Healthtech start-ups are creating a new-age revolution in the country and there are many that have been providing services related to aspects like medicine delivery, diagnostics and enterprise. There are however, several new start-ups that have been tackling issues related to daily health and lifestyles of people, stress, fast diagnosis of potentially serious disorders and even lowering after effects of physically draining medical procedures among others.
How the sector is doing in the Indian market
Healthtech start-ups have a bright future ahead, as indicated by several studies which rank India amongst the top 10 growth centres globally. The healthcare market in the country is worth a staggering $100 billion and is expected to witness growth of 23% CAGR for touching $280 billion by the year 2020. As per the United Nations Population Fund study, India will have 300 million senior citizens by the year 2050 with a projected 200 million expected to be plagued by chronic ailments.
Other reports highlight average medical expenses of Indian citizens at Rs. 32,375 on an average. There are several start-ups which are already making an impact and these include 1mg, Curefit, Medfinder, Portea Medical, Practo, Medgenome and many others.
Some unique Healthtech start-ups
While there are several healthtech start-ups that are revolutionizing the sector and bridging gaps between doctors and healthcare solutions and patients, here’s taking a look at some of the most unique ones in recent times.
Set up in the year 2012, this start-up was founded to create medical devices for managing critical care and long-term care patients. Having come up from the prestigious Stanford Biodesign programme, Consure Medical works to offer solutions in the whopping $7 billion fecal incontinence category. FI has complications which are often difficult to manage and leads to huge losses for hospitals through poor outcomes clinically.
Consure Medical aims to solve that and is one of the few medical device entities to have obtained FDA clearance and patents from various markets including USPTO. The company offers products like Qora which is a stool management kit and aims at launching more such products in the near future.
This is a highly innovative mobile app which enables safe saving of medical histories and files on the cloud. Patients can get prescriptions on the move and chat with their doctors. Doctors are serviced through combating leakage of revenues while helping them build and maintain patient relationships. The start-up already has a large pool of doctors and patients while having raised investments from Matrix Partners India and Khosla Ventures.
Grow Fit aims at helping citizens with expert health foods, coaching and behavioural knowledge for avoiding lifestyle diseases. The platform has food technologists, nutritionists, counsellors and other experts offering diet charts, a wide range of packaged foods that can be purchased online and a central kitchen in Bangalore which produces and delivers food within city limits. The company also offers functional beverages through its Drink King acquisition along with customized food plans, health advice and therapeutic foods. The start-up has received investments Manipal Education &Medical Group spearheaded by Dr. Ranjan Pai, Meena and Krishna Ganesh from GrowthStory, SAR Group and more.
iGenetics offers differential clinical diagnosis along with laboratory tests in areas like infertility, critical care, gynaecology and oncology. It has its own CAP, NABL and ICH compliant laboratory with a central processing unit spreading over 10, 000 sq. ft. 1, 400 tests are offered by the start-up which covers ailments like cancer as well. The company also develops its own in-house products and tests.
The company has already raised a sum of $20.48 million from CDC Group Plc. which is operated by the United Kingdom Government and also the MEMG (Manipal Education & Medical Group). Together, these entities have already pledged investments of a whopping $74 million for supporting healthcare providers and networks in India, South Asia and Africa.
The stories of these start-ups show the way forward for Indian healthtech which is illuminated with innumerable possibilities. If you are HealthTech Startup at an early-stage of business trajectory and looking forward to assistance in business model mentorship, guidance, access to funding, technology support, etc. then you can reach out to the mentors at India Accelerator.
India Accelerator is currently inviting applications for their 3rd Cohort Program – S2019 at – bit.ly/Apply_S2019