Indian medical device industry likely to grow by US$250 by 2047: Experts – Republic World

Healthcare Sector in India | Image: Unsplash

New Delhi: With rapid development in the healthcare sector, India is looking forward to improving healthcare infrastructure, accessibility and affordability, striving to provide a global platform for advanced healthcare in the country. Moreover, by cultivating a transformative environment conducive to learning, networking and collaboration through cutting-edge innovations and expert strategies, the Indian medical device industry is likely to grow exponentially to US$30 billion by 2030 and US$250 billion by 2047. Which Significantly, Prime Minister Narendra Modi has set 2047 as the year when India will join the league of developed countries of the world.

As the country’s healthcare landscape undergoes a pivotal transformation, the Indian medical device industry is now valued at US$11 billion and growing at a staggering compound annual growth rate (CAGR) of 18-20 percent. The industry has seen a significant increase in exports, reaching approximately USD 668.9 million in 2022-2023, an increase of 65%. This puts India even further behind Germany and China in terms of export volume. The in vitro diagnostics industry is a global market worth US$80 billion, with India contributing US$1.5 billion.

India’s Health for All program aims to move healthcare beyond traditional contexts

As new cutting-edge technologies from around the world take center stage, the Indian healthcare sector expects telemedicine to reach USD 5.4 billion by 2025, with artificial intelligence (AI) growing by 45% by 2024. and health technology job growth of 15 to 20 percent by 2024.

To bring together stakeholders including biomedical engineers, healthcare workers and other representatives, the India Health exhibition was organized in Dwarka district of New Delhi. The event was attended by Hungarian Ambassador Istvan Szabo, Fijian High Commissioner Jagnnath Sami, CEO of Healthcare Providers Association of India, Dr. Girdhar Gyani and CEO of Informa Markets Yogesh Mudras, among several others.

The event aimed to increase the affordability, accessibility and quality of healthcare at all levels of society, from rural communities to metropolitan areas, significantly improving the management of communicable and non-communicable diseases.

Addressing the event, Yogesh Mudras said, “Healthcare in India has emerged as one of the largest sectors, experiencing rapid growth with expanded reach, improved services and increased investment from both the public and private sectors. With India positioned as the world’s fourth-largest medical device market, and with significant advancements in telemedicine and artificial intelligence applications, the sector is poised for extraordinary expansion.”

“Telemedicine is projected to reach $5.4 billion by 2025 and artificial intelligence will grow at an impressive 45% annually through 2024, creating significant job opportunities in the health technology sector. These insights underline the dynamic evolution of the Indian healthcare landscape,” Mudras added.

The country’s policies are increasingly focused on ‘Health for All’ and ‘Make in India’, reflecting a significant focus on expanding healthcare beyond traditional contexts.

The expert said that the Indian government has given significant priority to the healthcare sector. In 2017, a new health insurance policy was introduced, and in 2018, the world’s largest social security system, Ayushman Bharat, was launched, covering 500 million people.

Between 2014 and 2024, the number of MBBS positions doubled from 50,000 to 100,000, indicating a growing influx of healthcare workers. India remains a vast and promising market for advancements in healthcare, he further added.