India has emerged as the fourth-largest medical devices market in Asia, following Japan, China, and South Korea, and ranks among the top 20 globally, according to Union Minister of State for Health and Family Welfare, Anupriya Patel said on Dec 19, 2024. Speaking at the 21st Health Summit organized by the Confederation of Indian Industry (CII), Patel highlighted the immense growth potential of the medical device sector, calling it a “sunrise sector” driven by the nation’s evolving healthcare needs, government initiatives, technological advancements, and expanding market opportunities.
Addressing the plenary session on “Charting India’s MedTech Revolution: MedTech Expansion Roadmap to 2047,” she noted that the Indian medical devices market, valued at approximately USD 14 billion, is projected to grow to USD 30 billion by 2030. Patel emphasized the pivotal role of artificial intelligence (AI) in healthcare innovation, enabling new solutions to tackle challenges and uncover opportunities within the sector.
“The MedTech industry serves as a catalyst in the healthcare ecosystem, connecting patients, providers, payors, and regulators to strengthen healthcare delivery and equity,” Patel remarked. She added that this unique position makes MedTech a critical driver of healthcare transformation in India and worldwide.
“The MedTech industry serves as a catalyst in the healthcare ecosystem, connecting patients, providers, payors, and regulators to strengthen healthcare delivery and equity,” Patel remarked. She added that this unique position makes MedTech a critical driver of healthcare transformation in India and worldwide.
Government Initiatives to Boost the MedTech Sector
Patel outlined several key government policies aimed at fortifying the medical device ecosystem. These include:
- 100% FDI under the automatic route: Encouraging foreign investment to boost domestic manufacturing and innovation.
- National Medical Device Policy 2023: Focusing on regulatory reforms, infrastructure development, research and development (R&D), investment promotion, and skill enhancement. The policy also supports the establishment of Centres of Excellence and specialized courses at institutions like NIPERs.
- Medical Devices Parks Scheme: Allocating ₹400 crore to develop infrastructure in Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh.
- Research and Industry Growth Schemes: Initiatives like the Promotion of Research in Pharma-Medtech Sector (PRIP) and the Scheme for Strengthening the Medical Device Industry, with a funding pool of ₹500 crore, aim to boost innovation, manufacturing capabilities, and skill development.
The government has also created dedicated bodies, such as the Export Promotion Council for Medical Devices (EPCMD) and the National Medical Devices Promotion Council (NMDPC), to streamline exports, address regulatory hurdles, and enhance ease of doing business. These efforts align with India’s vision of Atmanirbhar Bharat (self-reliant India), promoting global competitiveness in MedTech.
Public-Private Partnerships and the Path to 2047
Union Health Secretary Punya Salila Srivastava reinforced the significance of a robust healthcare sector, stating that a healthy population drives productivity, economic growth, and social equity. She emphasized that healthcare is both a social necessity and an economic priority, especially as India aspires to achieve developed nation status by 2047.
Highlighting the private sector’s role in transforming healthcare in Tier-2 and Tier-3 cities, Srivastava pointed to the importance of value-based care models, public-private partnerships, preventive healthcare, and workforce expansion. These elements are vital for achieving universal health coverage and establishing India as a global leader in healthcare delivery.
“The vision for 2047 is to ensure accessible, affordable, and inclusive healthcare for all Indians,” Srivastava stated. She emphasized that this mission represents both an opportunity and a responsibility for the private sector to create a healthier, more prosperous India while driving economic growth and job creation.
Source of Information: https://www.newindianexpress.com/nation/2024/Dec/19/india-fourth-largest-medical-devices-market-after-japan-china-and-south-korea-union-minister-anupriya-patel