The rise of healthtech in the post COVID-19 era
Telemedicine and Healthcare technology have proven to be a great boon for this COVID-19 pandemic era. Online video conferencing, wearable technology, and Mobile healthcare are the main heroes. But after the dust settles, what is going to be the future of the healthtech. Is the rise of the healthtech industry going to go up and fall down the graphs? The answer is very simple. The pervasive healthtech tools such as telemedicine, e-pharmacy, personal health management, home healthcare, and many more are going to be regular healthcare tools making the rise of healthtech permanent in the scientific market.
The integration of healthcare and technology is blurring the lines between the two, improving patient care services while also increasing access, affordability, and cost savings. The pandemic is hastening the adoption of technology to revolutionize medicine and save lives. It allows the digital health community to take advantage of the tremendous progress made in fields like big data analytics, artificial intelligence, remote learning, and data interconnectivity over the last few years.
Healthcare is one of India’s fastest-growing industries, with a market value of $370 billion expected by 2025. According to the digital adoption index, India is emerging as one of the world’s fastest-growing digital economies. The rise of healthtech as a dominant force in the Indian healthcare ecosystem is a result of this phenomenon. In the post-Covid-19 era, healthtech, which includes medical wearables, telemedicine/telehealth, e-pharmacy, artificial intelligence, electronic health records/medical records, and medical applications related to personal health, is expected to develop exponentially. Healthtech firms contributed $1.6 billion to the $159 million total.
Patients and staff are protected from infection by using digital tools to minimize face-to-face contact. Before, during, and after a consultation, a physical medical record is typically treated 12-18 times. Digitizing records and notes not only reduces the amount of paperwork involved but also ensures that patient information is always accessible. As a result, it will support remote consultations and virtual clinics, which save time and money by reducing unnecessary outpatient visits. Beyond the immediate threat posed by Covid-19, digital solutions ensure that care for other patients can continue, reducing future pressures and reducing revenue losses. In the field of healthcare, digital systems are no longer just projections. We have access to real data that supports our decision to go digital. So, what’s the hold-up? Why isn’t everyone doing it?