The health landscape in India is undergoing a transformative journey, marked by innovative technologies and evolving approaches to healthcare. As we step into 2023, several trends are shaping the future of healthcare in the country. Let's explore some of the top health trends in 2023 in India:
Remote monitoring tools are gaining popularity in India, with the patient monitoring market expected to grow at a CAGR of 9.39% over the next five years. Individuals are increasingly seeking ways to proactively manage their health.
Fitness trackers, blood pressure monitors, heart rate monitors, and glucometers are among the sought-after tools enabling patients to actively participate in their healthcare. These devices transmit data regularly, allowing healthcare providers to identify trends and make necessary adjustments to care plans.
The aftermath of the pandemic has witnessed a surge in the acceptance of telemedicine in India. Valued at almost 830 million U.S. dollars in 2022, the telemedicine market is projected to grow at a CAGR of 24% from 2023 to 2030.
The drive to enhance internet and mobile connectivity affordability has facilitated online consultations, especially benefiting rural and remote areas with limited healthcare access.
The integration of AI and machine learning is further revolutionising patient outcomes, increasing healthcare accessibility, and reducing costs.
The Indian transformational diagnostic market, projected to grow at a CAGR of 7.12% till 2025, plays a pivotal role in population health management.
Tests such as genomic sequencing, next-generation sequencing, whole-genome sequencing, and RNA-based tests are transforming diagnostics, providing more accurate and timely information about diseases and conditions. These advancements are crucial for early identification and effective management of various health issues.
Healthcare Software as a Service (SaaS) is gaining prominence, offering solutions to healthcare organisations to enhance efficiency and quality of care.
The Indian healthcare SaaS industry is expected to reach $50 billion by 2028, growing at a CAGR of 19.5%. SaaS solutions facilitate the management of electronic health records, appointments, and billing information, enabling healthcare providers to focus on patient care. This shift towards technology-driven solutions is contributing to the sector's growth.
With the Indian healthcare industry projected to reach USD 132 billion by 2023, Mergers and Acquisitions (M&A) are poised to play a vital role in sector growth and consolidation. The sector's cohesion, particularly among small and medium-sized startups, is expected to improve through strategic M&A activities.
Expansion into new geographies, diversification into new segments, a focus on speciality care, promotion of digital health, and consolidation of hospitals into healthcare chains are key areas where M&A is anticipated to thrive.
In the dynamic realm of health and wellness, staying attuned to the top health trends in 2023 in India is crucial.
From the widespread adoption of telemedicine to the integration of AI in diagnostics, the industry is evolving to provide better access to affordable, quality care. With technology at its core, India's healthcare sector is set for even greater progress, shaping a healthier and more connected future.