India is emerging as the fourth-largest medical devices market in Asia and ranks among the top 20 globally, Union Minister Anupriya Patel highlighted during the 21st Health Summit of the Confederation of Indian Industry (CII). With an estimated value of $14 billion, the Indian MedTech industry is poised to reach $30 billion by 2030, driven by increasing healthcare demands, technological advancements, and government initiatives.
Patel emphasized MedTech’s pivotal role as a connector between patients, providers, payors, and regulators, revolutionizing healthcare delivery and outcomes. She outlined key government measures, including 100% FDI under the automatic route and the National Medical Device Policy, 2023, which focuses on R&D, skill development, infrastructure, and investment.
Major initiatives include:
- Medical Devices Parks: Rs 400 crore allocated for infrastructure in Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh.
- R&D Boost: Rs 500 crore for innovation through the Promotion of Research in Pharma-MedTech Sector (PRIP).
- Export Growth: Formation of the Export Promotion Council for Medical Devices (EPCMD) to strengthen global presence.
Union Health Secretary Punya Salila Srivastava highlighted the necessity of affordable and inclusive healthcare to fuel economic growth and achieve India’s vision of becoming a developed nation by 2047. She called for public-private partnerships and workforce expansion, especially in Tier-2 and Tier-3 cities, to ensure Universal Health Coverage and value-based care.
The MedTech revolution aligns with India’s Atmanirbhar Bharat mission, fostering innovation, self-reliance, and global competitiveness.
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