant impact on how healthcare is delivered in the future. From AI-enabled products to digital ecosystems, the sector is already making efforts to fully realise the potential of cutting-edge technologies.
1. Applied Machine Learning and Artificial Intelligence
Future trends in healthcare technology may be influenced by machine learning and artificial intelligence. They will help to improve healthcare providers’ access to, familiarity with, and management of forecasts, tracking, treatment, and diagnosis. Better medical image analysis and interpretation, drug discovery, clinical research, the treatment and identification of
particular neurological diseases, and preventative medicine and analytics will all benefit from the use of artificial intelligence.
2. The Next Generation Of Precision Medicine Is Being Driven By Multi-Omic Technology
The movement towards precision medicine is led by next-generation sequencing technology. Multi-omic technologies, which first emphasised genetic (entire set of genes in the genome of a cell) and proteome ( set of proteins produced by a cell) analysis but now include transcriptomics, metabolomics, epigenomics, microbiomics, and phenomics, is what’s really powering the next generation of precision medicine. These omics solutions give us insights into the molecular alterations or traits that can affect our health, create disease, or inform clinical choices, allowing us to gain a more comprehensive understanding of how human health functions.
3.Virtual Communities for Patient Engagement
The growth of virtual communities and patient care is another one of the top healthcare trends in India 2023. More of these communities will be created by healthcare providers so that patients can interact with one another and the healthcare system while having access to vital information. The package will also include virtual monitoring and care.
4. Internet of Medical Things (IoMT)
The Indian government, through a number of programmes and policies, is actively attempting to improve the availability and affordability of healthcare for its inhabitants. IoMT devices are anticipated to play a significant role in determining the future of Indian healthcare, and the government is also pushing public-private partnerships to enhance the nation’s healthcare infrastructure. IoMT stands for internet-connected medical technology, which includes things like wearable gear, hospital supplies, and electronic health records. These devices have the ability to collect and transmit data that can be used to enhance patient outcomes, lower costs, and boost system efficiency. By expanding access to medical information and services, lowering costs, and enhancing the quality of care, the Internet of Medical Things (IoMT) has the potential to greatly enhance healthcare in India.
5. Digital health solutions will continue to evolve
Healthcare businesses have been driven by the pandemic to reconsider their digital strategy and create tools that enable the delivery of healthcare online. Digital health businesses today provide more practical and available options that have altered how many patients can obtain high-quality treatment and manage their health, from telemedicine to at-home testing and medication delivery services. This year, digital health innovations will probably come under more scrutiny about their capacity to gauge success and show unique value. Yet, the adoption of innovative solutions is still being driven by a strong momentum in the field of digital health. Many technological advancements will probably concentrate on creating data that might enhance patient and population health as well as on increasing access to care through an integrated experience. These developments might
pave the way for the creation of digital health ecosystems that link important stakeholders with useful health data.
6. Personalised healthcare
With the forthcoming idea of precision medicine, we anticipate healthcare to adopt a personalised approach rather than the same medicine for everyone mentality. Customized medication and therapy regimens are to be expected. Age, risk factors, heredity, and other factors will all play a role. On the basis of the patient’s genetic information, artificial intelligence and machine learning will be used to forecast the effects and adverse effects of specific medications. Patients who choose their own treatment plan and method of delivery will benefit from this strategy. Patients can choose
how and where to administer the treatment by taking into account their unique situation and viewpoint. Personalization in all industries, including healthcare, is expected to be a major trend in 2023.
7. Wearable devices becoming mainstream
Healthcare businesses have been driven by the pandemic to reconsider their digital strategy and create tools that enable the delivery of healthcare online. Digital health businesses today provide more practical and available options that have altered how many patients can obtain high-quality treatment and manage their health, from telemedicine to at-home testing and medication delivery services. Wearable technology is already widespread, but in 2023 it will become even more so. Doctors can also track real-time data and remotely monitor patients in addition to patients who are recording their physical activity. Wearable technology encourages users to make healthier lifestyle decisions. Also, it enables professionals to create unique and practical health goals
Conclusion
India’s healthcare providers seized the chance and made investments in telehealth and telemedicine, whose use is anticipated to increase. The healthcare industry in India is embracing technology quickly and placing a greater emphasis on machine learning, big data analytics, and artificial intelligence. Significantly, India was among the top users of cutting-edge medical technology, which has aided in process improvement, healthcare cost reduction, and data availability.
Also, the technologies have helped Indian healthcare providers by giving them new perspectives on patient demands and health information, which has helped them develop patient-centered solutions. The Indian healthcare industry also uses artificial intelligence and big data analytics, and has included robotics for process automation.
Healthcare providers have begun deploying robots to do high-volume, repetitive operations that require human labour thanks to robotic process automation. Keeping records, doing computations, and creating reports are a few of these duties. It is anticipated that the Indian healthcare sector would use robotics more frequently to improve care delivery. The rising need for patient-centered care is one of the most notable developments that has dominated the Indian healthcare sector.
Significantly, the rising use of individualised care by healthcare professionals presents a chance for improved patient outcomes and safety. Numerous healthcare providers in India now place a high premium on mental health. Even though there were many of mental health problems before COVID, the pandemic amplified the effect given the conditions.
The Indian government has taken note of this rise, and in the budget for 2022–2023, the finance minister promised actions that will be done to address the problem, including the beginning of a national tele-mental health programme. The programme will make mental health services available to everyone, which is essential for achieving a healthy and productive population.
In the Indian healthcare system in 2023, we may anticipate a focus on telehealth, mental health, and the rapid adoption of cutting-edge technologies to boost efficiency and improve patient outcomes. Furthermore, it is anticipated that healthcare professionals would develop fresh approaches to supplement the current virtual care modalities with more remote testing and chronic disease management. This pattern will improve access to care for underserved areas and lower death rates, especially in rural India.