MUMBAI, India (Commonwealth Union)_ According to Union Health Minister Mansukh Mandaviya’s latest statement, the Indian medical devices industry has the capacity to develop by 28% annually and reach $50 billion by 2030. According to him, the central government intends to improve India’s trained labor force and business-friendly regulations to offer a vast market. Medical devices industry, which includes a multi-disciplinary sector, has the following major categories: Electronic devices, Implants, Consumables and Disposables, Surgical tools, and In-Vitro Diagnostic Reagents.
The present market value of India’s medical devices sector is predicted to be $11 billion and its value in the worldwide medical devices market is predicted to be 1.5 percent. According to official data, the industry has seen a rapid growth with a CAGR of 10 to 12% over the past decade in India. “Indian medical devices industry has the power to emerge as the global leader in manufacturing and innovation in the next 25 years. We are trying to build an ecosystem for innovation in medical devices and drugs, thereby enhancing the industry-academia linkages to a greater extent,” the minister said.
The three-day IMTE-22 expo will begin on 9 December 2022 at New Delhi’s Pragati Maidan. It would be the first time that the central government and the Indian medical device sector have collaborated on an exhibition. The objective of the India MedTech Expo is to highlight the strength and promise of the Indian MedTech Industry, the innovation environment of the country, and the robust academic community that continuously fosters entrepreneurship. It is anticipated that over 450 Indian MedTech businesses, including large corporations, MSMEs, and startups, would participate in the IMTE-22.
The government has also recognized that several sectors of the medical equipment industry are highly capital intensive and have long gestation periods, necessitating the continuous introduction of advanced technologies and the training of healthcare personnel so that they adapt to new technologies and facilitate rapid innovation. Moreover, before being launched in the market for sale, the medical devices are subjected to safety, quality, and efficacy evaluations based on regulatory protocols.
