Technology a boon for healthcare industry
Technology is a boon for healthcare industry. According to a report by Springboard Research, India has the fastest-growing health care IT market in Asia, with an expected growth rate of 25%, followed closely by China and Vietnam. The Indian medical technology industry is forecast to grow to US$14 billion in 2020 as many Indian and overseas medical technology companies are developing innovative products for the market.
India is witnessing fastest growth in imaging technology owing to growing awareness, high patient ratio and increasing healthcare expenditure. In the past decade India witnessed technological shift from analogue to digital and affordable cost of imaging solutions. The technology advancement is making healthcare affordable, available and accessible. It is giving the health care industry a much-needed advancement, from medical translation tools to mobile apps that help patients live healthier and better lives.
Technology is giving new lease of life for patient treatment, saves in healthcare cost and contributes to sustainable healthcare. Clinics and hospitals management of medical records, patient admission and registration, clinic lab data management etc is getting simpler and saves time of caregivers. The shift to mobile devices, wireless technology and cloud computing also reduces system costs and improves workflow.
Rapidly transforming medical technology and the availability of technology diagnostic and therapeutic equipment together with changing practice pattern of doctors has revolutionized the way health care is being delivered today. The minimally-invasive surgical techniques have reduced recovery time of around four weeks, compared with over a year for older procedures. Innovative technologies and procedures have reduced hospital stay. Better monitoring systems, imaging information management system for radiology, cardiology, orthopedics and shift from in-patient to out-patient care provides substantial cost savings, also improves quality of life.
Information technology has made significant contribution in healthcare. Doctors and patients can easily access health records through EMR (electronic medical records), tele health services, mobile technologies and healthcare apps. Medical technology has evolved from introducing doctors to new equipment to use inside private practices and hospitals to connecting patients and doctors thousands of miles away.
Technology innovation is one of the key tools to make modern healthcare accessible and available for all. Product innovation and business model innovation across the value chain will bring robust growth in healthcare technology.
The writer is Mr. Amol Naikawadi, Joint Managing Director Indus Health Plus.