Indian medical device industry to touch US$ 50 billion by 2030

Indian medical device industry to touch US$ 50 billion by 2030

India's healthcare sector anticipates telemedicine reaching US$ 5.4 billion by 2025, with AI growing at 45% by 2024 and Healthtech jobs increasing 15-20%

  • By IPP Bureau | June 17, 2024

The launch edition of India Health expo, organised by Informa Markets in India commenced with grandeur at the state-of-the-art Yashobhoomi, in Dwarka, New Delhi. The event brought together a multitude of industry stakeholders, spanning biomedical engineers, pathologists, radiologists, hospital consultants, medical device distributors, clinicians, procurement managers, R&D professionals, and regulatory representatives.

Geo-located from the prestigious Arab Health exhibition, India Health aims to providing a global platform for advancing healthcare together, along with nurturing a transformative environment for learning, networking, and collaboration with cutting-edge innovations and strategies with industry experts.

Dr. Rajiv Chhibber, Vice President, External Affairs at Sahajanand Medical Technologies Ltd and Joint Coordinator of Government and Public Affairs at AiMeD, said, “At India Health Expo, the transformative impact of technology on India's healthcare landscape is prominently highlighted. India's medical device industry, currently valued at $11 billion, is growing at a staggering CAGR of 18-20%, underscoring its rapid expansion and global competitiveness. It is projected to reach $50 billion by 2030 and over $250 billion by 2047. This growth trajectory is driven by initiatives like the PLI scheme and Atma Nirbhar Bharat, which focus on innovation and global alliances to set new benchmarks in healthcare delivery. This collaborative effort aims to enhance affordability, accessibility, and quality healthcare across all tiers of society, from rural communities to metropolitan areas, significantly advancing the management of both communicable and non-communicable diseases."

"The Indian medical devices industry has seen exports rise significantly, reaching approximately $668.9 million for the year 2022-23, growing by 65%. This places India after Germany and China in terms of export volume, highlighting the industry's commitment to quality and its emerging global leadership,” he further added.     

Istvan Szabo, Ambassador of Hungary, New Delhi, said “Life Sciences is one of Hungary's oldest economic sectors… With high innovation, one-third of Hungary's manufacturing, research, and development expenditure is dedicated to this sector. We export 80-90% of our production, making Hungary the 20th largest pharmaceutical exporter globally. 8 of the top 10 life science companies have facilities in Hungary. Hungary excels in In-vitro diagnostics, clinical trials of innovative drugs, biopharmaceuticals, molecular medicines, and bioreactors. At India Health exhibition, 4 Hungarian companies, specializing in diagnostics, oncotherapy, nuclear medicine, and incubator manufacturing, showcase their solutions for the Indian market. We aim to foster successful collaborations between Hungarian and Indian companies, contributing to both countries' success stories."

Abhinav Thakur, MD, Acurex Biomedical and Former Secretary for the Association of Diagnostic Manufacturers of India (ADMI), said “In Vitro diagnostics industry is an $80 billion global market, with India contributing $1.5 billion, making us the fourth largest in Asia after Japan, China, and South Korea. Remarkably, we are the fastest-growing market globally, expanding at 15-20% year on year. Globally, our market share ranks in the top 20, and diagnostics is the fastest-growing segment of medical devices. 70% of medical decisions are based on diagnostic reports, yet diagnostics constitute only 2% of a patient’s bill. This stark contrast underscores the critical role of diagnostics in preventive medicine. Events like India Health, bringing over 150 international exhibitors, are crucial for bridging this gap, fostering collaborations that enhance our 'Make in India' initiative, and making diagnostics more affordable.”

Speaking on the launch of India Health, Yogesh Mudras, Managing Director, Informa Markets in India, said, “With India positioned as the 4th largest medical device market globally, alongside significant advancements in telemedicine and AI applications, the sector is poised for remarkable expansion. Forecasts predict telemedicine to reach US$ 5.4 billion by 2025, with AI growing at an impressive 45% annually by 2024, driving substantial employment opportunities in the healthtech sector. These insights, showcased at India Health, underscore the dynamic evolution of India's healthcare landscape.”

Emphasizing on the growth of healthcare sector, Siddhartha Bhattacharya, Secretary General of the Healthcare Federation of India-NATHEALTH, said, "The healthcare landscape in India is undergoing a pivotal transformation. The country's policies are increasingly geared towards 'Health for All' and 'Make in India,' reflecting a substantial push to extend healthcare beyond traditional contexts. We are witnessing a robust growth in human resources, nursing, education, and the life sciences sector. Additionally, there is a significant emphasis on data, evidence-based research, and local innovations. The government is keen on supporting start-ups and innovative solutions by making regulatory policies more accessible and efficient. Together, these efforts are shaping a dynamic model for the future of healthcare in India, fostering an environment of growth and innovation.”

Dr. Girdhar Gyani, Director General of the Association of Healthcare Providers, India, said, “Currently, India has around 1.5 beds per thousand population, but the aim is to reach 3 beds per thousand. This disparity in healthcare infrastructure across states presents a substantial investment opportunity. From 2014 to 2024, the number of MBBS seats has doubled from 50,000 to 100,000, indicating a growing influx of healthcare professionals. However, until the demand for postgraduate doctors, nurses, and paramedics is met, healthcare technology and information technology will drive the sector. India remains a vast and promising market for healthcare advancements.

Peter Hall, President, Middle East, India, Türkiye and Africa, Informa Markets, said, "It is a pleasure to announce the launch of the India Health Exhibition, a significant milestone for India's healthcare industry. India Health is geo-adapted from Arab Health, one of the world's largest healthcare events held in Dubai, which will celebrate its 50th anniversary in 2025. The global healthcare industry, valued at $8 trillion annually, profoundly impacts humanity's future. With rising disposable incomes and increased government expenditure worldwide, public health systems are enhancing their capabilities and infrastructure to develop robust healthcare risk management systems, pharmaceutical products, medical equipment and supplies, and hospital services. Additionally, with the global population aged 65 years and above expected to increase by 16% by 2050, there is a pressing need to enhance well-being and extend human longevity.”

India has long been at the forefront of global healthcare, playing a significant role in pharmaceutical production and distribution. Projections indicate that India's healthcare sector will exceed $638 billion by 2025, underscoring its pivotal position in the industry. India Health launch edition features global and domestic brands across various genres, symbolizing a new era of collaboration, innovation, and progress."

The launch edition of India Health showcased over 300 leading global and domestic brands across various sectors, including Medical Equipment & Devices, Orthopaedics & Physiotherapy, Imaging & Diagnostics, Healthcare & General Services, IT Systems & Solutions, Healthcare Infrastructure & Assets, and Wellness & Prevention. Prominent participants included KLS Martin Group, Medikabazaar, Midmark, Narang Medical LTD, Zimmer Medizinsysteme GmbH, Med Freshe Private Limited, Palakkad Surgical Industries Pvt Ltd, Nilkamal Limited, and the Embassy of Hungary, which served as the Country Partner. The event has been supported by esteemed associations such as the Association of Diagnostics Manufacturers of India (ADMI) and the Medical Technology Association of India (MTAI), with the Association of Healthcare Providers India (AHPI) and Frost & Sullivan serving as knowledge partners.

Upcoming E-conference

Other Related stories