The convergence of healthcare with upcoming technologies such as cloud, software-as-a-service, and wireless technologies are poised to play a key role in improving accessibility. The adoption is likely to increase, owing to the rising need to curtail healthcare costs and proliferation of new payment models. However, the security of patient data on cloud is a crucial issue that is likely to restrain growth.
2015-16 is also expected to see greater deployment of telemedicine, teleradiology, hospital management information systems, and electronic medical records. Market penetration of picture archiving and communication systems is likely to increase further in the coming years.
With the health insurance sector poised for major growth, increasing demand from this sector for more efficient systems for storage and retrieval of information will put pressure on hospitals and other healthcare providers to imbibe technology and modernize existing infrastructure.
Digitization, decentralization, and democratization of data will enable patients to take better responsibility of their health, widening scope in preventive health and wellness markets.
On the investment front, the private sector will be the major driving force. The trend of corporate hospital chains managing public hospitals and new private hospitals serving public insurance patients will gain traction.
Medical technology companies will look to differentiate themselves through pricing, positioning, and distribution channels in order to capitalize on the widespread demand for preventive healthcare. Indian companies will strengthen their position and acquire larger market shares in comparison with multinational companies, especially in the low- to mid-tier technology space. Customizing products to cater to local market needs will be another crucial strategy to cement presence.
With the National Healthcare Policy 2015 laying emphasis on bridging the human resource requirement gap and ensuring standardized training for the human resources in the sector; the National Medical Device Policy and creation of a National Medical Device Authority in the offing; and the Make in India and Digital India wave going strong, India could well become the hub of production, innovation, and consumption of medical devices.