The World Bank has pledged 1 billion dollars for India’s Public Healthcare Infrastructure. This loan will boost the healthcare industry in India. It will help deliver healthcare services to seven underdeveloped states including Uttar Pradesh, Bihar, Chattisgarh, etc. This will create more jobs for healthcare workers and expand organized healthcare in India.
The healthcare industry in India has been growing fast. NITI Aayog projected it to reach US$ 372 billion by 2022. The healthcare infrastructure was expected to reach US$ 349.1 billion by 2022. The growth is driven by factors like population, income, infrastructure, and policies; but there is something more exciting behind it. It is now 2023, and the growth continues unabated.
Exponential Growth in Coming Years
Although this sector remains relatively small in size, it is contributing tremendously to the industry’s growth. That new emerging field is known as Healthtech. According to experts, the Healthtech space is expected to reach a valuation of 5.98 billion dollars by 2024. In 2018, it was valued at 1.4 billion dollars. That is tremendous growth for a previously uncharted field.
It gets even better. According to a report titled “Unleashing the Healthtech Potential” by RBSA advisors, the Healthtech market in India is expected to reach 50 billion dollars by 2033.
Combining health with technology has been a slow process. Health is an important subject in people’s lives and new technology always creates apprehension. That apprehension prevents people from trusting new tech in healthcare.
However, that hasn’t stilled the startup spirit in India. New companies are emerging that are revolutionizing the healthcare industry by using innovative technology, machine learning algorithms & advanced AI.
How Public Investment is Helping This Space
This emerging sector can be broken down into six segments: fitness, IT, e-pharmacy, wellness, healthcare and telemedicine. Startups like Jobizo have also started pioneering the use of machine learning algorithms to create a new segment. That of technology-driven healthcare recruitment.
In a nutshell, health tech aims to provide patients, faster, cheaper and more accessible care using technology. It has seen wide adoption by private and public players across the world. In a conversation with Entrepreneur, Shubangi Rastogi–founder and CEO of Mind Alcove—shared that “there are government initiatives in place that provide support for startups working in the health tech space and have made it easier to establish a business in this sector”.
These governmental initiatives include Ayushman Bharat, National Digital Health Mission, Sanjeevani telemedicine platform, and Aarogya Setu app. They are improving public healthcare services by leveraging technologies like AI, cloud computing, Internet of Things (IoT), big data analytics etc.
Impact On Healthcare Jobs
Evidently, with huge growth come new opportunities for employment and entrepreneurship. As mentioned previously, there are huge swathes of land where healthcare services are yet to reach. That is going to change with public and private investment, which means huge demand for medical professionals.
According to the Ministry of Health and Family Welfare, the doctor population ratio in the country is 1:854. In developed countries like Sweden, that ratio is around 1:233; meaning there is huge potential in India for doctors and other healthcare workers.
Apart from direct, indirect employment is also generated. The healthcare BPO (Business Process Outsourcing) industry in India is growing rapidly, providing non-clinical services such as medical billing and coding, claims processing, and medical transcription to the masses. Moreover, the medical device market in India is expected to grow up to 50 billion dollars by 2025, creating scope for innovation and manufacturing.
Revolutionizing The Healthcare Industry One Recruit At A Time
The healthcare industry in India has a bright future with its strong factors such as demographics, policies, and technology. Jobizo is a health-tech platform that matches medical employees and employers.
It uses machine learning and AI to find jobs for candidates based on their location and experience.
Employers can post jobs and track metrics through a web app while employees looking for healthcare jobs (temporary/permanent) can download the app from their preferred app store (Play Store/App Store).