A burgeoning startup ecosystem with its groundbreaking innovations, robust pharma coupled with medical supply chain, supportive government policies aimed at reducing import dependence and bolstering exports have made India’s MedTech sector standing at the cusp of a transformative era. The sector, which is currently valued at around USD 15 billion and expected to reach USD 50 billion by 2030, is addressing the country’s unique healthcare challenges while making strides on the global stage by providing cutting-edge medical devices.
Medtech industry in India is growing rapidly and provides plenty of opportunities for innovation. According to a report from E&Y, the Indian MedTech market ranks among the top 20 countries globally, with a market share of 1.65 per cent. As India has emerged as a favourable destination for highly sought-after treatments in India including bone marrow transplants, cardiac bypass surgery, eye surgery and hip replacements, which require sophisticated and state-of-the-art medical technology. India is reaching new heights in the quick adoption of emerging technologies and meeting the diverse healthcare needs by developing cost-effective and high-quality sensors, devices for remote monitoring, artificial intelligence and mobile applications.
Sitting on one of the hotbeds for startups offering huge innovation in the medtech, India is also set to redefine its role in the international MedTech space not merely as a market participant but as a global hub for MedTech excellence. Global investors have already recognized the high potential of India’s MedTech sector with India’s FDI investments clocking USD 464 million dollars in 2023.
The role of innovation in shaping the future of MedTech
From convergence of technology in healthcare services for timely and accurate diagnosis to the pathbreaking developments medical devices sector, the future of MedTech industry will be driven by innovation, potential and immense promise of making the healthcare system more patient-centric. The MedTech industry is harnessing the power of AI, data and connectivity to offer personalized, proactive, and accessible healthcare solutions. Even the digital health solutions, encompassing wearable devices, remote monitoring, telemedicine and health apps, are reshaping the way healthcare was perceived a decade ago and now provides preventive healthcare and personalized services. Empowering the patient is the fundamental core of the future of MedTech.
Technologies that enable self-care, promote patient education, and foster active participation are gaining momentum post the coronavirus pandemic. However in India to speed up innovation in the industry there is an increasing need for collaboration among the academia, startups, and the established players of the healthcare ecosystem. Through the GeM platform, Indian government has streamlined the procurement process and enhanced the efficiency and transparency of government spending on medical technology. This digital initiative has improved access to medical devices, ensuring public healthcare facilities are better equipped to serve communities effectively.Way Forward
To increase the exports further, the government should provide medtech companies with special incentives on research and development and the enhancement of remission of duties under the Commerce Ministry’s RoDTEP scheme for exports. India has a thriving startup ecosystem, which is the world’s 3rd largest, where entrepreneurs are making use of AI, IoT, and robotics to address critical healthcare challenges. India’s huge population provides a testing ground for scalable and globally relevant MedTech solutions. Homegrown devices are making complex surgeries affordable, while wearable technologies are enabling proactive patient care, ensuring that India doesn’t just meet global standards but sets new ones.
This article is written by Himanshu Baid, Managing Director, Poly Medicure Ltd.
(DISCLAIMER: The views expressed are solely of the author and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly)
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