Mumbai: According to a report launched by technique consulting agency Redseer Strategy Consultants in collaboration with Chiratae Ventures and Amazon Web Services (AWS), India‘s preventive healthcare The sector, which incorporates health and wellness, meals and dietary supplements, early diagnostics and well being monitoring amongst others, is projected to achieve USD $197 billion by 2025, rising at a CAGR of twenty-two %.
Sudhir Sethi, Founder, Chairman, Chiratae Ventures, mentioned “India is looking to effectively deliver quality to a billion people through rapidly evolving healthcare technology that can provide affordable, accessible and personalized healthcare. We have invested over $150M in healthcare companies in India, such as Cure.fit, Redcliffe, HealthifyMe, Smiles.ai, HealthPlix, Onco, and others, who are revolutionizing care delivery in nutrition and wellness, cancer, genomics, and other critical areas.”
More than 40 preventive healthcare technology (“HealthTech“) startups have raised approximately USD $1 Bn in funding over the last three years to tap the preventive health opportunity across segments such as nutrition management, condition management, lifestyle monitoring, health checkups, and mental and physical wellness. They are leveraging cloud computing to build and scale their applications, which generate, digitize and analyze vast amounts of health data using advanced technologies such as internet of things (IoT), data analytics, artificial intelligence (AI) and machine learning (ML). For instance, over 30 percent of the top 40 funded preventive HealthTech startups leverage AI/ML for use cases such as medical image analysis, document extraction, chatbots, personalization, and health risk prediction. The rollout of Ayushman Bharat Digital Mission (ABDM) will further augment the availability of data and utilization of these technologies.
Redseer’s report also said that not only startups, but diversified corporates and healthcare businesses, are entering the preventive health space by partnering with startups or building their own programs and digital platforms. The Indian consumer is expected to benefit from the shift from curative to preventive, with the delivery of better health outcomes and lower healthcare costs.
“Startups can unlock the potential of preventive healthcare in India by focusing on the 3A’s – Awareness, Accessibility, and Affordability for consumers. Creating more HCIs, tapping into existing ones and leveraging partnerships with corporates, providers, and insurers ways that can help move in this direction.” mentioned Amitabh Kumar, Senior Manager, Redseer Strategy consultants.