New Delhi: India is poised to greatly enhance its role in the global medical technology (MedTech) sector, with projections indicating an increase in market share from the current 1.6% to between 10% and 12% over the next 25 years, as outlined in a report by EY India.
The report highlights that this anticipated growth is in line with the swift evolution of India's MedTech industry, which is expected to achieve remarkable advancements in the coming decades. The Indian medical device market, valued at around USD 12 billion for the 2023-24 period, is forecasted to expand more than four times, reaching USD 50 billion by 2030.
According to the report, "the Indian market is ranked among the top 20 globally, holding a market share of 1.65%. This share is projected to increase to between 10% and 12% over the next 25 years."
The report also emphasizes that India's shift from being a major importer to a potential global leader and exporter in the MedTech field will be fueled by its inherent strengths.
These strengths encompass a skilled labor force, cost efficiencies, technological innovations, and government policies that promote domestic manufacturing and creativity. Collectively, these elements position India not only to engage in but also to spearhead the future trajectory of the global MedTech landscape.
The report emphasized that India is on the verge of transforming its position in the global MedTech sector, evolving from a mere market participant to a leader influencing the future trajectory of the industry. The primary factors fueling this growth include the increasing incidence of chronic illnesses, an aging population, and a heightened emphasis on preventive healthcare.
Moreover, there is a notable transition towards digitally integrated healthcare systems, advanced therapies, and care environments beyond conventional hospitals. The expanding middle class, rising disposable incomes, and broader access to healthcare insurance are also significant contributors.
The report further pointed out that India's strong foundation in digital and technological innovation serves as a vital advantage. Coupled with improved infrastructure, a surge in medical tourism, and robust government support, the MedTech sector is poised for a significant transformation.
While India currently relies heavily on imports for medical devices, the report indicated that it has the potential to become a major exporter and a leader in the global MedTech industry.
With these advancements, India is well-positioned to redefine its role in the international MedTech landscape, emerging as a key player in driving innovation and transforming healthcare delivery on a global scale.
