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Growing at 20% CAGR, Indian medical devices industry to hit USD 50B

The Indian medical devices industry projected to grow at a Compounded Annual Growth Rate (CAGR) of up to 20% is expected to reach the size of $50 billion by 2030 and $250 billion by 2047, a top industry executive said.

“India’s medical device industry, currently valued at $11 billion, is growing at a staggering CAGR of 18-20%, underscoring its rapid expansion and global competitiveness. It is projected to reach $50 billion by 2030 and over $250 billion by 2047,” said Dr Rajiv Chhibber, Vice President, External Affairs at Sahajanand Medical Technologies Ltd., and Joint Coordinator of Government and Public Affairs at AiMeD.

“This growth trajectory is driven by initiatives like the PLI scheme and Atma Nirbhar Bharat, which focus on innovation and global alliances to set new benchmarks in healthcare delivery,” he said, while speaking at India Health Expo organised by Informa Markets in India, according to a press release issued here.

“This collaborative effort aims to enhance affordability, accessibility, and quality healthcare across all tiers of society, from rural communities to metropolitan areas, significantly advancing the management of both communicable and non-communicable diseases,” he added.

“The Indian medical devices industry has seen exports rise significantly, reaching approximately $668.9 million for the year 2022-23, growing by 65%. This places India after Germany and China in terms of export volume, highlighting the industry’s commitment to quality and its emerging global leadership,” he further added. Stating that healthcare is now a significant priority for the government Dr Girdhar Gyani, Director General of the Association of Healthcare Providers, India, said, “Currently, India has around 1.5 beds per thousand population, but the aim is to reach 3 beds per thousand.” “This disparity in healthcare infrastructure across states presents a substantial investment opportunity. From 2014 to 2024, the number of MBBS seats has doubled from 50,000 to 1,00,000, indicating a growing influx of healthcare professionals,” he added.

In his address, Peter Hall, President, Middle East, India, Türkiye and Africa, Informa Markets, said, “India Health is geo-adapted from Arab Health, one of the world’s largest healthcare events held in Dubai, which will celebrate its 50th anniversary in 2025.” “The global healthcare industry, valued at $8 trillion annually, profoundly impacts humanity’s future. With rising disposable incomes and increased government expenditure worldwide, public health systems are enhancing their capabilities and infrastructure to develop robust healthcare risk management systems, pharmaceutical products, medical equipment and supplies, and hospital services,” he added. The Hindu

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