Indian medical devices industry could reach $50 billion by 2030, says Mansukh Mandaviya

The Indian medical devices industry has the potential to grow at 28 per cent a year to reach $50 billion by 2030, according to the union health minister Mansukh Mandaviya on Friday.

He said the central government is planning to boost India's strengths of skilled manpower, ease of business through its industry-friendly rules, which offer a huge market. Medical devices are a multi-disciplinary sector with the following broad classification - Electronic equipment, Implants, Consumables and Disposables, Surgical Instruments and In-Vitro Diagnostic Reagents.

The market size of the medical devices sector in India is estimated to be $11 billion and its share in the global medical device market is estimated to be 1.5 per cent. As per government data, the sector in India is experiencing a rapid growth with a CAGR of 10 -- 12 per cent over the last decade.

The Indian medical devices industry has the power to emerge as the world's leader in manufacturing and innovation in the next 25 years. The minister who holds chemicals and fertilisers said we are trying to build an ecosystem for innovation in medical devices and drugs, thereby enhancing the industry-academia linkages to a greater extent.

The purpose of the India MedTech Expo is to showcase the strength and potential of the Indian MedTech IndustryIndian MedTech Industry, the innovation ecosystem, and the strong academia that is nurturing entrepreneurship relentlessly. There are more than 450 Indian MedTech companies, including big companies, MSMEs and start-ups, expected to have participation in the IMTE 22.

Since India supported the domestic and global battle against Covid 19 Pandemic, the Indian medical devices sector has become more prominent, such as ventilators, Rapid Antigen Test kits, RT-PCR kits, IR thermometers, PPE kits and N-95 masks, said Mandaviya.

The government has noted that several segments in the medical device industry are highly capital intensive with a long gestation period, which requires continuous training of new technologies and healthcare professionals to adapt to new technologies and bring rapid innovation. Before they are placed on the market for sale, medical devices undergo safety, quality and efficacy tests through processes defined by the regulators.

S Aparna, Secretary, Department of Pharmaceuticals, said that the department of pharmaceuticals was working to ensure a stable long-term policy environment and reduce compliance burden on the industry.