Rising AI-focused healthtech startups in India lure in big companies: report
AI-enabled domestic products are expected to improve patient care in the country.
With the rise of artificial intelligence (AI) and machine learning-focused health tech startups in India, big companies are looking for opportunities to invest and expand their footprint in the country, according to a report from GlobalData.
Against this backdrop, AI-enabled made-in-India products are expected to offer advanced healthcare solutions and improve patient care in India.
Tech giant Oracle recently announced plans to expand its data centre and application base in India, as it sees the country as one of the major contributors in developing AI-based applications for the global healthcare industry.
GlobalData’ said India was amongst the top three medical device markets in Asia-Pacific in 2021 and is expected to grow at a compound annual growth rate of 7.9% through 2030.
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GlobalData’s medical devices analyst Pratibha Thammanabhatla said a growing disease burden, over-reliance on medical imports, and high costs are amongst the challenges currently being faced by the Indian medical industry.
“Surge in investment by foreign multinationals and the development of AI-enabled (artificial intelligence) domestic products will meet the current challenges and propel the market forward,” Thammanabhatla said.
The availability of a skilled workforce, focus on AI, and favourable policies such as the new National Medical Devices Policy 2022 and production-linked incentive scheme are also expected to help the country to develop innovative indigenous products and become self-sufficient.
This will also allow several domestic companies to gain market share while attracting investment from foreign companies, the report stated.
“With growing demand for telehealth and remote patient monitoring, and increasing investments in the healthtech sector, there will be a paradigm shift in the way AI is advancing in the Indian healthcare sector. This will lead to better decision-making, improved patient health, and reduced costs,” Thammanabhatla added.