AI to bridge challenges in the healthcare market

STPI launched a knowledge report on “AI in Healthcare Sector” during the state conclave event in Lucknow. The report highlighted the industry trends, enablers & inhibitors, policy & regulatory status, etc. The report aims to bring awareness, create a better understanding of the Healthcare sector, and encourage AI innovations.

This report was prepared based on the inputs/knowledge and guidance of STPI’s CoEs. Neuron (Mohali), Image (Hyderabad), MedTech (Lucknow), and AIC STPI (Bengaluru), which are focused on healthcare & AI along with inputs from Industry and Government.

According to the report, Healthcare in India has improved a lot in the last decade, increased life expectancy and decreased disease burden are positive achievements of the Indian healthcare system. An ageing population with growing burden of obese & diabetics population is driving the need for a greater number of both in-hospital and out-of-hospital interventions. Total expenditure on healthcare as % of GDP has largely remained stagnant. However, healthcare has become more affordable with increased coverage of insurance, primarily driven by government-sponsored health insurance schemes which have ~800 M eligible beneficiaries.

While health and healthcare outcomes have rapidly improved over the last 5-10 years, a lot of challenges still exist. AI and digital technology are trying to bridge the obstacles in diagnostic issues and reach, skill resources and human capital, affordability etc. The report stated that Vision AI, Conversational AI, Sense AI, and Decision AI are active at every step of the healthcare value chain.

On a global level, the market for AI in healthcare is slated to grow at a CAGR of ~37% from 2022 to 2030 to a value of ~US$ 188 B. United States of America has been the leading producer of unicorns leveraging AI in healthcare. Medical imaging is one of the most common applications of AI in the healthcare industry in China.

In an Indian context, although at a nascent stage, the HealthTech market in India is expected to grow at a CAGR of ~39% up to ~US$ 5B by 2023. Furthermore, in India, the National Education Policy of 2020 emphasizes the inclusion of AI in education.

Central and State Governments have been proactively coming up with new initiatives, schemes and policies for AI in healthcare. The report calls for appropriate policy measures to manage and mitigate risks associated with AI and related technologies. To increase adoption not only in India but to have ‘made-in-India’ AI solutions adopted in global markets, the report recommends working on a policy aligned with evolving global frameworks for the use of AI in healthcare.

The report also discusses other emerging technologies, such as blockchain, metaverse, and IoT, in the healthcare market. INDIAai