A data-driven decentralised model to drive innovation in Indian health tech industry (healthcare 4.0)

Abstract

The healthcare industry in India has witnessed significant growth, emerging as one of the largest sectors in terms of employment and revenue generation. This growth can be attributed to several factors, including expanded healthcare coverage, improved services, and increased investments from both public and private entities. Notably, the digital healthcare segment has gained substantial momentum, with its market value reaching INR 116.61 billion in 2018. Projections indicate that this sector is poised to maintain a remarkable Compound Annual Growth Rate (CAGR) of approximately 27.41% between 2019 and 2024, ultimately reaching a valuation of INR 485.43 billion by 2024.

As the demand for enhanced healthcare quality and value escalates, the industry faces a series of challenges that necessitate innovative solutions. The imperative to reduce costs, enhance care coordination, amplify the value proposition, and elevate patient care has become paramount. Moreover, the scarcity of physicians and nurses has intensified the workload for existing professionals, driving the need for increased productivity. The competitive landscape in the healthcare sector is fierce, characterized by the entry of new businesses employing groundbreaking approaches to healthcare delivery.

In light of the daunting challenges confronting the industry, the integration of analytics presents a compelling solution. Companies equipped with analytics capabilities are leveraging the power of big data to derive actionable insights. By harnessing artificial intelligence (AI) and automation, these insights are transformed into tools that can be utilized by healthcare providers, hospital leaders, health systems, and human services entities. This transformative process aims to enhance outcomes, delivering greater value to the served population.

Startups such as Lybrate, DocTalk, SigTuple, and Innovaccer have seized the potential of AI and automation to drive rapid technological advancements within the healthcare ecosystem. These initiatives are shaping the industry by addressing critical pain points and paving the way for a more efficient, patient-centric approach.