Fitness Technology To Redefine India's Healthcare Market
With Urban India becoming increasingly health-conscious and utilising technology to improve the quality of life, the fitness technology market in India is expected to double in value to USD 250 mn by 2023, finds a whitepaper by Grant Thornton, IVCA and Kalaari Capital - Billion-Fit: Technology Redesigning Healthcare.
Recently, with an aim to facilitate exchange of ideas on the future of healthcare in India and generate deep insights about technology’s role in creating new opportunities in health and wellness, Kalaari Capital and CureFit curated an event by inviting innovative start-ups and leaders in the healthcare sector. The whitepaper captures some of these ideas.
The study highlights that the growth in the Indian fitness technology market will be supplemented by growing smartphone penetration in India which will increase access and usage of fitness applications and technology. The boom of e-commerce and more start-ups entering this space are two major contributing factors as well.
“The global realm of healthcare has radically shifted from ‘detect and manage’ to ‘predict and prevent’. This change in mindset combined with the rapid technological and socio-political impetus on improving health, is resulting in a fitness and health boom across the globe. Hospitals are no longer primary to tertiary care providers with core medicine professionals. They now have dedicated nutritionists, yoga instructors and counsellors. Patients are now consumers of holistic wellness products and services. Technology is the enabler of this transition,” said Vrinda Mathur, Partner, Grant Thornton India LLP.
Highlighting the importance of Artificial Intelligence (AI) and strong cyber security infrastructure in the growth of fitness technology market in India, the whitepaper explains how AI has the potential to disrupt traditional clinical diagnostics. This is because it provides greater accuracy in lesser time, can be operated by low-skilled technicians and works effectively as an affordable solution. However, there is still a major threat patients face due to the availability of their records online. When it comes to the healthcare industry, lack of adequate IT spending and awareness has made this industry increasingly vulnerable to cyber threats.
“India’s healthcare sector is in a crisis. Lifestyle diseases are already responsible for significant number of deaths in India. But every crisis is also an opportunity. India’s entrepreneurs are seizing this opportunity and trying to solve the problems of availability, accessibility, and affordability by leveraging technology. Founders and VCs are paying special attention to preventive care, which is poised to play a catalytic role in resolving India’s healthcare crisis. We are very excited about the sheer scale of innovation in the healthcare space and look forward to funding disruptive ideas that can transform India’s healthcare sector,” said Vani Kola, Managing Director, Kalaari Capital.
“India’s primary competitive advantage over other nations lies in its large pool of well-trained medical professionals. Digital health knowledge resources, electronic medical record, among others, are some of the technologies gaining acceptance in this sector. The healthcare sector is expected to scale new heights in coming years,” said Rajat Tandon, President, IVCA.
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