Today, CMR released its MarketVision for Healthcare and Life Sciences 2014 highlighting the five key trends for 2014 in India.
One of the key underlying takeaway in 2014 is the enhanced consumer centricity. In 2014, the technologically-empowered smart consumer would be able to monitor their personal health and boost their wellness. mHealth devices will become increasingly mainstream in the India market, as the market moves from early adopters to early majority in the technology adoption lifecycle.
The Rise of Wearables
More consumers will start adapting technology to track their health data, using smartphone apps as well as standalone smart wearable devices. In 2014, there would be a new wave of wearable devices in the India market that will boost consumer fitness and wellness. There would be a mix of competing, and occasionally complementary wellness devices that will hit the market.
Home Healthcare will get a boost
Home Healthcare will see a boost in 2014 through rapid introduction of new remote healthcare services, standalone mHealth devices, mHealth devices working with smartphones, and the early adoption to online platforms such as Google Helpouts Health Marketplace.
LIFE SCIENCES INDUSTRY
At the industry-wide level, there will be some key trends that will shape 2014.
Acquisitions and Early Stage Research Partnerships will increase
In 2014, there will be a surge in acquisitions of promising medium and small companies in emerging markets. There will be an increase in early-stage research partnerships in India and Asia involving global biopharmaceutical companies and promising academic and research institutions as well as biotech start-ups. Chronic diseases will come into focus in 2014, as biopharmaceutical companies look at bringing new drugs for diabetes and cardio-vascular diseases.
Big Data and Cloud adoption to rise
There will be a spike in the adoption of Cloud by healthcare enterprises as they aim to reduce operational costs in an increasingly complex business environment. Healthcare providers would be able to transform critical patient information into actionable insight. In India, there would be an early majority that would increasingly adapt to cloud and big data.
Regulatory Reforms for Clinical Trials in India
While regulatory reforms will be in the backburner till until May 2014, we can expect reforms to gain momentum under a new Government.
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