AI in healthcare: Remote monitoring, ICU optimisation to be next growth frontiers
The report highlighted that as hospitals build necessary data foundations, the gap between early movers and the rest of the industry will widen quickly.
Artificial Intelligence (AI) in Indian healthcare is poised to expand significantly, focusing on remote patient monitoring, ICU optimization, and post-discharge chronic disease management, states a new report. Jointly prepared by Bain & Company and HealthQuad, the report titled "AI in Indian Healthcare Delivery" reveals that Indian healthcare providers are transitioning AI from experimental use to real-world implementation.
Clinicians are experiencing reduced administrative burdens through AI deployment, with connected clinical care emerging as a significant forward-looking opportunity, currently constrained by a 35% electronic medical record (EMR) adoption rate. The subsequent phase of adoption will hinge on healthcare providers' capacity to deliver value, ensure deployability, and establish trust, rather than simply accessing more sophisticated AI models, according to Dhruv Sukhrani, Head of Bain & Company's Healthcare & Life Sciences practice in India.
India's healthcare infrastructure is well-suited for a quicker AI scale-up than previous digital trends, fueled by government initiatives, increasing EMR penetration, and a flourishing startup ecosystem, notes the report. Furthermore, the volume of autonomous expert-level tasks AI can accomplish has been doubling every 6-9 months since 2023, while the cost of advanced models has dropped by approximately 92% since that year.
The report underscores that as hospitals establish essential data foundations, the gap between early adopters and the broader industry will rapidly expand. Moreover, considerable "white spaces" exist in domains such as ICU optimization and chronic disease management, where AI can generate substantial growth potential. For startups, entities lacking robust in-house technology capabilities present a considerable opportunity for integrated platforms.
Namit Chugh, Director at HealthQuad, stated that "AI can not only serve as an efficiency lever but also act as a capacity multiplier." Bain & Company is a global consultancy that assists leaders in resolving complex challenges and delivering enduring results across various sectors. HealthQuad is a prominent healthcare investment platform, managing over $500 million in assets, concentrating on cutting-edge healthcare models and technology.
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