Indian Healthcare Trends 2023: 5 Emerging Trends to Look Out For

Indian healthcare has been experiencing a quiet storm over the past two years. 2023 might be its breakout year. Here are the trends that could play out.

The healthcare industry in India is estimated to reach INR 110 Tn by 2027 with a CAGR of 30.70%, with the digital healthcare segment having a 17.44% market share The pressing industry challenges, including the growing population and increasing prevalence of chronic diseases, are pressuring the existing healthcare infrastructure to raise demand for quality healthcare services from patients and providers.

This heightened demand has led to several private companies entering the market and offering various services, from primary care to specialized treatments. However, this infiltration has elevated the cost of medical care, and an increasing number of patients are opting to pay for their treatment through phone-based medical applications. In addition, several healthcare startups have identified the need for improved accuracy and precision in diagnosis and treatment. They have introduced affordable digital devices and software to synthesize digitization in medicine. How can emerging factors like these pave the way for new trends in 2023? Take a look.

Healthcare in 2023: Five important trends

#1 Growing Acceptance of Telemedicine

India has seen a growing acceptance of telemedicine post the pandemic. The telemedicine market in India was almost 830 million U.S. dollars in 2022 and is expected to grow at a CAGR of 24% from 2023 to 2030 The drive to increase the availability of affordable internet and mobile connectivity has made it easier for patients to consult with doctors online. The use of AI and machine learning for medical data are helping to improve patient outcomes and increase access to care, while also reducing costs. This will be especially beneficial in rural and remote areas, where access to healthcare is often limited. In addition, telemedicine can also help reduce the burden on India's already strained healthcare system by providing quicker and more efficient access to medical care.

#2 Proliferation of Remote Monitoring tools

The patient monitoring market in India is expected to grow at a CAGR of 9.39% over the next five years. Remote monitoring tools are becoming increasingly popular in India as more and more people seek ways to improve their health and wellness. With these tools, patients can take a proactive role in their healthcare and receive timely interventions when necessary. Some of the most popular remote monitoring tools today include fitness trackers, blood pressure monitors, heart rate monitors, and glucometers. The patient can wear these devices or place them in their home, transmitting data to the healthcare provider regularly. This data can then be used to identify trends and make necessary changes to the care plan.

#3 Transformational Diagnostics

The Indian transformational diagnostic market is expected to grow at a CAGR of 7.12% till 2025 Transformational diagnostics are pivotal in population health management, as they can help identify individuals at risk for certain diseases and conditions. Some of the most promising transformational diagnostic tests that played a crucial role during the pandemic include genomic sequencing, next-generation sequencing, whole-genome sequencing, and RNA-based tests. These tests have the potential to revolutionize healthcare in India and will continue to transform the healthcare industry by providing more accurate and timely information about diseases and conditions.

#4 The Rise of Healthcare SaaS

Healthcare software as a service (SaaS) has become an increasingly popular solution for healthcare organizations looking to improve their efficiency and quality of care. Healthcare providers need solutions to store electronic health records and population health management data. SaaS based solutions help healthcare providers manage patient medical records, appointments, and billing information. As healthcare organizations turn towards trusted-third party software providers to focus on patient care, the Indian healthcare SaaS industry is expected to increase at a CAGR of 19.5% and reach $50 billion by 2028.

#5 M&A: Key Avenues of Growth & Diversification

The Indian healthcare industry is expected to reach a valuation of USD 132 billion by 2023 growing at a CAGR of 16-17%. The sector needs to be more cohesive, with many small and medium-sized startups. In such a scenario, mergers and acquisitions (M&A) are expected to play a vital role in the growth and consolidation of the sector. Some of the key areas where M&A activity is expected to increase include expansion into new geographies, entering into new segments (senior care, wellness, and preventive care), increasing focus on specialty care, promoting digital health, and consolidating the hospitals into healthcare chains.

The Future of Indian Healthcare

From telemedicine services becoming more widespread to an increased usage of artificial intelligence in patient diagnosis, the emerging trends illustrate how Indian healthcare will continue to evolve over the next few years. As India continues its journey towards better health outcomes, it is at the forefront of healthcare services through several innovative initiatives to improve access to affordable quality care with technology at its core. We can look forward to even greater progress in 2023 and beyond with growing medicine, pharmaceuticals, and healthcare investments.