With the healthcare sector, touted as India’s ‘sun-shine sector’, expected to reach $372 billion in value in 2022. With a compounded annual growth rate (CAGR) of 22 per cent, there lies tremendous opportunity for market players to harness the full potential of artificial intelligence (AI) and robotics. From better data collection to higher diagnostic accuracy. The evolution of technologies such as voice recognition, machine learning, fitness trackers and the promise of AI has led to a rise of deep-tech start-ups in the healthcare industry.
In the Indian context, the use of a scalable technology like AI can effectively be the answer to many of the current issues faced in the delivery of healthcare in the country. Like lack of infrastructure, poor doctor-patient ratio and low government spending, to name a few. However, greater investment by existing players and, the entry of new players in the sector can only be incentivized through a robust and stable regulatory framework for these players to operate in.
A study conducted by Nature Medicine utilized 101.6 million data points from electronic health records of over 1.36 million paediatric patients demonstrated that artificial intelligence (AI) based models can have higher diagnostic accuracy than some doctors. With stories like these, the transformative potential of technologies like AI is ground-breaking, but the future of health-tech must be built on the bed-rock of incredibly defined standards of reliability and certainty. However, while this is still a proposal, it seems like the ‘ray of hope’ for India’s sunrise sector is finally gleaming.