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Healthcare

  • The Indian healthcare sector is expected to reach USD372 bn by 2022 from the current USD260 bn. Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth.
  • The Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PMJAY): PMJAY is the largest government funded healthcare program targeting more than 500 million beneficiaries in India. It is expected to increase the demand of healthcare services, medical devices and pharmaceutical products in the country.
  • In-Vitro Diagnostics: IVD market is India is estimated at USD1.5 bn in 2019 and biochemistry, immunoassays and hematology dominate the market with 65%-70% share. Rapid diagnostics kits for infectious diseases is also an growing area in India.
  • Remote Diagnostics: As 70% of the Indian population lives in villages, portable innovations helps in increasing access to healthcare by providing point-of-care diagnostics, teleconsulatation and e-prescription capabilities.
  • Digital Technologies: The healthcare sector in India is embracing digital transformation to improve quality and accessibility. In terms of revenue, the digital healthcare market in India was valued at USD 1.6 bn in 2018, and is estimated to reach USD6.9 bn by 2024, expanding at CAGR of 27%. Emerging technologies such as artificial intelligence (AI), machine learning, Blockchain, Internet of Things (IoT), Internet of Medical Things (IoMT), and Big Data analytics have helped in shaping the digital healthcare market.
  • Telemedicine market: Telemedicine is a fast emerging sector in India and is expected to rise at a CAGR of 20% during 2016-20, reaching USD32 mn in 2020. As 70% of the Indian population lives in villages and telemedicine helps in providing care in most remote areas.
  • Robotics: India has very less number of healthcare professionals available for more than 1.3 billion population. Hence adoption of robots is increasing in hospitals specially in surgery, screening, remote testing, medicine delivery, thermal scanning, cleaning etc.
  • M-health: Increasing usage of smartphones and internet among the Indian population is helping the adoption of m-health. mHealth has various benefits like access to expert and specialized health care for everyone, improvising how doctors see the medical history of a patient, transfer of data to right channel and reducing time and expenses of patients
  • Electronic records and patient data: There has been a government led push to embrace electronic health records. Within the bounds of data privacy laws, this provides immense potential for research given India‚Äôs population and diversity of data when it comes to diseases, and effects of medication.
  • For more information, please contact: Salil Dadhich, Commercial Head - Healthcare and Life Sciences at saldad@um.dk

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