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BW Businessworld

Growth In The Healthcare And Technology Sector

Emerging healthcare segments like diagnostic chains, medical device manufacturers, and hospital chains are increasingly attracting investments from various venture capitalists.

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Humans have constantly improved the techniques they use. Today's cutting-edge technology has changed the way we live, study, play and work. The development process was in action even during the Stone Age, but innovations have increased the speed of the human race's transformational journey. The world of medicine has also evolved at a rapid pace. The Indian healthcare sector is witnessing a phase of rapid growth. During the last few decades, our medical practice and surgical techniques have undergone a plethora of changes.

India is the second most populated country in the world. The large population and innovations in the medical field make India one of the most important players in the world in the healthcare industry. The healthcare sector can broadly be categorized into Medical diagnostics and Therapeutics; it encompasses testing, treatment, care, procedures, and any other service. The industry is growing rapidly due to its strengthening coverage, services, and increasing expenditure by public and private players. Emerging healthcare segments like diagnostic chains, medical device manufacturers, and hospital chains are increasingly attracting investments from various venture capitalists. The benefits of technological innovation continue to reach new areas.

Technology plays a significant role in almost all the processes of the healthcare industry. The government is motivating healthcare companies to keep electronic medical records, it helps Artificial Intelligence to fetch insights from patient's data and provide better treatment. Robotics is the latest innovation in the healthcare sector, which will significantly be benefited from it. When robotics landed on Indian soil, it was expected that it would soon become a popular form of surgery in the country. It was also predicted that surgical robotics was on the cusp of revolutionizing surgical deliveries. However, after the initial surge of public interest, no noteworthy penetration could be seen in the country, except in a few metropolitan and big cities such as Delhi, Gurgaon, Mumbai, Pune, Chennai, Hyderabad, Kochi, and Kolkata.

The high cost of robotic surgeries is one of the significant factors that slow down its penetration process to small cities. The cost factor will not be a major constraint in the spread of this life-saving technology as Indian companies have started manufacturing Robotic Surgery equipment. The cost of such equipment is very less as compared to the imported Robotic Surgery machines. So the cost of Robotic Surgery will also come down in the near future. India has a huge surgical robotics market, which was valued 7.02 billion rupees in 2017 and is expected to reach 26.01 billion rupees in 2024. The market is growing at an attractive CAGR of 19.8%.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


Sudhir P. Srivastava

MD, and Founder of SS Innovations

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