According to a report by EY India, India is poised to expand its presence in the global medical technology (MedTech) industry and increase its market share from the current 1.6 to 10 to 12 over the next 25 years.
The report says that this growth coincides with the rapid development of the country’s MedTech sector, which is projected to reach new heights in the coming decades. The Indian medical device market, valued at approximately $12 billion in 2023-24, is expected to quadruple to $50 billion by 2030.
It said, “The Indian market is among the top 20 countries globally, with a market share of 1.65 percent, and this share is expected to increase from 10 percent to 12 percent over the next 25 years.”
India’s transition from a significant importer to a potential global leader and exporter in the MedTech industry will be driven by its strategic strengths.
These include a skilled workforce, cost advantages, technological advancements and government initiatives that encourage local manufacturing and innovation. Together, these factors make India not just a participant but a leader in the future direction of the global MedTech market.
The report further says that India is on the cusp of redefining its role in the international MedTech arena, not just as a market participant, but as a leader driving the future direction of the industry.
The main drivers for this growth are the prevalence of chronic diseases, a growing elderly population and an increased focus on preventive healthcare.
Additionally, there is a shift from traditional hospitals to digitally integrated healthcare systems, next-generation treatments and care settings. An expanding middle class, rising incomes and greater penetration of health insurance are also contributing factors.
India’s inherent strength in digital and technological innovation is another key asset. Combined with growing infrastructure, increasing medical tourism and strong push from the government, the MedTech industry is poised for a transformational journey.
“While India is currently a significant importer of medical equipment, it has the potential to emerge as a major exporter and a leader in the global MedTech industry,” the report said.
