Healthcare Startups Grin at Growth Prospects in India

Information about Healthcare Startups Grin at Growth Prospects in India

Published on January 6, 2017

Author: ashishjhalani



1. Healthcare Startups Grin at Growth Prospects in India Mobile health and fitness start-up HealthifyMe, run by Caeruz Ventures Pvt. Ltd, said on Wednesday that it has received $1 million in funding from Dubai-based venture capital fund, NB Ventures. #DigitalErra Thought Corner Today, the healthcare industry in India stands at more than $100 billion and is expected to reach $280 billion by 2020 with a CAGR of 22.9% whereas the home healthcare is believed to be growing at a CAGR of 9%. An IBEF report further says that the healthcare industry size is expected to touch $160 billion by the end of 2017.

2. Over the past few months health-tech has been buzzing with startups helping in hospital management systems, doctor discovery, delivery of medicines, and now more importantly home healthcare services. There has been a revolution in the Indian healthcare space as the consumers are now looking for services that can be personalized to suit their needs. Therefore, to cater to the personalized healthcare requirements of the Indian consumers, digital healthcare providers aim to play a catalytic role. Technology Gives Health-tech A Level Playing Field Technology has to play a leveling ground and there can be no two ways about it. But it all depends on the kind of technology you are using and the kind of problem you are solving. If you understand the problem and solve that problem with the right technology, then the task becomes simpler. Wearables exist for the purpose of monitoring everything from blood sugar levels, to blood pressure, to medication, to weight and levels of activity. From small devices to patches, healthcare providers can receive a steady stream of data that can be used to evaluate a patient. Also, Government is essentially starting a broad spectrum of services with diagnostics, because it is a gateway to health. Preventive Healthcare Is In Preventive medicine is clearly a sector where you are likely to see a lot more activity next year as we saw this year. Consumers are becoming much more aware of prevention, responsibility for their own health and

3. health records, and the need to monitor their own health more. They are making use of digital technology in much larger numbers than before. InnAccel, a med-tech-specific accelerator that aims to drive innovation in the medical devices space, says that close to 90 percent of startups they evaluated in 2015 were working on preventive and monitoring- based healthcare solutions. This year, invested companies also include search-and-discovery platforms such as Lybrate and Practo, diagnostic test aggregators, wellness marketplaces, and home healthcare firms like Portea and personalized nutrition coaches, all of which are available via apps. There are also apps enabling video-based consultations with specialists and medical advice from doctors aggregated to give patients the best diagnoses possible remotely, like with Doctors Circle. Conclusion Some of the key trends seen this year are deeper penetration of online healthcare startups. There has also been greater awareness and adoption of preventive healthcare using technology-based devices by consumers.

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