Medical Device Sector On Track To $30 Bn By 2030

AI innovation is crucial within healthcare to create new methods for facilitating and tack-ling healthcare challenges and discovering new opportunities, said Anupriya Patel, MoS for Health

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 $14 billion and it is expected to grow to $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.”