New Delhi: The medical device sector in India is recognised as a sunrise sector because of its growth potential driven by the country’s increasing healthcare needs, technological innovations, government support and market opportunities, MoS for Health Anupriya Patel said on Thursday. Minister of State (MoS) Patel was speaking at the 21st Health Summit of the Confederation of Indian Industry (CII) here. The theme of the summit is “Transforming Healthcare for Viksit Bharat 2047”.
Addressing the plenary session on “Charting India’s MedTech Revolution: MedTech Expansion Roadmap to 2047″, she said, “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 also said that the size of the Indian medical device sector is estimated to be USD 14 billion and it is expected to grow to USD 30 billion by 2030.
She highlighted that India is the fourth-largest medical device market in Asia after Japan, China and South Korea, and is among the top 20 global medical device markets.
The Union minister of state said the MedTech industry is not just a component of healthcare but is the catalyst that links patients, payors, providers and regulators to create a stronger and more equitable healthcare system.
“It is this unique positioning of MedTech that holds the promise of revolutionising healthcare delivery and outcomes, both in India and globally,” she said.
Highlighting the promise of AI in healthcare, Patel said, “AI innovation is crucial within healthcare to create new methods for facilitating and tackling healthcare challenges and discovering new opportunities.”
She highlighted the government’s efforts in strengthening the medical device ecosystem, focusing on boosting domestic manufacturing, promoting research, enhancing skill development and increasing India’s share in the global market.
The minister stated that “key policy decisions include allowing 100 per cent FDI under the automatic route and the approval of the National Medical Device Policy, 2023, which addresses regulatory streamlining, infrastructure development, research and development, investment attraction, and human resource development. This includes the establishment of Centres of Excellence, courses at NIPERs, and initiatives to strengthen MedTech education.”
She noted that the government has taken steps to boost exports and industry collaboration, with the creation of the Export Promotion Council for Medical Devices (EPCMD) and the reconstitution of the National Medical Devices Promotion Council (NMDPC).
Patel also informed about the launch of the Scheme for Promotion of Medical Devices Parks with Rs 400 crore outlay, providing Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh and Himachal Pradesh for infrastructure development.
