- November 13 2021
- 5 mins
India’s Healthtech Startups Empowering Healthcare
The Covid-19 pandemic was an ‘eye-opener’ for the Indian healthcare ecosystem. It exposed the systemic gaps and deficiencies in healthcare which became an opportunity for healthcare startups. With the two devastating waves of covid, much stress on the healthcare system became a reason for health tech startups to identify and solve relevant problems. What started as a time of high caseloads and unimaginable deaths in the country, the medical professionals, frontline staff, and the hospital infrastructure were overwhelmed with a need for innovation. With the unprecedented challenges, India also grappled with the scarcity of oxygen sources, medicines and the need to upgrade the systems to deliver a robust, easy-to-access healthcare infrastructure.
Based on a 2020 report published by Inc42, titled India’s Healthtech Landscape In A Post-Covid-19 World, the Covid situation brought out the importance of quality healthcare and its implementation by technology ventures. Technology-led healthcare ventures are playing an essential role in the healthcare systems. These startups are using deep tech AI/ML for predictive analysis and diagnosis of the problem, supplemented by the teleconsultation-based advisory. Pre and post-treatment phases have seen innovative healthcare startups that are providing remote health monitoring solutions.
These aspects can only be effective if the patient data is readily available at the touch of a button. Hence the new age health startups have also developed end to end and secure solutions for complete digitization of patient data. This value chain leads to highly convenient and safe access to healthcare services for the people who need them the most.
Considering the above-mentioned use cases, it is an instant view of India’s importance of the healthcare innovations and startups ecosystem. However, let’s see some data to know what is the on-ground situation, as per Inc42 information:
The Indian health tech market is estimated to be $21 Bn by 2025, which is just 3.3% of the total addressable healthcare market pegged to reach $638 Bn in 2025
- Two unicorn rounds cornered the lion’s share of this year’s health tech funding. Innovaccer got $105 Mn in February this year, and PharmEasy raised $350 Mn in April to enter the coveted unicorn club.
- Healthtech startup funding in FY21 (April ’20 to March’ 21) went down by more than 43% ($443 Mn raised in FY21 compared to FY20’s $790 Mn). However, sectors like edtech, consumer services and media & entertainment recorded growth of 118%, 51% and 261%, respectively, amid the pandemic.
- With $689 Mn invested during the first four months of 2021, the sector has already raised 30% more funding than 2020.
The tech-powered solutions are bound to play a critical role in India’s healthcare ecosystem; however, the education and corporate innovations ecosystem need to be supported as well. The pandemic has instilled fear and uncertainty even among doctors as much as patients and healthcare. The uncertainties have given rise to telemedicine practices, video consultation, home healthcare and remote patient monitoring solutions.
With India having 3000+ startups that focus on health tech, it is one of the fastest-growing sectors and needs solid backup. There is a massive opportunity in the public-academic-private partnerships to boost the health tech innovations in India. Mirainxt, backed by three decades of pharma and dental institutions experience, is well poised to scale up health tech ventures. It further looks forward to similar collaborations between health tech startups and institutions to unlock combined potential.
