New Delhi: India’s medical device industry, hailed as a sunrise sector, is poised for explosive growth, driven by the nation’s evolving healthcare demands, cutting-edge innovations, and robust government support, said Minister of State (MoS) for Health Anupriya Patel. Speaking at the 21st Health Summit organized by the Confederation of Indian Industry (CII), Patel underscored the sector’s pivotal role in shaping a “Viksit Bharat 2047.”
Sector Snapshot and Growth Projections
During the plenary session titled “Charting India’s MedTech Revolution: MedTech Expansion Roadmap to 2047,” Patel emphasized:
- Current Market Size: Valued at $14 billion.
- Future Forecast: Expected to surge to $30 billion by 2030.
- Global Ranking:
- India is the 4th largest medical device market in Asia, trailing Japan, China, and South Korea.
- Among the top 20 medical device markets globally.
MedTech: A Catalyst for Healthcare Transformation
Patel positioned MedTech as more than just a healthcare component, describing it as a catalyst uniting patients, providers, payors, and regulators to create a seamless and equitable healthcare ecosystem.
“This unique role of MedTech carries the potential to revolutionize healthcare delivery and outcomes, both domestically and internationally,” she asserted.
The Promise of AI and Policy Support
Highlighting artificial intelligence (AI) as a game-changer, Patel noted its ability to transform healthcare by tackling challenges and unlocking opportunities.
To fortify the ecosystem, Patel outlined several government initiatives:
- Policy Enhancements:
- 100% FDI allowed under the automatic route.
- National Medical Device Policy 2023, focusing on regulatory simplification, infrastructure, research, and workforce development.
- Education and Innovation:
- Establishing Centres of Excellence and offering MedTech courses at NIPERs.
- Export Boost: Creation of the Export Promotion Council for Medical Devices (EPCMD) and restructuring of the National Medical Devices Promotion Council (NMDPC).
- Infrastructure Investments: Launch of a Rs 400 crore scheme for medical device parks, allocating Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh.
Patel concluded by reaffirming the government’s commitment to making India a global MedTech hub, leveraging domestic manufacturing and skill development to strengthen the nation’s healthcare framework.
