How India can leapfrog to become one of the Top 3 developers of Medical Devices by 2050

India is poised to be the next change-maker in the healthcare industry worldwide.

With the government's Atmanirbhar approach, India is inching towards becoming a manufacturing hub in the coming years.

Growing at a CAGR of more than 17% Indian Healthcare Industry is expected to reach over USD 280 billion by 2025.

The Medical Device market size in India is currently around $11 Bn and growing at a healthy CAGR of 15%. The medical Device Industry estimates indicate a much greater potential to grow at ~28% to USD 50 billion by 2025. This growth will be purely driven by indigenous manufacturing, exports, and the latest innovation at home.

But few challenges need to be addressed to become the leading manufacturing hub of medical devices.

  • The biggest challenge is 80% import dependence, creating a significant roadblock for India to become Atmanirbhar in the Medical Device industry.

  • Absence of proper policy framework by the Government.

  • Another challenge for companies in India is to produce medical devices that are cost-competitive and of world-class quality.

The Government has recently released a draft policy exclusively for the medical device industry, and with this initiative, the future looks very promising.

The core focus of this policy is to reduce the import burden from 80 % to 30 % in the next ten years. This is going to be the biggest enabler for India to become the top manufacturer of medical devices by 2050.

Along with this, the rising prevalence of chronic diseases also results in a higher demand for healthcare services. India is referred to as the diabetes capital of the world, with approximately 75 mn diabetes patients and with 62 mn patients, coronary heart disease is the leading cause of death in India.

Enablers for Mission 2050

  1. Promotion of Made in India for the World

  2. Establishing More Medical Device Parks like AMTZ in India with the Right Infrastructure and Empowered Leadership

  3. Limited Grants to indigenously develop highly Import Dependent Technologies

  4. Production Linked Incentive (PLI) scheme for Medical Devices Industry

  5. Regulatory framework for faster approvals

  6. Enabling a pricing environment that prohibits profiteering and provides a level-playing-field for Domestic Industry

  7. Funding by the Government for innovation and R&D initiative

  8. Investing in the latest technologies such as AI, ML, Robotics, 4D, Organ Bioprinting, Laser Physics, etc.




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