Revolutionizing healthcare – Exploring the thriving landscape of Indian MedTech and IVD

The Indian MedTech (medical technology) and IVD (in-vitro diagnostics) industries have witnessed significant growth and innovation in recent years. The Indian MedTech and IVD industries are estimated to reach USD 50 billion with a 28-percent CAGR by 2030. The rising prevalence of chronic diseases, such as diabetes, cardiovascular disorders, and cancer, has led to an increased demand for advanced diagnostic and treatment solutions. The prevalence of cardiovascular disorders accounts for 21.4 percent among diabetics and 11 percent among non-diabetics. Additionally, the expanding middle-class population and growing awareness about healthcare have driven the adoption of innovative medical technologies. Government initiatives, such as Ayushman Bharat and Make in India, have also encouraged investments in the sector, further boosting its growth. In 2020, the government introduced the Medical Devices (Amendment) Rules, simplifying the regulatory process and reducing approval timelines for certain low-risk devices. These regulatory reforms have encouraged domestic manufacturing, and improved the ease of doing business in the sector.

The Indian MedTech and IVD industries have witnessed remarkable technological advancements. Companies are investing in research and development to develop cutting-edge medical devices and diagnostic tools. Innovations include wearable health monitoring devices, telemedicine solutions, point-of-care testing kits, artificial intelligence (AI)-driven diagnostic tools, and robotic-assisted surgical systems. These technologies improve patient outcomes, enhance healthcare delivery, and increase accessibility, particularly in remote areas of the country. For example, Docturnal, an India-based point-of-care testing device, uses AI and deep learning for the early and proactive detection of tuberculosis biomarkers and symptoms. HealthifyMe, a Bangalore-based start-up, provides an app with services such as calorie tracking and advice on nutrition and fitness, backed by Flipkart. BetaO, another AI-based app backed by Flipkart since 2015, is used for screening diabetic retinopathy.

Several start-ups have emerged with disruptive ideas and solutions, addressing specific healthcare challenges. These start-ups leverage technologies, such as AI, machine learning, and IoT to develop affordable and scalable medical devices and diagnostic tools. The government’s support through initiatives like Start-up India and Atmanirbhar Bharat has further fueled growth. Some successful AI-based start-ups include Tricog, which interprets ECG reports within 10 minutes, Nirami, which provides accurate detection of breast cancer, and Qure.ai, which uses AI to interpret radiology scans in seconds. These innovative start-ups are paving the way for more advancements in AI and digital health.

Challenges and opportunities
Despite significant growth, the Indian MedTech and IVD industries face certain challenges. Limited access to capital for R&D, high import dependency for critical components, the need for skilled professionals, pricing and affordability, are some of the key challenges. Companies often encounter difficulties related to registration, product classification, quality compliance, and lengthy approval processes. Streamlining and harmonizing regulations, providing clear guidelines, and ensuring transparency in regulatory procedures are necessary to facilitate innovation and market access. However, these challenges also present opportunities for collaboration, investment, and technological partnerships with international players. The adoption of digital health technologies and the integration of AI into diagnostics and patient care present potential for growth.

The Indian MedTech and IVD industries have witnessed a remarkable growth and innovation in recent years. With a favorable market landscape, technological advancements, and government support, the industries are poised for further expansion. The rise of start-ups, regulatory reforms, and the increasing focus on affordable and accessible healthcare solutions contribute to the sector’s growth. Continued investment in research and development, fostering innovation, and addressing challenges will pave the way for a thriving and globally competitive Indian MedTech and IVD industry.

Regulatory vigilance for accuracy and integration is going to be crucial for the sector’s growth.