Indian MedTech to define healthcare by 2047

As Indian pharmaceuticals and vaccines were the defining factors for global healthcare in the first quarter of this century, similarly, Indian MedTech will define the shape of the worldwide healthcare industry in the next quarter.

India has already established itself as a hub for frugal medical device engineering. It is making significant strides in medical services and software as well. With India’s current and strongly emerging focus on advanced hi-tech devices, experts see it emerging as a player in the global healthcare sector. This dynamic industry now has an opportunity to redefine norms, create narratives, and streamline healthcare practices.

India serves as a potent ground for MedTech innovations. Adopting diagnostics, telemedicine, AI-based predictive analytics, and point-of-care technologies are rapidly transforming India’s healthcare scenario.

For example, an Indian startup has developed Cicer, a health monitoring device that provides real-time ECG readings, blood pressure measurements and body temperature data. This device promptly alerts doctors about any health risks. Such advancements expedite care delivery and make healthcare accessible to all.

Indian companies have demonstrated expertise in driving change within the industry. Their core strengths include bridging supply-demand gaps, focusing on cost research and development solutions, fostering teamwork in manufacturing processes and embracing disruptive technologies.

By 2047, the MedTech industry in India will completely transform the way healthcare is approached. With the help of AI, diagnoses will become predictive, allowing for treatment plans based on individual health profiles. Genomic medicine will become a practice leading to targeted therapies tailored to each patient’s needs. Telemedicine will ensure that people across geographies and even in resource-scarce remote settings have access to healthcare services, eliminating any limitations imposed by geography. These advancements will bring about an era of patient-centred care models. By utilising technology for diagnosis, precise treatment options and improved treatment, healthcare outcomes will significantly improve.

India boasts a startup ecosystem with MedTech startups dedicated to addressing various healthcare challenges through innovative solutions. These startups leverage cutting-edge technologies, like IoT, AI, and machine learning, to develop cost-efficient healthcare solutions. The increasing number of MedTech startups demonstrates the potential within this industry. Indian MedTech is actively embracing technologies and innovations to create a business environment for the future. The government is also playing a crucial role by implementing complementary policies to foster a funding environment through initiatives like seed funding and 100 percent foreign direct investment.

Currently, Indian medical device exports amount to ₹20,000 crores. We are experiencing steady growth at a compound annual growth rate (CAGR) of around 16.5 percent. It is projected that within the next 25 years, Indian medical device exports will capture a market share of 15-16 percent. India is set to excel in cancer diagnosis and imaging solutions, solidifying its position as a developed country. In the coming years, the Indian healthcare sector will be influenced by cutting-edge technologies such as robotics, artificial intelligence, and biotechnology. The field of technology (MedTech) will play a role in integrating these advanced technologies into healthcare delivery.

The MedTech industry in India is rapidly transforming the healthcare landscape domestically and internationally. This transformative journey will bring forth both challenges and opportunities. With a focus on solutions, international collaborations, and unwavering dedication, we can expect a revolutionary transformation in healthcare by 2047.

Driven by increasing demand, initiatives for manufacturing, innovation, and strong government support, the Indian MedTech sector is poised for growth. These favourable circumstances position the industry to shape the future of healthcare in India and establish itself as a player in the MedTech market. We are standing at the threshold of an era where the Indian MedTech industry will orchestrate a metamorphosis in healthcare.