The Healthcare ecosystem has broad categories, and technology is a reliable way to connect with all these categories. Medical devices in clinics/hospitals, wearables, mobile care applications, and sensors are all various kinds of technology that are modifying this ecosystem. From the past few years, service and technology have become the fastest-growing profit tools for the healthcare industry, and this new trend has driven by the notable value formulation potential of technology-based innovations.
New technological developments hold various applications in the healthcare sector like, interoperability, advanced analytics, machine learning, digitization, IoT, IoMT, etc. These developments allow health professionals to perform their roles efficiently by automating the mechanism, and real-time updates of a patient and providing results in the early stage of a disease, and helps to attend the patient with more care and less threat. Additionally, technology helps with the collection, storage and sharing the patient’s medical data. By combining analytical technology to this, health professionals can give a better opinion of the status and instructions to the patient.
The healthcare technology industry or the digital healthcare market can segment by seven key sub-industries as, mHealth, Telemedicine, Remote Diagnosis, Wearables, Appointment Management, Online Pharma, Digital and Social Connectivity, etc.
In the current market scenario, for the wearables and mHealth apps gaining demand because of mobile and gadgets. The new generation gets quickly attracted to modern technology and hence from the past few years, healthcare mobile apps and devices showing the immense growth in its market. With the help of social media and mobile apps, the industry is getting tackled by telemedicine services, and it is one of the top segments of the healthcare technology industry. E-commerce Pharma or E-Pharma is expected to see exceptional growth in its market, as development has observed in the pharmaceutical supply chain.
The Global Healthcare Technology Industry market is expected to reach at $275 Billion with the annual CAGE 23% till the year 2024. The Indian Healthcare Market is expected to reach US$ 370 billion by the year 2022. Therefore, there is an excellent opportunity for startups stepping into the Healthcare Technology Industry.