India's MedTech Sunrise: Transforming Healthcare by 2047

The medical device sector in India, backed by technological advances and government initiatives, is positioned as a key growth driver in healthcare. Minister Anupriya Patel highlighted its potential to grow from USD 14 billion to USD 30 billion by 2030, emphasizing AI's role and various support mechanisms.

The medical device sector in India has emerged as a key driver of growth, recognized for its potential and increasing healthcare needs, according to Anupriya Patel, Minister of State for Health. Speaking at the 21st Health Summit of the Confederation of Indian Industry, Patel emphasized its role in revolutionizing healthcare.

Currently the fourth-largest market in Asia, India is set to expand its MedTech industry from a current valuation of USD 14 billion to an anticipated USD 30 billion by 2030. Patel highlighted the industry's positioning as a vital component that links various healthcare facets to build a stronger, equitable system.

The role of AI in healthcare innovation and government policies, such as allowing 100% FDI and the launch of the National Medical Device Policy 2023, underscore the government's commitment. Efforts like the establishment of Centres of Excellence and Medical Device Parks aim to bolster domestic manufacturing and the global presence of Indian MedTech.

(With inputs from agencies.)