India set to become global hub of medical technology and devices: Mansukh Mandaviya
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Union Minister of Health and Family Welfare and Chemicals and Fertilizers Mansukh Mandaviya has said India is set to become the global hub of medical technology and devices with the market size estimated to reach $50 billion by 2050.
Mandaviya said that the medical device sector is considered as one of the sunrise sectors in the country and the Government under the Prime Minister is taking every possible step to make India a manufacturing hub for medical devices. He added 'From a market share of 1.5 per cent, we hope to increase India's market share to 10-12 per cent share over the next 25 years.'
Further, he stated that ‘With effective implementation of the recently unveiled National Medical Devices Policy 2023, we are confident of fostering the Medical Devices Sector growth from present $11 billion to $50 billion by 2030.’ Besides, he said that ‘earlier, we looked at different segments of the health sector including Pharmaceuticals, Medical Devices in silos. Under the Modi Government, India is taking a holistic approach to health with a vision to transform the health landscape in the country by 2047.’
