The tech market of healthcare consists of different segments which include e-pharmacy, wellness, healthcare, telemedicine and fitness to name a few. Its value is around $2 billion. The figure is less than 1 per cent of the total medical industry in the country. This is as per the report given by the RBSA Advisors.
The adoption of new technologies in healthcare and the pandemic has paved the way in the medical sector. This has led to some of the best deals that we have noticed in recent times. The medical-tech sector of India has received funding which is around $1.6 billion since 2017.
As per the report, the health-tech sector will rise up to $5 billion in the year 2023 and in the next 10 years, it will go upt0 $50 billion. The largest sectors in India were the E-pharmacies with a revenue of $700 million followed by e-diagnostics at $70 million, teleconsultation at $45 million, B2B health supplies at $28.8 million and B2B health-tech sector at $60.2 million.
There has been an extensive application of artificial intelligence, robotics, blockchain, machine learning, and wearables which is soon going to transform the future of healthcare. For maintaining records related to healthcare, cloud infrastructure will be implemented and more stress on digitalization of medical records of patients will be done. This will further fasten the process for a brighter and smarter future.
The start-ups are also booming as they now have the attention of investors and they are increasing capital. There will be some start-ups that would get PE/VC funding that would take telemedicine to greater heights.