The fitness technology market in India is expected to double in value and reach USD 250 million (€213 M) by 2023, according to the white paper ‘Billion-Fit: Technology Redesigning Healthcare’, published in September 2017 by the consulting firm Grant Thornton (UK), the venture capital firm Kalaari Capital (India) and the Indian Private Equity and Venture Capital Association (IVCA).
India: Industry leaders seek to develop health tech market
A few months ago, India’s venture capital firm Kalaari Capital and CureFit, a local fitness company, invited innovative start-ups and healthcare leaders to discuss the future of the healthcare industry in India to generate thoughtful ideas about the role of technology in creating new opportunities in health and wellness within the country. The white paper recently released captures some of these ideas.
A growing smartphone penetration
According to the report, the growth in the Indian fitness technology market will be strengthened by growing smartphone penetration in India, which will increase access and use of fitness applications and technology. The boom of e-commerce and the significant development of start-ups in this area are also contributing to the expansion of the market.
Towards a more preventive healthcare system
« 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 sociopolitical impetus on improving health, is resulting in a fitness and health boom across the globe », said Vrinda Mathur, partner, Grant Thornton India LLP (source: Cxotoday.com).
« 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. »
The importance of AI in the evolution of health sector
Highlighting the importance of artificial intelligence and strong cybersecurity systems in the growth of fitness technology market in India, the white paper explains how AI can disrupt traditional clinical diagnostics.
Health data security is one of the main concerns
Artificial intelligence provides greater accuracy in less time, can be exploited by low-skilled technicians and works effectively as an affordable solution. However, there is still a major threat due to the availability of patient records online, the authors said. Regarding the healthcare sector, lack of adequate IT spending and awareness has made this industry increasingly vulnerable to cyber threats.
Exploiting high technology to overcome the challenges of the Indian healthcare system
« 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, said Vani Kola, managing director, Kalaari Capital. India’s entrepreneurs are seizing this opportunity and trying to solve the problems of availability, accessibility, and affordability by leveraging technology (…) » Particular attention is paid to preventive care.
« 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.