About Author: Jatin Mahajan, Managing Director, J Mitra & Company. Jatin Mahajan is a highly reputed healthcare industry influencer. He holds various roles in industry bodies – CII, ASSOCHAM, Association of Diagnostics Manufacturers of India (ADMI), Global MedTech Advocacy and Advisory Forum (GMAAF), Association of Indian Medical Devices Industry (AIMED), and the Delhi Management Association.
Growth in the healthcare diagnostic space in the last decade is due to developments in the technology sector and the insurance sector. India’s performance on the medical devices–diagnostics front has also been exemplary and the highest among all the sectors within the healthcare space.
The Covid-19 pandemic has been the single-largest contributor towards ensuring the emergence of the diagnostic sector from the shadows and occupying the front seat. The global fight against the corona pandemic depended on screening, monitoring, and diagnostics. As a result, people realised the importance of regular diagnostics to guard against various diseases.
Indian MedTech’s contribution has emerged from the shadows. Diagnosis accounts for over 70 percent of all therapeutic decisions and contributes to preventive healthcare. Thus, diagnostics are already playing a significant role in furthering India’s agenda of ‘Healthcare-for-all.’
India is the global centre for frugal medical device engineering
India’s medical devices industry is estimated at $11 billion, growing well over 15 percent CAGR for the past couple of years. India ranks 4th in the Medical Devices market in Asia and within the top 20 globally.
As India moves towards the 100-year post-Independence milestone, what does the diagnostic industry have in store for the country?
Indian Medtech – Diagnostic industry will create a differentiator in the global healthcare industry. A combination of factors will drive India’s MedTech growth – Futuristic Medical Technology Developments, Innovation, Entrepreneurial Spirit, and Government & Policy Aspects.
“Indian MedTech’s contribution has emerged from the shadows.”
Futuristic & emerging trends in diagnostics will be a significant growth driver and boost the sector – new tests and technology-driven implementations will transform healthcare dramatically.
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CLIA (Chemiluminescence Immunoassay) – This technology is already being used extensively by diagnostic service providers and will continue to be a critical segment.
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Predictive & Personal Genetic – Next-generation sequencing and predictive oncology based on this technology will increase as costs and economies of scale catch up.
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Neurotechnology holds unfathomable potential. Neurotechnology is used in brain imaging and neuro-devices, an emerging technology that monitors or regulates brain activity using an implant.
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Virtual Reality’s focus areas for medical advancements include preventive healthcare, rehabilitation, assistive living, cancer therapy, and surgery.
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POC testing and emerging at-home diagnostic solutions – Innovative new technology allow for rapid testing near patients, including their homes, which can help facilitate better disease diagnosis, monitoring, and management.
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Real-time Diagnostics – Wearable devices can collect myriad physical health information, such as blood pressure, heart rate, respiratory rate, skin temperature, and body motion. As a result, real-time Diagnostics will provide a more robust data set for clinical decision-making.
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Artificial Intelligence in medical imaging will help healthcare practitioners diagnose diseases based on medical images.
Technological developments are driving more and more new-age entrepreneurs and innovators to identify new-effective implementations.
In the diagnostics space, disruptive innovations have made tremendous inroads, making healthcare practices cheaper, faster, more effective, and customer-centric. As a result, diagnostics are moving closer and closer to the patients, even in resource-scarce environments and the hinterlands. Many of these technological advancements are widespread and will become a common factor in the coming years and lead India into its next quarter century.
India’s IT foundation is exceptionally beneficial for the Medtech industry, and MedTech companies are aggressively innovating. Telehealth and telemedicine are proliferating. Digital Prescriptions, Digital Therapeutics, Remote Patient Monitoring, and Digital Health Records are transforming India’s traditional file-driven HMS into a digital one with countless benefits. Using AI, Automation, and cloud computing has radically changed the game.
Future MedTech trends will be faster and better disease identification, personalisation, and analytics. In addition, MedTech companies are embracing newer, superior, impactful technologies like artificial intelligence (AI), the Internet of Things (IoT), point-of-care (POC), liquid biopsy, and molecular diagnostics.
All these catalysts and technologies will drive better detection and continue the spur in the healthcare segment for the next two decades, even as newer technologies are identified and implemented.
“The Indian innovation and entrepreneurial spirit are increasingly driving catalytic changes in the healthcare and diagnostic space.”
