India Poised for MedTech Leap in Global Healthcare Innovation

CIOTechOutlook Team | Friday, 06 December 2024, 02:52 IST

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India aims to greatly enhance its footprint in the international medical technology (MedTech) sector, boosting its market share from the present 1.6 to 10-12 percent within the next quarter-century, as per report by EY india. The expansion corresponds with the swift advancement of the nation's MedTech industry, which is anticipated to achieve new milestones in the upcoming years. The Indian medical device market, estimated at around USD 12 billion in 2023-24, is expected to increase over four times to USD 50 billion by 2030.

It said "the (Indian) market ranks among the top 20 countries globally, with a market share of 1.65 per cent This share is expected to rise between 10 per cent and 12 per cent within the next 25 years".

The report indicated that India's shift from a major importer to a possible global leader and exporter in the MedTech sector will be propelled by its strategic advantages. These comprise a skilled labor pool, cost benefits, technological progress, and governmental programs that promote local manufacturing and innovation. These elements enable India to not only take part in but also spearhead the future trajectory of the global MedTech market.

The report added "India stands on the cusp of redefining its role in the international MedTech arena, not merely as a market participant but as a frontrunner steering the industry's future direction". Key drivers for this growth include the rising prevalence of chronic diseases, a growing elderly population, and an increasing focus on preventive healthcare.

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