Being the world’s fastest growing major economy, the demand for healthcare in India is growing significantly and the market is very attractive. According to a study by Institute for Business Value (IBM), it is forecasted that the Indian healthcare spending will grow at 16% per annum, from approx. $77.7 billion in 2011 to about $295.3 billion by 2020. To meet rising demands, it is evident that there is a desperate need along with ample opportunities for IoT application and innovation in the Indian Healthcare Industry.

Digital technology and innovation will pave the way to transform Indian Healthcare and meet the growing requirements for modernising it while also making it affordable. Software technology-driven tools such as electronic health records, healthcare apps and telemedicine will prove to be game changers in the sector. For instance, a recent report by PwC forecasts the Mobile Health (mHealth) market in India to be worth $0.6 billion by the end of 2017. Many domestic and foreign players are realising the potential in technology application and are making huge investments in the Indian Healthcare Industry. Maintaining quality of the healthcare services to address the growing demand, while being cost efficient among the rising competition is a key concern in this rapidly revolutionising industry. Many domestic and foreign players are realising the potential in IT application to improve processes and make the systems more efficient and are making huge investments in the Indian Healthcare Industry.

Germany based Beurer GmbH has launched new tech-friendly health and well-being products like bluetooth-enabled sleep sensor, digital blood pressure monitors, digital BMI weighing scales and mobile ECG device. They aim to eliminate the need for patients to go to hospitals for basic health check-ups. Through the devices, it is possible to store and transfer data safely via Beuer Health Manager internet app. They also plan to set-up a manufacturing facility in the country by 2020.

The Indian subsidiary of Taiwanese semiconductor company MediaTek Inc., in collaboration with Chainway India has introduced a revolutionary device for the healthcare industry – built on IoT and cloud computing technologies, the product features a fingerprint sensor and a camera and can easily connect to Hospital information systems, EMR systems through Wi-Fi or 4G networks. Medical professionals can scan wristbands of patients using the Chainway PDA device to obtain information about the patient’s history, medical administration records and other data, while also helping in streamline staff workload schedule, ward rounds and record patient’s condition.

Aetna International, one of the world’s largest health benefits businesses, has announced the first phase of the global launch of ‘vHealth by Aetna‘ with India being the first market in the world. India is set to become the centre of excellence for global expansion of this service. Through a mobile app, patients can receive doctor consultations; doctors can prescribe, refer to specialists, and advise on medical concerns. It will provide for a fully connected care package, reducing the need for hospital visits, and allowing members to manage their own health and keep all their health care records in one place. Several companies from China have also expressed interest in investing in the Indian Healthcare Industry with emphasis on R&D and technology innovation.

As expressed by Dr. Tarun Seem, Mission Director, National Health Mission, at the Digital India Summit on 23rd May at New Delhi – “India has to go through a procedural adaptation of technology and there is no way out, because of the super complex structure of Healthcare in India”. Expediting innovation and technology application is imperative to meet the challenges of attaining quality healthcare for all in a country the size of India.

To read the latest News about the Indian Healthcare Industry, click Healthcare Industry Newsletter.