The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
The global healthcare industrywill become more resilient, agile, and innovative by shifting to digitally enabled business models with patients and data at the core. Worldwide, patients are increasing their involvement in healthcare decision-making by adopting virtual health and other digital technologies.
There is an increasing demand for data analytics through public-private partnerships and alliances. The rising adoption of mHealth, Artificial Intelligence (AI), Virtual Reality (VR), telemedicine is ubiquitous across the globe. The evolving shifts in the market and consumer behaviours and, as a result, are redeveloping their operating and revenue models to adapt and stay ahead of the curve.
An overview of key trends impacting the healthcare industry
The COVID-19 pandemic has placed a significant strain on all aspects of the global healthcare sector, including workforce, infrastructure, supply chain, etc., driving an increased focus on the delivery of value-based care and exposing social inequities in health and care. The pandemic has caused systemic changes in healthcare delivery, resulting in a shift to 'home care settings,' a trend that is expected to change the dynamics of the healthcare ecosystem supported by increased investments (organic/inorganic) in digital technology.
Digital health trends like telemedicine, IoT devices, and virtual reality are expected to continue to attract massive investment, and help improves health equity worldwide.
Players in the Indian healthcare ecosystem are embracing digitization and have started to deploy technologies across the spectrum of services, as enlisted below:
Key healthcare trends
Description
Examples of deployment of trends in India
Impact*
On-Demand Healthcare
Patients can access and use healthcare services online in real-time via mobile apps and websites at their convenience
Large hospitals have started providing telemedicine services that have reduced the waiting time to consult specialists/ doctors/ pharmacists in rural and urban regions.
High
Big Data in Healthcare
Abundant health-related data accumulated from numerous sources like EHRs, medical imaging, etc. facilitates preventive care, more accurate diagnosis leading to a lower rate of medication errors
One of the large hospitals has adopted Big data analytics to prevent Hospital Acquired Infection (HAI).
Another hospital chain uses big data analytics to keep their patients healthy even after discharge and avoid critical illnesses or symptoms.
High
Predictive healthcare
Predictive healthcare is the technology aimed at alerting the caregivers and clinicians of any likelihood health hazards and events before they occur
Using predictive analytics and machine learning, Onward Health builds a portfolio of diagnostic tools in classifiers and analytical tools.
A healthcare start-up in India has developed an app that is enabled with a glucometer to monitor patient vitals.
High
Growth of wearable medical devices
Autonomous devices enabled with motion sensors that perform monitoring and support over a prolonged period
A large pharma company has adopted wearable technology to gather patient vitals on a real-time basis to increase engagement and prevent health hazards.
Medium
Artificial Intelligence (AI)
AI is the application of machine learning algorithms and other cognitive technology for better healthcare
A tech company solving healthcare diagnostic has developed an AI-enabled software that uses a convolutional neural network to detect diseases that impact a larger population from medical images.
An AI-based start-up has developed an application that bridges diagnostics for millions of respiratory patients.
Medium
Growing usage of Blockchain
Blockchain is a digital ledger of transactions. The digital database is very secure as it is decentralized and enables the secure exchange of data
A provider of cloud-based personal health record management services has developed a cloud-based platform using blockchain technology.
Low
Adoption of VR/ medical simulation
Virtual Reality (VR)/ medical simulation is the artificial representation of the virtual environment of the real world
A service provider in medical healthcare designed and created an advanced medical simulator for medical students, practitioners, and nursing staff.
Low
*Source: Research reports, News articles, Company websites/*denotes the trend's impact on the Indian healthcare ecosystem.
Impact of digitization on healthcare operating model
Delivering innovative healthcare and well-beingat scale is immensely complex, especially in an industry with multiple players. Companies will have to develop ecosystems that bring together:
Comprehensive platform environments that support the individual's health journey
Partnerships/Acquisitions/Investments are already emerging between consumer, tech, or electronics companies
Governance systems that deliver trust, good governance around how platforms to capture, store and give access to data.
Three types of platforms that are likely to become dominant in the future will include several key features of architectural technology infrastructure, an analytics and intelligence layer, and a user engagement interface.
As a way forward, healthcare organizations are expected to create the right data environment to support a more human-focussed approach. Consumers' expectations about healthcare services are changing as they become increasingly aware of the digital start-up ecosystem. This will be key to managing these digital technologies as strategic assets and not as mere utilities as it will be imperative to bridge the gap between patients and caregivers.
Impact of digitization of healthcare on mergers and acquisitions
The accelerated shift to digital health and the need for tech-enabled health services is driving robust mergers and acquisitions (M&A) in the technology space, hence emerging as the fastest way to expand digital capabilities. An easing up of government regulations further increased the demand for digital technologies like telehealth, AI/analytics, m-health' making targets in this space more attractive for mergers and acquisitions.
The global mergers and acquisitions deals in digital health saw a 54% jump in Q1 2021 as compared to the same quarter in 2020. Competition for attractive assets could be fierce as Private Equity groups, and Venture Capitalists continue to be significant players in healthcare. Mergers and Acquisitions bring substantial dry powder to compete for assets in most subsectors, including providers and payers diagnostics and software and technology.
In Q1 2021, global VC funding into digital health companies was $7.2 billion in 179 deals, witnessing a growth of 60% compared to $4.5 billion in 139 deals in Q4 2020.
Digital health M&A space in India
Drawing parallels from a global scenario, the Indian government, through its Digital India program, is launching various mHealth initiatives for improving the efficiency and efficacy of public healthcare across the country. Some of the initiatives include:
Vaccine tracking mobile application
Mobile-based audio training course for expanding the knowledge of village-based voluntary health workforce
Digi-Doctor: a comprehensive repository of all doctors practising or teaching modern/traditional systems of medicine, health facility registry, and patient health records
Telemedicine projects (in remote and inaccessible areas)
Setting up Integrated Health Information Platform (IHIP) to augment electronic health ecosystem
Conclusion
While the pandemic has prompted health organizations across the world to think differently about strategy, sustainability, and growth, some fundamental considerations for creating value remain key. As a result, the continued focus on end-to-end patient care delivery, digital innovation, and building the right network of caregivers and capabilities are elemental components driving strategy in the current deal market.
Vipul Mittal is Asia-Pacific Transformation Leader at EY Global Delivery Services. He has over 23 years of experience in corporate finance services and consulting, research and specializing in global offshoring.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
In the ever-evolving landscape of healthcare, patient engagement has emerged as a critical factor in improving outcomes, enhancing satisfaction, and reducing costs. Empowered patients who actively participate in their care journey tend to experience…
In the bustling world of software development, DevOps practitioners often find themselves in a paradoxical position. Despite being the foundation upon which successful projects are built, they frequently remain in the shadows, their contributions…
In the vast tapestry of healthcare, there's a quiet revolution happening, one that's not just about machines and algorithms but about people – patients and caregivers alike. It's the rise of digital twin technology, a concept born in the realm of…
AI (Artificial Intelligence) is revolutionizing healthcare in profound ways, promising to reshape how medical professionals diagnose, treat, and manage diseases. With its ability to analyze vast amounts of data and identify patterns that may not be…
Artificial Intelligence (AI) has emerged as a transformative force across various industries, and healthcare is no exception. In recent years, AI has been increasingly utilized in the field of mental health to revolutionize the diagnosis and…
In an age where technology is deeply intertwined with healthcare, ensuring robust cybersecurity measures is no longer a luxury but a necessity. With the increasing prevalence of digital health records, telemedicine, and connected medical devices,…
