Revolutions, often, cause the disruption of an existing status quo, to bring in a new, more effective, order. The Healthcare revolution is no exception.
Over the past few years, there has been a significant rise in telehealth. The COVID-19 pandemic revealed the loopholes of traditional healthcare systems. These loopholes transformed into streams of opportunity and Telehealth has become an undeniable favourable outcome, largely due to its efficiency, cost effectiveness and convenience.
One of the most significant benefits of healthtech is that it can help address the growing shortage of healthcare professionals worldwide. As demand for healthcare services continues to grow, there simply aren’t enough healthcare professionals to meet the demand. Telehealth can help fill this gap by enabling healthcare providers to work more efficiently, increasing their capacity to treat more patients. The telehealth services offered in India include remote consultations, remote monitoring, and other healthcare-related services such as online pharmacy delivery. These services are available through various platforms, including mobile apps, web portals, and telemedicine kiosks.
The Indian government has also recognized the potential of telehealth and has taken several steps to promote its adoption. In March 2020, the Ministry of Health and Family Welfare released guidelines for telemedicine, which enabled healthcare providers to deliver remote consultations to patients. Additionally, the government has launched several initiatives such as the National Telemedicine Service and the eSanjeevani telemedicine platform, which aim to make telehealth services more accessible to people across the country.
However, the rise of telehealth is just the start of the healthtech revolution. According to reports, the Indian healthtech market is expected to grow at a CAGR of 39 per cent and touch $50 billion by 2033. With the increasing adoption of technology in healthcare, we are witnessing a rapid transformation of the industry, which is set to revolutionize the way we access and receive healthcare services.
One of the key drivers of the healthtech revolution is the emergence of wearable technology, such as fitness trackers, smartwatches, and health monitors. These devices can collect vital health data such as heart rate, blood pressure, and sleep patterns, which can then be shared with healthcare providers to monitor and manage their patients’ health. Telehealth, further, can help disseminate the vital next steps to speedy recovery and corrective measures to manage health.
Another area of growth is the use of artificial intelligence (AI) and machine learning (ML) in healthcare. AI and ML can analyze vast amounts of data and identify patterns that may not be visible to humans. This technology can be used to develop predictive models that can help healthcare providers diagnose diseases earlier and personalize treatment plans based on patients’ unique characteristics.
The healthtech revolution is also creating new business models that are disrupting traditional healthcare systems. For example, digital health startups are developing innovative solutions to address healthcare challenges, such as improving access to healthcare services, reducing healthcare costs, and improving patient outcomes. These startups are leveraging technology such as telehealth, AI, and wearables to provide personalized and convenient healthcare services to consumers.
As the healthcare industry continues to evolve, healthtech will undoubtedly play an increasingly important role in shaping its future. From telehealth to remote monitoring, electronic medical records, and artificial intelligence, healthtech is transforming healthcare delivery, making it more accessible, affordable, and patient-centric. While the rise of telehealth is certainly an important step in this transformation, it is just the beginning of the healthtech revolution that is already underway.
Furthermore, the healthtech revolution is also driving a shift towards value-based care, which focuses on improving patient outcomes and reducing healthcare costs. Value-based care models use data analytics and population health management to provide proactive and personalized care to patients, which can lead to better health outcomes and reduced healthcare costs.
In conclusion, the rise of telehealth is just the start of the healthtech revolution. With the increasing adoption of technology in healthcare, we are witnessing a rapid transformation of the industry, which is set to revolutionize the way we access and receive healthcare services. The healthtech revolution is creating new opportunities for innovation, disruption, and improvement, and it is up to healthcare providers, entrepreneurs, and policymakers to embrace these changes and drive the industry forward.
(The author is Mr. Anuj Parekh Co-founder & CEO @ Healthysure and the views expressed in this article are his own)
