Healthcare and Lifesciences
What’s fueling the next wave of HealthTech innovations?
12 May 2021
COVID-19 has exposed the most gaping problems in the Indian healthcare systems, but it also brought about changes that would have taken another decade if the pandemic did not happen. For example, we are talking about telemedicine, e-diagnostics, electronic health record (EHR), etc. but haven’t seen much adoption on those fronts until the pandemic caught us off-guard.
Despite being a hotbed of startup investments, startups in HealthTech have not been able to replicate the success of any of the Indian e-commerce, fintech, and enterprise tech startups yet. But the huge behavioral change propelled by the new normal has brought an unprecedented opportunity for them to transform the sector.
HealthTech, which accounts for only 1% of the sector is a fast-growing industry vertical within the healthcare sector. It was around $1.9 billion in 2020, growing at 39% CAGR and expected to reach around $5 billion by 2023, says a report by Praxis and IAMAI.