India bears the potential to emerge as a global leader in MedTech

As the country makes promising strides toward emerging as the Atmanirbhar Bharat, the Indian MedTech and IVD industry is poised for significant growth with the potential to evolve into a USD 50 billion by 2030. Backed by the progressive announcements made by the government in the recent Budget, there has been significant development to elevate and strengthen the Indian MedTech and IVD sector as a global hub for manufacturing medical devices.

Growth dynamics
The Indian MedTech market is one of the top four markets in Asia and among the top 20 markets globally. Worth approximately USD 11 billion, the sector is expected to bolster immense growth, with AI and robotics leading from the front. As a result, we have high-end mechanisms that empower the healthcare professionals of our country to carry out complex surgeries and procedures with utmost precision. Having said that, the majority of the medical devices and equipment are imported, which empowers India with an immense untapped potential to drive growth and development in Indian MedTech and IVD sectors. As per the projection, the Indian MedTech sector has the potential to grow at 28 percent per annum.

Right from the stellar progress made in minimally invasive surgeries or high-end robotic treatments, the Indian healthcare ecosystem has made significant progress in the course of the integration of AI and technology.

The industry and regulatory bodies are working hand-in-hand to emerge as resilient, and thereby contribute to the goal of Viksit Bharat. MedTech companies in India are making major strides toward harnessing AI ethically to bring in healthcare innovations that will augment the Indian healthcare landscape, and reduce dependence on imports by 25 percent in the next 5 years.

Roadblocks to growth
Banking on the opportunity, the Indian MedTech firms are gunning for exponential growth and innovations that will reduce the reliance on overseas players. However, the sector has been facing hurdles that have impacted its growth.

Lack of infrastructure. Although some significant developments have been made in the direction of empowering the Indian MedTech sector, there is a massive gap that needs to be filled for which there are collaborative strides taken by the authorities and we look forward to strong and positive outcomes shortly.

High production cost. As India is still building a robust ecosystem to become self-reliant in MedTech innovations, there is a lot of dependency on imports for various components of medical devices. This ultimately leads to a higher production cost for Indian companies as compared to the global brands.

Talent shortage. India has huge talent and that is why we are at the forefront in the MedTech industry. Overall, the Indian MedTech sector has witnessed high-octane growth in recent years. While these challenges persist, they are the stepping stones in India’s journey toward emerging as the global leader in the MedTech space.