AI-enabled made-in-India products to advance patient care in India: GlobalData | The Financial Express

AI-enabled made-in-India products to advance patient care in India: GlobalData

GlobalData claims that one of the main reasons for choosing India as the destination is the availability of diverse healthcare data for research.

AI-enabled made-in-India products to advance patient care in India: GlobalData
According to the hospital group, AI-assisted Colonoscopy Polyp Detection trials will help doctors to improve the quality of patient care, and improve the accuracy of detection rates by capturing information correctly and reducing errors. (File)

GlobalData, a data and analytics company, on Friday said that AI-enabled made-in-India products will offer advanced healthcare solutions and improve patient care in the country.

According to the analytics company, with the rise of artificial intelligence (AI) and machine learning-focused health-tech startups in India, big companies are looking for opportunities to invest and expand their footprint in the country.

Oracle, a US-based tech company, recently announced plans to expand its data center and application base in India as it sees the country as one of the major contributors in developing AI-based applications for the global healthcare industry.

GlobalData claims that one of the main reasons for choosing India as the destination is the availability of diverse healthcare data for research. The company also plans to improve the scalability of Indian health tech startups.

GlobalData’s research reveals that India was amongst the top three medical device markets in Asia-Pacific in 2021 and is expected to grow at a compound annual growth rate of 7.9 percent through 2030.

“Increasing disease burden, over-reliance on imports, and high costs are some of the challenges currently being faced by the Indian medical industry. Surge in investment by foreign multinationals and the development of AI-enabled domestic products will meet the current challenges and propel the market forward,” Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, said in a statement on Friday.

Reportedly, the availability of skilled workforce, focus on AI, and favorable government policies such as the new National Medical Devices Policy 2022 and production-linked incentive scheme will help the country to develop innovative indigenous products and become self-sufficient. This will also allow several domestic companies to gain market share while attracting investment from foreign companies, the company claims.

“With growing demand for telehealth and remote patient monitoring, and increasing investments in the healthtech sector, there will be a paradigm shift in the way AI is advancing in the Indian healthcare sector. This will lead to better decision-making, improved patient health, and reduced costs,” Thammanabhatla added.

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First published on: 28-10-2022 at 10:17 IST