India’s MedTech industry to hit USD 50 billion by 2030

India’s MedTech industry is poised for exponential growth, with projected annual rates of 28 per cent, set to reach a whopping $50 billion by 2030 from current $14 billion.

Addressing Meditech Stackathon 2024, Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers said the through close consultation with industry leaders, policymakers, and experts, the Stackathon aims to address critical challenges, foster domestic manufacturing, and reduce import dependence, thereby positioning India as a global leader in medical technology.

Presently, India ranks as the fourth largest market for medical devices in Asia and stands among the top 20 globally. Net imports for 2022-23 stands at $4101 million with import coverage ratio of 0.45. Consumables and disposables is the only sector where exports exceed imports. Against this backdrop of immense potential, the Meditech Stackathon 2024 seeks to harness the collective expertise of stakeholders to propel the industry towards unprecedented heights of innovation and self-reliance, said the statement.

Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, underlined the vision and objectives of the Stackathon during a preparatory session.

Emphasising the imperative of a bottom-up approach in policy formulation, he underscored the need for cohesion across diverse scientific disciplines within the MedTech ecosystem. Key insights from his presentation include:

Mission statement, stackathon
The vision entails achieving ‘Aatmanirbharta’ (self-reliance) in medical devices, reducing import dependence, and enhancing export competitiveness through value-added manufacturing.

The Stackathon endeavors to transition from input to impact by comprehensively understanding the ecosystem, mapping value chains, identifying critical issues, and formulating a robust policy framework for industry development, it said. Delineated a structured approach to policy formulation, encompassing key elements such as value chains, HSN codes, tariffs, taxes, and regulatory frameworks.

R P Singh, Joint Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, echoed Dr Chawla’s sentiments, emphasising the urgency of reducing import dependence amidst a backdrop of escalating demand for medical devices due to increasing communicable, non-communicable and chronic diseases.

Singh underscored the government’s steadfast commitment to transitioning towards a value-based and innovation-driven industry to unlock the sector’s full potential. He emphasised towards steering the industry towards a value-based and innovation-centric paradigm to realize its full potential and enhance global competitiveness.

Himanshu Baid, Chairman, CII National Medical Technology Forum, and Chairman & Managing Director, Poly Medicure Ltd highlighted a shared vision of collaborative excellence, wherein stakeholders unite to drive tangible outcomes and propel the MedTech industry towards unparalleled growth.

“With India’s MedTech exports surpassing $4 billion, the industry stands poised on a trajectory of remarkable expansion. However, he highlighted the need for enhanced data collation mechanisms to address gaps in product consumption and production within India. He stated that India’s MedTech landscape is brimming with promise, poised to capture 10 per cent of the global market share over the next decade,” it said.

Endowed with a robust ecosystem comprising world-class hospitals, skilled manpower, and cutting-edge resources, India is primed to emerge as a frontrunner in the global MedTech arena. He further underscored the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and extending support to Micro, Small, and Medium Enterprises (MSMEs) through targeted incentives and technology funds. Republic World