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India’s medical device industry is on a growth trajectory. Projections indicate an increase from its current valuation of $11 billion to $50 billion by 2030. By 2047, the industry is expected to reach $250 billion.
This expansion is driven by a compound annual growth rate (CAGR) of 18-20%.
These insights were shared by industry experts at the inaugural India Health Expo organized by Informa Markets in India.
The three-day expo featured over 300 global and domestic healthcare brands showcasing the latest technologies and innovations in healthcare.
Dr. Rajiv Chhibber, Joint Coordinator of Government and Public Affairs at the Association of Indian Medical Device Industry (AiMeD), highlighted several factors propelling this growth, including government initiatives like the Production Linked Incentive (PLI) scheme and Atma Nirbhar Bharat.
Peter Hall, President of Middle East, India, Türkiye, and Africa at Informa Markets, emphasised the broader context of the global healthcare industry, valued at a $8 trillion.
Rising incomes and government investments are empowering public health systems to tackle challenges and improve well-being.
The in vitro diagnostics (IVD) sector is another area of rapid growth, according to Abhinav Thakur, MD of Acurex Biomedical and former Secretary of the Association of Diagnostic Manufacturers of India (ADMI).
The global IVD market is valued at $80 billion, with India contributing $1.5 billion and ranking as the fourth largest market in Asia.
The broader healthcare sector in India is also experiencing growth.
Telemedicine is expected to reach $5.4 billion by 2025, and artificial intelligence (AI) in healthcare is growing at a rate of 45% annually by 2024.
This growth is creating employment opportunities in the healthtech sector, with job increases projected at 15-20%.
Industry experts emphasize the importance of diagnostics and technological advancements in transforming healthcare delivery.
Innovations such as portable diagnostic solutions and health ATMs are making healthcare more accessible, particularly in rural areas where 60% of the population resides.
Yogesh Mudras, Managing Director of Informa Markets in India, stated that healthcare in India has emerged as one of the largest sectors, experiencing rapid growth due to expanded coverage, enhanced services, and increased investment from both public and private sectors.
With India positioned as the fourth largest medical device market globally, alongside significant advancements in telemedicine and AI applications, the sector is poised for remarkable expansion.
Siddhartha Bhattacharya, Secretary General of the Healthcare Federation of India-NATHEALTH, emphasised the evolving healthcare landscape in India with a focus on ‘Health for All’ and ‘Make in India’ policies.
These policies aim to extend healthcare access and support local innovations.
Dr. Girdhar Gyani, Director General of the Association of Healthcare Providers, India, noted that healthcare is now a significant priority for the government, with investment opportunities arising from efforts to improve healthcare infrastructure across the country.
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