Innovations in Healthcare and their Impact on Global Healthcare Industry

We live in the information age and are progressing towards a time to be governed by technology. Innovations are an integral part of society as a whole and healthcare is not far behind in that domain. With the looming new diseases being discovered, regularly, it becomes important to invent new ways and technology to tackle such said diseases. When it comes to healthcare, innovation isn�t only restricted toward tackling diseases, but also towards more developed forms, such as robotics, artificial intelligence and such. Geriatric populace is an all-time growth and WHO predicts that by the year 2050, 1 in every 5 people will be of the age of 60 or more. They suffer from various physiological and mental health issues. It is of extreme importance that healthcare service providers should focus on developing new techniques, keeping up with time, to tackle different health related issues among the elderly. Moreover, healthcare being an integral part of the globe, it still requires a large financial support from the governments which, unfortunately, is lacking in countries like India. In today�s time, India spends around 1.2 % of its total GDP on healthcare, as compared to 18.2 % spent by the US. This paper focuses on the innovations that took place in the field of healthcare in the past 20 years and it takes a look on how it has affected the global healthcare industry as a whole, as well as the role of government expenditure in the domain of innovations in healthcare.