Indian Medical Devices Industry Projected to Reach $30 Billion by 2030: Anupriya Patel
Click to start listening
New Delhi, Dec 19 (NationPress) The Indian medical devices sector, considered a burgeoning industry in the country with considerable growth potential, is projected to reach $30 billion by the year 2030, stated Union Minister of State for Health and Family Welfare, Anupriya Patel, on Thursday.
During her address at the plenary session of the 21st Health Summit organized by the Confederation of Indian Industry (CII), Patel emphasized that India ranks as the fourth largest market for medical devices in Asia, following Japan, China, and South Korea. Moreover, the country is recognized among the top 20 global medical device markets worldwide.
“The medical device sector in India is hailed as a burgeoning industry due to its vast growth potential, which is fueled by the rising healthcare demands, technological advancements, government backing, and emerging market prospects,” Patel remarked.
“Currently, the size of the Indian medical devices sector is estimated at around $14 billion, with expectations to grow to $30 billion by 2030,” she noted.
The Minister of State further mentioned that the MedTech industry serves as a crucial link between patients, payers, providers, and regulators, fostering a more robust and equitable healthcare system. It also “holds the potential to transform healthcare delivery and outcomes, both within India and on a global scale.”
She also announced the launch of the Scheme for Promotion of Medical Devices Parks with an allocation of Rs 400 crore, providing Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh for infrastructure development.
Patel emphasized the role of AI innovation in healthcare, stating it would “create new methodologies for addressing healthcare challenges and uncovering new opportunities.”
In addition, Patel outlined the government’s initiatives to strengthen the medical device ecosystem, enhance domestic manufacturing, promote research, improve skill development, and increase India’s share in the global market.
