The inaugural program of TechEmerge was launched for the healthcare technology market in India, with the dual goals of improving healthcare delivery and patient outcomes. 330 companies from 29 countries submitted applications to the program. The top 33 startups were selected to attend the TechEmerge matchmaking event in India, where they had one-on-one meetings with leading Indian healthcare providers. As a result, 17 innovators were successfully matched with 15 providers, to implement 22 pilot projects as a first step to building long-term partnerships.
India offers a unique market opportunity for healthcare innovators around the world. Over 1.2 billion people call India home and the vast majority pay for healthcare expenses out-of-pocket. Given this environment, healthcare providers are driven to new ideas that improve care and reduce costs.
The Indian healthcare market is expected to grow to $280 Billion by 2020 and the current value of the medical device/diagnostics market is estimated at $3 Billion and growing. The private sector healthcare providers participating in this program range from multi-specialty hospital networks to specialty clinics and even lab networks. Their facilities serve regions across India with over 60,000 beds and 400 locations. Healthcare providers have expressed an interest in tools that service both urban and rural populations.
The participating healthcare providers range from multi-specialty hospitals to diagnostic centers and beyond. These hospitals serve a variety of different income populations and regions across India.
From 330 applications, a group of 17 innovators from around the world has been selected to pilot their technology innovations in the Indian market with 15 healthcare providers. Through this program, we hope to bring long-lasting tech solutions with strong impact potential to the forefront of Indian healthcare. We are glad to see such strong interest in health innovation, and provide an opportunity for these startups to grow their businesses, enabling better healthcare and patient outcomes in an emerging market. TechEmerge looks forward to seeing sustainable partnerships develop that will contribute to improved healthcare delivery in India and beyond.
The TechEmerge India Program is supported by a network of advisors with vast experience in growing health technology innovation across the world.