Healthcare technology, typically introduced as “health tech,” means using technology to improve any parts of the healthcare framework. In India, health tech startups have received ‘huge momentum’ in the recent five years, powered by the government push towards digitization, the uptake of innovative advances, and the emergence of health care applications.
The Indian health tech startup scene has now grown up and incorporates a strong pipeline of ventures across both ends of the spectrum. Government initiatives like Digital India and Startup India are further moving this pattern forward. As indicated by McKinsey, by 2025, Indians can save about $10 billion by using telemedicine rather than direct visiting with specialists face-to-face.
Categorization Of Health tech Startup
India’s Healthcare industry is known to be one of the hottest and fastest developing areas fortified by India’s rising development, health consciousness, and admittance to support and insurance. It is additionally because of the betterment in lifestyle, stress-related problems, and pandemic like Covid-19. The IBEF(India Brand Equity Foundation) has assessed the Indian health tech area to be valued at $372Bn by 2022.
The health tech startups can be extensively arranged under 11 categories: Online pharmacy, telemedicine, home healthcare, personal health management, fitness and wellness, biotech R&D, diagnostics, healthcare IT, medical devices, and biopharma and genomics. In India, startups work on any of these categories and are using AI, ML, and other latest technology to improve access, affordability, and medical services quality. Let’s discuss the important categories.
Health tech Startup As Online Pharmacy
An online medicine store, web drug store, or an E-pharmacy store is a drug store that works over the internet. It encourages the availability of drugs and other medical care products without the requirement for individuals to visit physical drug stores.
These health tech startups are online business websites, but they operate in medicine and medical, aka e-pharmacy; this section has players, for example, 1MG, Pharmeasy, Netmeds, MyraMed, and SastaSr.
Health tech startups in online drug stores permit you to arrange medicines over the website through websites and applications (web/mobile). This spares you the issue of visiting a physical drug store. You need to upload the actual prescription or specialist’s note on the online pharmacy’s gateway and make the payment afterward. The report assessed the online pharmacy space would develop at a CAGR of over 20% to come to the $3 Bn mark by 2024.
Health Tech Startup As Telemedicine
Telemedicine includes the use of e-communication and software to offer clinical assistance to patients without an in-person visit. Telemedicine is a health tech startup category that assists patients with getting specialist interviews essentially through applications or web-based recordings, chats, and voice guidance. These startups are mostly focused on filling the gap of the absence of a specialist doctor in Tier 2 and Tier 3 Indian cities.
Health tech Startups, for example, Practo, DocPrime, mFine, CallHealth, and Lybrate, were working telemedicine services in India under a hazy administrative situation. The clearness in telemedicine guidelines won’t just help these startups address the spread of Covid-19 while also improving access to medical services among the rural class.
Health tech Startup As Fitness and Wellness
Regardless of if you are struggling to get in shape, building muscle, or getting off the couch, modern fitness and wellness wonder has grown up with making a significant impact in a person’s life.
India has recently observed a hike in the number of fitness and nutrition startups with Fitternity, Cure. fit, HealthifyMe, GOQii, HealthKart, alongside mental health and wellness startups like Yourdost and InnerHour. While these all health tech startups are based on a unique model – Cure.fit deals with the whole wellness stack. GOQii has a wearable gadget alongside dedicated remote coaches – the main target is to get users working out, eating right, and fit.
As of now, India’s overall fitness market is valued at $3 Bn and is increasing at 18%, with a mere 4% of the market comprising organized gym chains or digital fitness startups.
Health tech Startup as Diagnostics
Diagnostic start-ups have created a new market segment for Health tests at the home facilities in India. Diagnostic labs are a new category of a health tech startup. These startups started with ideas like regular monitoring of health, lifestyle-based suggestions, health reports-based predictions, and giving machine data to clients for transparency.
Diagnostics startups working in India include Qure.ai, SigTuple, and NIRAMAI Health Analytix. These and others utilize deep tech to empower quicker and more successful diagnoses dependent on radiology, medical imaging, and pathology reports. In the medical services market, the commercial utilization of AI is expected to reach $36.1 Bn by 2025, at a CAGR of 50.2% between 2018 to 2025.
India is witnessing technological disruption in all the areas, such as Fintech, EdTech; during this rapid development, strict laws and guidelines are expected to oversee the area of health tech startups. The administrative rules must be with the end goal that the extent of development isn’t hampered.
India is on the way to making a dominant position in the worldwide health tech area. A few endeavors and associations are taken by organizations like hospitals and health tech startups to improve their overall healthcare services.
Most of the population is hailing from the rural and semi-urban regions; innovation is utilized to make peace between the country’s successful and quality guaranteed medical facilities and price-conscious user base.