website hit counter
Saturday, April 26, 2025
Saturday, April 26, 2025

HomeInternational NewsIndia poised to capture 10-12% of global medtech market in 25 years

India poised to capture 10-12% of global medtech market in 25 years

India poised to capture 10-12% of global medtech market in 25 years

spot_img

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.

Latest articles

Businessman Injured in Early Morning Shooting in Katunayake

Police have identified the victim of a shooting incident in the Heenatiyana area of...

Siri Dalada Vandanawa to Conclude on 27 April Without Alteration – Diyawadana Nilame

Siri Dalada Vandanana, special exposition of the tooth relic of Buddha, commenced today (25...

Acting IGP Instructed to Nominate Police Team for Inquiry into Deshabandu Tennakoon

The Committee of Inquiry appointed to investigate alleged acts of gross abuse of power...

Police Obstruction Against Journalist on Duty in Court: Govt Information DG Requests a Probe

Director General of Government Information, Harsha Bandara, has written to the Acting Inspector General...

More like this

Norwegian athletes warned not to eat meat in China over risk of failing drug tests

Norwegian athlete Henriette Jaeger runs around a bend in the 400 meters race on...

India’s hostile actions spark anger across Pakistan

Political leaders across Pakistan have strongly condemned India's suspension of the Indus Water Treaty...

China defends fair trade amid US tariff tensions

China has strongly responded to US tariff increases, calling them reckless and unfair. In...