The rise of MedTech in India – Challenges and opportunities

The healthcare sector is undergoing a rapid transformation across the world, and India is at the forefront of this change. One of the key drivers of this change is the medical technology (MedTech) sector, which is growing at a remarkable pace in India.

MedTech is the backbone of the healthcare sector, as it provides quality treatment and care to patients using various products, devices, and services. Moreover, MedTech is embracing new technologies like artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML), which are enhancing early detection and prevention of critical diseases.

Let us explore how the healthcare sector in India is being transformed by MedTech.

India’s MedTech sector – A post-pandemic perspective
The Covid-19 pandemic exposed the weaknesses and gaps of our healthcare system when our country faced a severe shortage of oxygen, drugs, beds, and trained staff to treat the infected patients. However, on the positive side, the crisis was urgently addressed by the domestic production of medical devices and diagnostic kits in India. These included ventilators, rapid antigen test kits, RT-PCR kits, IR thermometers, PPE kits, and N-95 masks.

The pandemic was a wake-up call for us to realize the need for innovative and disruptive solutions that can handle any emergency and lessen our reliance on foreign products while enhancing the standard, availability, and cost-effectiveness of healthcare in India.

Current scenario of MedTech in India
MedTech has the power to bridge some of the critical healthcare gaps in India and improve the lives of millions of people. MedTech can also expand the access and quality of healthcare services in rural India through telemedicine and enhance the skills and efficiency of healthcare workers through artificial intelligence, robotics, and digital health records.

India has a huge potential to become a global leader in the MedTech industry, as stated by Dr Mansukh Mandaviya, Union Minister for Chemicals & Fertilizers and Health & Family Welfare. He said, during the National Level Expo on Indian Medical Devices Sector held in New Delhi in December 2022, that India aims to increase its market share from 1.5 percent to 10–12 percent in the next 25 years. He also expressed confidence that the National Medical Devices Policy 2023, which was unveiled recently, would boost the growth of the MedTech sector from the current USD 11 billion to USD 50 billion by 2030. (Source: https://pib.gov.in)

Let us delve deeper into the factors that drive the growth of MedTech in India

• Rising demand for quality and affordable healthcare. India has a very large population of more than 1.3 billion people. MedTech industry can assist in providing a better healthcare infrastructure that is trustworthy and affordable. MedTech can create new and better ways to improve the healthcare quality and reduce costs.

• Promoting domestic manufacturing. The Make in India initiative, which is a flagship program of the Government of India has introduced certain policies that aim to boost the domestic production of medical devices.

  Various schemes and incentives have been introduced for the MedTech sector, such as the Production Linked Incentive (PLI) Scheme, the Promotion of Medical Device Parks Scheme, and the Medical Device Testing Laboratories Scheme. By creating a favorable environment for the MedTech industry in India, these schemes aspire to foster a culture of innovation and excellence and make India a leader in the global MedTech market.

• New technologies for better healthcare. The MedTech industry in India is using new technologies such as AI, IoT, cloud computing, big data, and 3D printing to change the way healthcare is delivered. These technologies enable MedTech solutions to perform tasks, such as analyzing medical images, detecting anomalies, predicting outcomes, recommending treatments, and monitoring patients, even in remote locations. In this way, they help to address the various challenges with more intelligent and effective solutions.
• Rise of medical tourism in India. Medical tourism in India is a growing and lucrative industry that offers quality and affordable healthcare services to patients from across the world. MedTech can further enhance the potential and performance of the industry by attracting more people to India for medical help, who are unable to travel or afford expensive treatments in their own countries.

Role of AI and robotics in the field of MedTech in India
AI and robotics are playing a vital role in transforming the healthcare sector in India. According to a report by NASSCOM, data and AI in healthcare can add USD 25–30 billion to India’s GDP by 2025. (Source: https://indiaai.gov.in/research-reports/how-ai-is-transforming-the-future-of-healthcare-in-india). Some of the benefits are:

• Early detection and diagnosis. AI and robotics are capable of identifying diseases and conditions at an early stage, using data analysis, image recognition, and natural language processing. Early detection and diagnosis of diseases can lead to timely treatment and better outcomes for patients. For instance, AI can help in screening for cancer, diabetic retinopathy, and cardiovascular disease.
• Precision and personalized medicine. AI and robotics can help in tailoring treatments and medications to suit the individual needs and preferences of patients, using molecular information, genetic data, and patient history. Precision medicine is a rapidly growing field in India, with the global AI in precision medicine market expected to reach around USD 16.91 billion by 2032, growing at a CAGR of 25.54 percent from 2023 to 2032. (Source: https://www.precedenceresearch.com/artificial-intelligence-in-precision-medicine-market)
• Efficient and affordable healthcare. AI and robotics can help in reducing the cost and improving the quality of healthcare services, using automation, optimization, and resource allocation.

Outlook
Undoubtedly, India’s MedTech industry is on the rise, with the government providing support through funding and Make in India initiative. Given the country’s large population, there is a pressing need for innovative solutions in the field of medical technology. It is time to encourage young entrepreneurs and startups to think outside the box and help drive progress in the medical community. With the right ideas and support, the possibilities are endless!