Indian medical devices sector size expected to grow to USD 30 Billion by 2030: Anupriya Patel

She informed that 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 also highlighted that India is the fourth largest medical devices market in Asia after Japan, China, and South Korea and among the top 20 global medical devices markets in the world.

The Union Minister stated that 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 revolutionizing healthcare delivery and outcomes, both in India and globally”, she said.

Highlighting the promise of AI in healthcare, Smt. Patel said, “AI innovation is crucial within healthcare to create new methods for facilitating and tackling healthcare challenges and discovering new opportunities.”

Smt. Patel highlighted the Union 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.

She stated that “key policy decisions include allowing 100% FDI under the automatic route and the approval of the National Medical Device Policy, 2023, which addresses regulatory streamlining, infrastructure development, R&D, investment attraction, and human resource development. This includes the establishment of Centres of Excellence, courses at NIPERs, and initiatives to strengthen MedTech education.”

The Union Minister 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). “These bodies aim to facilitate medical device exports, resolve regulatory challenges, and enhance the Ease of Doing Business, further promoting India’s position in the global medical device market”, she said.

She also informed about the launch of the Scheme for Promotion of Medical Devices Parks with a ₹400 crore outlay, providing ₹100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh for infrastructure development.

“Additionally, the Promotion of Research in Pharma-Medtech Sector (PRIP) and the “Scheme for Strengthening the Medical Device Industry” with ₹500 crore funding aim to foster innovation, enhance manufacturing capabilities, support skill development, and promote industry growth”. These efforts align with the vision of Atmanirbhar Bharat, focusing on self-reliance, innovation, and global competitiveness in the MedTech industry, she said

Underlining that a healthy population fuels productivity, drives economic growth, and ensures social justice, Union Health Secretary, Smt. Punya Salila Srivastava stated that “healthcare is not just a social imperative but an economic necessity.”

She noted that India’s healthcare agenda focuses on making healthcare affordable, accessible, and inclusive for every citizen and stressed that the healthcare sector is a critical component of India’s vision to become a developed country by 2047.

The Union Health Secretary highlighted that investments in robust healthcare and quality education systems are essential for harnessing the nation’s demographic dividend, driving innovation, and ensuring sustainable progress.

She emphasized that India’s healthcare sector has made significant strides with initiatives like PM-JAY, PM-ABHIM, and Ayushman Bharat Digital Mission, expanding access to affordable care. She stated, “The private sector plays a key role in transforming healthcare, particularly in Tier-2 and Tier-3 cities, through value-based care models and technological innovations. Public-private partnerships, preventive healthcare, and a focus on expanding the healthcare workforce will be critical in achieving Universal Health Coverage and positioning India as a global leader”.

Smt. Punya Srivastava also informed the dignitaries about the 100 Days Intensified TB Campaign, launched by the Union Health Minister, Shri JP Nadda in Panchkula on December 7, 2024. She emphasized the importance of supporting the campaign to achieve the goal of eliminating TB by 2025 and encouraged the organizers to hold a brief session on TB in the next two days to further boost the initiative.

She concluded her speech by assuring the government’s commitment to strengthening India’s healthcare ecosystem, with the support of the private sector, healthcare leaders, and civil society. “The goal is to transform India into a global leader in healthcare delivery by 2047, aiming for a healthier, stronger, and prosperous India. The private sector’s role in shaping India’s healthcare future is both a responsibility and an opportunity. By embracing this vision, quality healthcare will be provided to every Indian, driving economic growth and job creation”, she stated.

Dr Naresh Trehan, Chairman, CII National Healthcare Council and Chairman and Managing Director, Medanta – The Medicity; Mr Dilip Jose, Co-Chairman, CII and MD & CEO, Manipal Health Enterprises Pvt. Ltd; Ms. Sunita Reddy, Managing Director, Apollo Hospital Group and Ms. Amita Sarkar, Deputy Director General, CII, were present at the gathering.