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India is set to significantly expand its presence in the global medical technology (MedTech) industry, increasing its market share from the current 1.6 to 10-12 per cent over the next 25 years, according to a report by EY India.
The report noted that this growth aligns with the rapid development of the country's MedTech sector, which is projected to reach new heights in the coming decades. The Indian medical device market, valued at approximately USD 12 billion in 2023-24, is anticipated to grow more than four-fold to USD 50 billion by 2030. It said "the (Indian) market ranks among the top 20 countries globally, with a market share of 1.65 per cent This share is expected to rise between 10 per cent and 12 per cent within the next 25 years". The report mentioned that India's transition from a significant importer to a potential global leader and exporter in the MedTech industry will be driven by its strategic strengths. These include a skilled workforce, cost advantages, technological advancements, and government initiatives that encourage domestic manufacturing and innovation. Together, these factors position India to not only participate but lead the future direction of the global MedTech market. The report added "India stands on the cusp of redefining its role in the international MedTech arena, not merely as a market participant but as a frontrunner steering the industry's future direction". Key drivers for this growth include the rising prevalence of chronic diseases, a growing elderly population, and an increasing focus on preventive healthcare. Additionally, there is a shift toward digitally integrated healthcare systems, next-generation therapies, and care settings outside traditional hospitals. The expanding middle class, rising incomes, and greater penetration of healthcare insurance are also contributing factors. The report also highlighted that India's inherent strength in digital and technological innovation is another major asset. Combined with growing infrastructure, increased medical tourism, and a strong push from the government, the MedTech industry is set for a transformative journey. "While India is currently a significant importer of medical devices, it has the potential to emerge as a key exporter and a global MedTech industry leader" the report said. With these developments, India stands poised to redefine its role in the global MedTech landscape, emerging as a frontrunner in driving innovation and reshaping healthcare delivery worldwide. (ANI)
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