Indian medical devices sector estimated to grow to $30 billion by 2030: Anupriya Patel
The Indian medical devices, a sunrise sector in the country with growth potential, is estimated to grow to $30 billion by 2030, Union Minister of State for Health and Family Welfare Anupriya Patel said on Thursday.
Addressing the plenary session at the 21st Health Summit of the Confederation of Indian Industry (CII), Patel noted that India is the fourth largest medical devices market in Asia after Japan, China, and South Korea. The country is also among the top 20 global medical device markets in the world.
“The medical device sector in India is recognised as a sunrise sector because of its immense growth potential driven by the country's increasing healthcare needs, technological innovations, government support, and emerging market opportunities,” Patel said.
“The size of the Indian medical devices sector is estimated to be around $14 billion and it is expected to grow to $30 billion by 2030,” she noted.
The MoS added that the MedTech industry acts as the catalyst linking patients, payors, providers, and regulators to create a stronger and more equitable healthcare system. It also “holds the promise of revolutionising healthcare delivery and outcomes, both in India and globally”.
She also informed about the launch of the Scheme for Promotion of Medical Devices Parks with a Rs 400 crore outlay, providing Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh for infrastructure development.
Patel also highlighted the promise of AI innovation in healthcare to “create new methods for facilitating and tackling healthcare challenges and discovering new opportunities”.
Meanwhile, Patel also stated the government’s efforts in strengthening the medical device ecosystem, boosting domestic manufacturing, promoting research, enhancing skill development, and increasing India's share in the global market.
