With significant traction in the health tech space, the healthcare market in India is estimated to grow to touch $372 billion by 2022. The health tech industry aims to deliver healthcare solutions to patients through data-driven technology, which can be accessed by anybody. These tech companies further use Artificial Intelligence (AI) and IoT (Internet of Things) to successfully understand consumer needs and take appropriate action.
Meanwhile, the medical devices industry is currently valued at USD 5.2 billion and contributes 5% to the healthcare industry. Though the contribution is less, the compound annual growth rate (CAGR) of the industry is 15.8% and it is set to grow to USD 50 billion by 2025. India is also the 4th largest medical device market in Asia, though most of the products are imported and the indigenous market is small. Many international companies are setting up their manufacturing plants in India.
In This Article, We List Down Top Medtech Startups That Are Redefining The Future
One of the oldest Medtech companies in India, B Braun was established in 1984 in India and since then conducted researches and released several new tech products in healthcare. It has launched a range of 5,000 different products in healthcare. The company deals with medical devices used in cardiology, neurology, infusion therapy, diabetes care, etc. With innovative medical technologies like high-quality and precision instruments and 3D visualisation through micro instruments; the organisation carries out many minimally invasive procedures in heart and other parts of the body.
The Singapore-based healthcare company that recently picked up an award at ITC Infotech 2018 has set up a plant in India this year. The startup which is set up in Bangalore has already got funding from different public and private organizations. Their flagship product, Savemom, an IoT-based maternal healthcare solution works in the remote regions of India and the app is an initiative developed for healthcare workers to track pregnant women and enter their health data. This app has received a funding of 38 lakhs from NASSCOM on-spot funding programme. The company has other innovations like “Allooldcare” which is a wearable gadget for the elderly, to track their health or activity and diet and provide the best sustainable solutions
This Delhi-based startup, Consure medical deals with technology in gastrointestinal (GI) disorders. The company is developing a platform to manage, diagnose and treat these disorders by using the latest devices. It caters to more than 200 hospitals in the US and in India and their advanced technology includes products like Qora, a stool-management kit for faecal containment in bedridden patients. The product is easy to use, leakage proof and odourless. The objective of the company is to increase clinical outcomes, reduce cost and expand use in the market.
Medtech is an enterprise under the Government of Andhra Pradesh and is referred to as AMTZ (Andhra Pradesh Medtech Zone). The startup in an initiative by the state government to reduce the import of medical tech devices from other countries. They have reduced the manufacturing cost by 40% aim to release affordable and accessible medical tech products and equipment to the world. The project is carried out in 270 acres of land. The set up includes Biomaterial testing lab, X-ray and CT Scan tube manufacturing unit, Gamma irradiation lab, 3D equipment modelling lab, Electro Magnetic Interference/Compatibility (EMI & EMC) lab and a central warehouse. The centre also provides reimbursement to manufacturers and retailers on stamp duty and SGST.
The global healthcare company aims to collaborate with major stakeholders worldwide to transform healthcare with technology and innovation. In India, the Medtronic researchers have developed efficient healthcare products. “Shruti” is an ear care programme which helps in screening, diagnosis and creating awareness, this program is a low-cost solution for the 63 million people, who have this disability in India. The kit includes a screening device called otoscope, a digital image capturing device (smartphone), a light source for the otoscope and a SIM card. The kit is used by community workers to collect information from patients via algorithms which capture visual data and converts to textual information. It is widely used near Delhi.
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