How the MedTech/IVD industry will pan out over the next couple of years

The MedTech and IVD market represents one of the fastest-growing sectors in healthcare. The global medical devices market growing at a CAGR of 5.4 percent is projected to reach USD 612.7 billion by 2025 from USD 425.5 billion in 2018. Medical devices and wearable technology play a vital role in improving patient lives by enabling continuous data collection. This facilitates informed decision making for healthcare practitioners.

In-vitro diagnostics (IVD) are vital medical tools for diagnosing and monitoring diseases outside the body. Constantly evolving due to new technologies, IVD devices provide quick and accurate diagnoses crucial for better patient outcomes. Segments like infectious disease and molecular diagnostics have seen significant growth, especially during Covid-19. Increased emphasis on data security and regulatory frameworks, along with collaboration among stakeholders, will shape the future of the MedTech and IVD industry.

Government initiatives and support
The year gone by witnessed exceptional growth in healthcare and telemedicine. The Indian government on its part has supported the industry through various initiatives, policies, and incentives to foster growth, innovation, and accessibility within these sectors. The National Digital Health Mission played a crucial role in enabling millions of individuals to receive healthcare services. The number of users on online platforms that provide consultations has increased fivefold, thereby filling the accessibility gap and guaranteeing ongoing treatment.

The Make in India campaign is emerging as a game-changer with an aim to promote domestic manufacturing and establish India as a worldwide manufacturing hub. This program is especially important for the IVD industry since domestic production of diagnostics can lower costs, increase supply stability, and lessen reliance on imports – all of which improve the industry’s affordability and accessibility. Additionally, Atmanirbhar Bharat (Self-reliant India) is proving to be a huge support to the sector. The government’s emphasis on public-private partnerships (PPPs) is another important initiative. With the use of this paradigm, the government and commercial organizations can work together to improve IVD sector innovation, efficiency, and service delivery.

Technological advancements and their implications
Automation and artificial intelligence will optimize diagnostic workflows, driving innovation and accuracy in the sector. India has strategically embraced technological advancements like artificial intelligence and digitization in healthcare, which has brought about significant advantages including better patient care and illness diagnosis. The adoption of digitization has enabled medical providers to access electronic health records (EHRs) across the country.

Despite these prospects, the Indian MedTech/IVD industry must overcome challenges, such as fragmented market dynamics, a lack of established standards, and the requirement for competent workers. These elements necessitate thorough strategic planning and flexible business models, as well as the availability of inexpensive and superior diagnostic tools.