Written by Francis Prashant, one of our Global Ambassadors, based in Bengaluru:
India offers a great market opportunity for healthcare start-ups around the world. With over 1.3 billion population majority of people pay for healthcare expenses out-of-pocket. Given this ecosystem, healthcare providers are driven to innovative ideas that improve care, increase accessibility and reduce costs.
The Indian healthcare market is expected to reach $280 billion by 2020 driven by rising incomes, greater health awareness, lifestyle related diseases and increasing access to payers. The current value of the medical device/diagnostics market is estimated at $5 billion and growing. In India, there is one doctor for every 1,457 people which is lower than the WHO norm of 1:1000. This goes on to show the huge potential lying in front of healthcare start-ups in the 1.3 billion plus people economy.
India is one of the nations where the mortalities and morbidities of both communicable and non-communicable diseases are very high – creating a strong need for technology intervention to manage these diseases effectively amidst current infrastructure shortage.
And health care start-ups have a critical role to play. In the last few years, digital health start-ups are bringing in novel technologies like AI, remote based monitoring, telemedicine and are now an integral part of the Indian healthcare ecosystem. Contributing factors could be many, but primarily attributing to the digital impetus from the government and the recent release of the national health policy, there is not only traction but exponential growth in the number of tech product start-ups and the funding that they are garnering.
FTR4H creates a global innovation ecosystem to drive digital health. Are you driving digital health in India? Join the global platform that explores how digital transformation effects the healthcare industry during our FTR4H @ Medical Fair India lounge, 5-7 March 2020, in Mumbai convention centre, in collaboration with NASSCOM CoE IOT & AI as Official Digital Transformation Partner, to showcase your technology, network with your peers and gain access to international markets through our international platform.
For more info see https://www.medicalfair-india.com/en/Special_Shows/FTR4H or connect directly with Mr. Adarsh Verma, Head of Project under firstname.lastname@example.org See you there!