Over the last year, Covid-19 has been a burden on global healthcare systems. It has forced governments, public and private sector to rethink healthcare delivery strategy. This has led to fast-tracking digital transformation by more than 10 times and this is just the beginning.
Though many technology-enabled solutions existed, patients, doctors and medical providers were reluctant to adopt those. They preferred the traditional in-person, face-to-face diagnosis. The pandemic pushed healthcare providers to focus on quickly adapting to changing times. This meant constant connection with customer needs. For many, the solution pivoted around technology and digital health.
According to a recent Deloitte report, global healthcare spending is expected to expand at a cagr of 4 per cent over 2021-‘24, up from 2.8 per cent during 2015-‘19. Global healthcare spending as a share of GDP will remain at around 10.3 per cent through 2023, slightly ahead of 2019’s ratio. However, spending will be unevenly spread, ranging from $12,703 in us to just $37 in Pakistan in 2024. Even though we are expecting significant growth, segments of the population might still struggle to access quality care. The best solution shall be adopting digital and information technology, which helped cut costs in many sectors.
Recent reports suggest the global healthcare iT market, valued at $185 billion in 2019, is expected to surpass $662 billion by 2026. Till now, it has been driven by the rising elderly population, strong economic growth in emerging markets and health insurance reforms. Going forward, growth will be driven by government initiatives to adopt digitisation in healthcare, technological developments and increasing prevalence of diseases due to sedentary lifestyles. The pandemic will ensure currently instituted infrastructure to control the spread of infectious diseases is strengthened to prevent another pandemic of this magnitude.
India is expected to be at the forefront, having emerged as one of the fastest-growing digital economies over the past few years, characterised by 90 per cent growth in terms of digital adoption index, from 2014 to 2017. India’s healthcare sector has embraced digital transformation. In revenue terms, India's digital healthcare market was valued at ₹11,661 crore in 2018, and is estimated to reach ₹48,543 crore by 2024, expanding at a cagr of 27.41 per cent during 2019-24.
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