MedTech industry at the forefront of transforming healthcare delivery

The MedTech industry is poised for significant growth and transformation in the next two years. Rapid advancements in technology, increasing demand for personalized healthcare, and evolving regulatory landscapes are some of the key factors that will shape the industry’s future.

The medical devices sector in India has the potential to deliver tremendous growth to the country’s economy. India is taking firm strides in both manufacturing and innovation to pave the way for Made-In-India end-to-end product development. The recently launched government schemes such as PLI, medical parks, etc. are set to enhance domestic manufacturing.

The Union Cabinet has recently approved the National Medical Devices Policy with an aim to increase domestic production of medical devices, thereby reducing the import of such equipment. The new policy is expected to help the medical devices sector grow from the present USD 11 billion to USD 50 billion in the next five years.

However, at present, the Indian diagnostic sector continues to be dominated by imports, which account for 75 percent of the market. It is essential to build self-reliance, deliver innovation, enabling wider access to care and emphasis on prevention with better-quality diagnostics. There is a greater need to put a spotlight on boosting manufacturing within the country.

Continued focus on digital health. The integration of digital technologies, such as AI, ML and IoT, will continue to revolutionize the MedTech sector. Digital health solutions including wearable devices, remote patient monitoring, telehealth, and mobile health applications, robotics, will become increasingly prevalent.

Growth of point-of-care testing. Point-of-care testing, which provides rapid and accurate diagnostic results in a decentralized setting, will experience significant growth. PoCT devices will become more compact, user-friendly, and connected, enabling healthcare professionals to make quick decisions and tailor treatment plans accordingly.

Shift towards preventive care. Every part of the world has its peculiar health issues and the MedTech industry should focus on solving problems of such local issues. For example, anaemia, infant mortality, and malnutrition are a major concern for India and it is the MedTech industry which is best placed to provide diagnostics and monitoring solutions to detect and manage this problem rather than industries based in the developed part of the world where such problems may be miniscule.

Expansion of personalized medicine. Advances in genomics, molecular diagnostics, and biomarker identification will enable the development of targeted therapies and precision diagnostics. Genetic testing, companion diagnostics, and gene-based therapies will become more accessible, allowing healthcare providers to deliver more precise treatments based on an individual’s genetic profile.

Patient-centric care and user experience. There is a growing emphasis on designing MedTech devices and solutions with a patient-centric approach. User experience, ease of use, and patient engagement are key considerations in product development.

Increased emphasis on cybersecurity. With the growing interconnectedness of medical devices and healthcare systems, cybersecurity will be a top priority. MedTech companies will invest heavily in robust security measures to protect patient data, ensure the integrity of medical devices, and safeguard against potential cyber threats.

Collaborations and Partnerships. Collaboration among MedTech companies, healthcare providers, and technology companies will accelerate innovation and product development. Cross-industry collaborations, such as collaborations between MedTech and pharma companies or MedTech and AI companies, will drive the convergence of technologies and enable integrated healthcare solutions.

Outlook
The MedTech industry in the next two years will be characterized by rapid technological advancements, increased focus on digital health, personalized medicine, cybersecurity, emphasise on export of Indian medical technology, evolving regulations, and collaborative partnerships. These developments will reshape healthcare delivery, improve patient outcomes, and drive the industry toward a more patient-centric and interconnected future.