The healthcare sector in India is expected to grow to reach a size of US $50 billion by 2025, says Union Minister of State (I/c) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh addressing the 14th CII Global MedTech Summit titled “Seizing the Global Opportunity” as Chief Guest in New Delhi.

Addressing the 14th CII Global MedTech, Dr. Jitendra Singh said, "Under Prime Minister Narendra Modi, healthcare has become more focused on innovation and technology over the past two years and 80% of healthcare systems are aiming to increase their investment in digital healthcare tools in the coming five years."

Singh said, "Telemedicine is also expected to reach US $5.5 billion by 2025. eSanjeevani, a Ministry of Health & Family Welfare conceived technical intervention, has enabled virtual doctor consultations and connected thousands of people living in remote parts of the country with doctors in major cities while sitting in the comfort of their own homes."

Singh said, "The prime objective of the government is to reduce import dependence from 80% to below 30% in next 10 years and ensure self-reliance quotient of 80% in MedTech through Make in India with SMART milestones."

"The Indian government has undertaken structural and sustained reforms to strengthen the healthcare sector and has also announced conducive policies for encouraging FDI. This has led to a change in trend, with the country becoming a hotbed of MedTech innovation and instead of adopting western products, Indian innovators are developing path breaking MedTech products and solutions. India has reached an inflection point, which is leading to rapid expansion of the HealthTech/MedTech ecosystem."

Singh emphasised that India has all the essential ingredients for the exponential growth in this sector, including a large population, a robust pharma and medical supply chain, 750 million plus smartphone users, 3rd largest start-up pool globally with easy access to VC funding and innovative tech entrepreneurs looking to solve global healthcare problems.

The Minister also noted that the pandemic has provided an additional impetus by changing the scenario of doing business in this sector.

He said it has opened massive opportunities for the healthcare sector especially in niche areas like tele- consultation, AI-based diagnostics and remote healthcare management.

Dwelling on the Vision @ 2047, Singh said, it is expected that India becomes one of the top markets in medical devices upwards of 14% - 15%.