Investors will probably be watching health-tech businesses that are addressing the healthcare requirements of women or incorporating AI into online mental health services in the upcoming year, according to Nihar Parikh, the founder of 4point0 Health Ventures.
According to him, the fem-tech market is predicted to increase from $18 billion in 2019 to $60 billion in the next four years. This growth has been significant thus far. Among other things, women’s technology firms typically offer services for PCOS, breast cancer diagnosis, menstruation, and fertility.
In this industry, some of the startups worth mentioning include Niramai, which provides a solution for breast cancer screening; Gynoveda, which treats menstruation-related problems; Allara, which treats PCOS; and Inito, a medical technology business that sells at-home fertility monitoring.
Inito, a Bengaluru-based company, recently raised $6 million in a Fireside Ventures-led series A fundraising round. The business intends to increase research and development spending while also launching its hormone test in foreign markets.
Investor attention will be directed not only toward Fem-tech but also toward platforms that incorporate AI into digital mental health services. AI-based solutions improve user access and confidentiality while lowering the cost of mental health treatments.
Parikh pointed out that there are just 0.75 psychiatrists per 100,000 people in India, a small number of licensed mental health professionals. “AI can gently remind people to stick to their treatment plans by anticipating instances of non-compliance, which helps to address patient non-adherence, which is currently a major challenge for healthcare providers,” the speaker stated. Wysa, a US-based company with an AI-enabled coach, is one example of this.
Health-tech businesses saw a sharp drop in investment this year, which was consistent with the overall funding picture. According to industry figures, startup funding fell by 72% in the first half of this year, broadly in line with comparable regions.
Despite the downturn, businesses this year concentrated on integrating artificial intelligence (AI) into healthcare services. This enabled platforms to offer individualized treatment plans, identify tumors in their early stages, automate and expedite billing procedures, and perform robotic surgery supported by AI, among other things.
In addition, Parikh noted that this year saw a rise in domestic medical device manufacture due to government incentives and new initiatives in this field. This year has also seen a rise in health insurance startup businesses.
