Anewera of Indian healthcare sector

Himanshu Baid,Managing Director,Poly Medicure Ltd stresses that with increase in technological advancements and growing importance of data,medtech companies should consider partnering with consumer-focused technology and specialised digital health companies to stay up to date

The global medical devices market is projected to grow from $495 billion in 2022 to $718.92 billion by 2029 at a CAGR of 5.5 per cent. India is the 4th largest market of medical devices in Asia. During the COVID-19 pandemic, the Indian medical devices sector’s contribution became more visible with the production of medical devices and diagnostic equipment such as ventilators, RT-PCR kits, IR thermometers, PPE kits, and N-95 masks.

Enabling policies like PLI, export incentives, R&D support are some measures taken by the Indian Government to boost the medical device industry.The government is planning to further boost India’s strengths of skilled manpower, and ease of business through its industry-friendly rules. According to the government’s draft policy, import dependence on medical devices will be halved in the next 10 years.

Through the government’s flagship Make in India initiative, the medical devices industry is getting support in terms of investment, innovation, skill, and infrastructure under the new manufacturing policy that seeks to boost the contribution of manufacturing to the GDP from 16 per cent in 2013 to 25 per cent in 2025.

The future of healthcare sector will be shaped by technology. Better telecom connectivity, easy availability of home diagnostic devices, increasing comfort with teleconsultation will pivot primary care towards a digital mode. eSanjeevani, a national tele-medicine service, clocked around 80 million tele-consultations till December 2022. In less than 3 years, it has become the world’s largest government-owned tele-medicine platform. India’s Digital Health Mission will enhance adoption of electronic health records and enable availability of vital data in digitised form which will assist doctors access patient records and help in early as well as accurate diagnosis.

With the increasing focus on preventive health after the pandemic, there has been an emergence of disruptive models from health-tech start-ups.

The Internet of Things (IoT), in conjunction with tele-medicine, has created a new Internet of Medical Things (IoMT), which will play a critical role in monitoring and preventing illnesses. AI-driven analytics, tools and machines can help healthcare providers find the right approach for each patient with more efficient, precise, and impactful interventions.

In the next few years, the healthcare space is also likely to be impacted by 5G, which has already been rolled out in some parts of India. 5G can minimise the time, cost and effort involved in R&D trials by ensuring the seamless flow of information from the patient to the provider and then on to research labs.

With this increase in technological advancements and growing importance of data, medtech companies should consider partnering with consumer-focused technology and specialised digital health companies to stay up to date. These companies have advanced capabilities, including the ability to collect, store, and analyse vast amounts of health data generated by medical devices, as well as deep insights on what motivates and engages consumers.

The health-tech sector in India can prove to be a big opportunity for investors in the future. Indian healthcare sector is on the cusp of an exciting new era powered by technologies that will imp rove patient outcomes. Technology is a strong enabler, but it needs to be backed by the right regulatory frameworks, infrastructure, and a wider talent pool to bring the promise of quality, accessible, affordable healthcare beyond cities, to the remote rural areas.