Prospects of Foreign Companies in the Indian Healthtech Sector

India’s rising elderly population, increase in disposable income and rising awareness has created a significant demand for digital health services in recent years. Thus, foreign healthtech firms are targeting this market for expanding their operations.

But, given its vast size and sheer diversity, partnering with healthcare strategy consulting firms like Tecnova is recommendable. They have in-depth knowledge of the consumer’s requirements and market trends, which can help foreign organizations successfully set up their business in this country.

Today, digital integration is taking place rapidly in every field of human activity. This phenomenon has also spread its roots in the healthcare sector, leading to the formation of healthtech.

It is the fastest-growing trend in this industrial segment, including technology-enabled healthcare products and services. They can provide new insights into the treatment of various diseases, develop new medicines, improve the efficiency of hospitals, etc.

According to reports, the global healthtech sector is predicted to expand at 27.7% CAGR, reaching USD 1.5 trillion by 2030. Thus, given its vast potential, foreign firms are actively seeking new markets to benefit from this sunrise sector. Furthermore, businesses are teaming up with healthcare strategy consulting firms, to actively branch into the international market

Global Healthtech Market – An Overview

An aging global population, rising chronic disease cases, and growing healthcare costs are increasing the demand for adopting healthtech solutions. Thus, to create sustainable solutions for such demands, governments around the world are taking initiatives to implement digitization in the healthcare sector.

For example, in October 2021, the French Government announced its decision to invest more than USD 650 million to enhance its digital health infrastructure. Similarly, in 2022, the Indian Government introduced the Ayushman Bharat Digital Health Mission (ABDM) to provide increased digital access to healthcare services to its citizens.

However, there is an emerging shortage of trained healthcare professionals in both emerging and developed economies. Experts predict that by 2030, there may be a shortage of around 15 million healthcare personnel worldwide.

An effective solution in this regard can be telemedicine services. It can help improve time management for doctors, enabling them to serve more patients. Additionally, people do not have to travel long distances just to avail quality healthcare services. This will also help reduce healthcare expenses on their end and be extremely beneficial for people living in remote areas.

Automation can be another smart solution to deal with the increasing demand for healthcare professionals. Rehabilitation and nursery robots can assist hospital staff in patient care duties. Also, hospitals can use Robotic Process Automation (RPA) for scheduling appointments, keeping records, tracking inventory, etc. This will free the personnel from routine tasks, enabling them to take better care of the patients.

Furthermore, given the rising cases of critical illnesses, 24-hour patient monitoring has become a must. But, with a lack of medical professionals in the market, providing such services can be a big challenge. In this regard, Remote Patient Monitoring (RPM) solutions can be very effective.

They can enable healthcare professionals to monitor patients from a distance, thus negating the need for constant in-person attendance. These technologies integrate special digital health equipment that can monitor a patient’s vitals like heart rate, blood pressure, glucose, etc. In addition, they can alert the doctors if any of these parameters drop below critical levels.

Apart from this, there is a rising trend of consumerization in the healthcare industry. People nowadays prefer home-setting medical solutions for their sheer convenience and access to better information. So, there is a high demand for medical devices like smart fitness trackers, wearable blood pressure monitors, biosensors, etc.

Given the above circumstances, there is ample scope for global companies to expand their presence in the healthtech sector.

Changing Landscape of Healthtech in India

In India, the importance of healthtech came into focus during the COVID-19 pandemic. Increasing pressure on the available infrastructure and lack of trained staff made it difficult for hospitals to cater to the vast population’s needs.

This made the authorities realize the gaps in their healthcare ecosystem and the need to implement digital solutions. So, hospitals shifted a part of their operations online, giving rise to healthtech services.

After this, digital healthcare services became a norm in Indian hospitals. It increased the accessibility of such services to a wide array of people, along with reducing expenses. Now, rapid smartphone penetration, improved connectivity, increasing government spending on developing digital health infrastructure, etc. are serving as drivers behind this sector’s growth.

As per reports, the Indian healthtech market is estimated to reach USD 50 billion by 2033. Moreover, this industry segment may get to see several new technological innovations like patient data analytics, artificial intelligence-based diagnosis, omnichannel healthcare delivery, and more. This will help hospitals provide high-quality healthcare to patients, depending upon their specific needs.

In addition, the demand for e-health services is currently on the rise. It acts as a viable alternative to the traditional outpatient model followed by hospitals and mitigates several pain points of patients like travel time and distance, waiting in queues, filling out forms, limited availability of doctors and medicines, etc.

Apart from these factors, India’s aging population, rising awareness, and increasing health insurance penetration create ample conditions for the growth of the healthtech sector.

So, for foreign organizations planning to enter the Indian healthtech market, there are several subsegments that they can target. However, given the vast diversity among Indian consumers, getting help from healthcare consulting firms is crucial.

How Healthcare Strategy Consulting Firms can help Foreign Businesses?

Healthcare strategy consulting firms employ professionals who have a thorough knowledge of the Indian population. They have a clear idea of the ongoing trends and can help foreign companies choose an appropriate subsegment, which can facilitate successful market entry.

Moreover, in India, there are several regulatory compliances that businesses must adhere to. Now, given the country’s fragmented legal system, it can be hectic for foreign companies to do all this on their own.

Thus, partnering with a healthcare consulting firm in India like Tecnova is essential. This organization has time-tested entry, expansion, and growth strategies that can help businesses successfully expand their operations in the Indian market.

Furthermore, it offers company incorporation and regulatory compliance. These services can be useful for foreign companies in case they want to set up a branch office, joint venture, wholly owned subsidiary, etc.

Reference

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