With the rise of artificial intelligence (AI) and machine learning-focused healthtech startups in India, big companies such as Oracle Corp are looking for opportunities to invest and expand their footprint in the country. Against this backdrop, AI-enabled made-in-India products will offer advanced healthcare solutions and improve patient care in India, says GlobalData, a leading data, and analytics company.

Oracle 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. 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 healthtech 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% through 2030.

Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “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.”

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.

Thammanabhatla concludes: “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.”