Indian MedTech Sector Has Potential To Reach $50 Billion By 2025: Ministry Of Science

NEW DELHI — India is recognized as a sunrise sector in medical technology with a potential to reach $50 billion by 2025, said Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology. 

Singh spoke at the virtual inaugural session of the 13th edition of the Global MedTech Summit organized by the Confederation of Indian Industry on Sept. 2.


“India has the technology, expertise, and it has a huge potential to be explored indigenously which will serve the medical fraternity and also be in tune with our goals of becoming Aatmanirbhar,” Singh said.

“Moving forward, we have to integrate all the ministries and undertake theme-based projects, rather than the ministry or department-based projects. This will allow us to pool our resources and help us reach optimum outcomes with the integration of the private sector and start-ups.”

“It was my pleasure to give the special address for CII’s (Confederation of Indian Industry) 13th global MedTech Summit,” tweeted Anupriya Patel, Union Minister of State for Commerce and Industry.

“I reiterate medical devices as a Government of India identified priority sector under Atmanirbhar Bharat [Self-Reliant India] & is committed to strengthen the manufacturing ecosystem & lead the role in the global market.”

K. Vijay Raghavan, Principal Scientific Adviser, said that the market needed for success is the global market.

“Today’s cyber-physical world which combines the delivery of personalized medicine with the analysis of telemedicine of data of a patient from anywhere in the country makes the Indian market very attractive,” said Raghavan.

“The med-tech industry is multi-disciplinary, and the growth of the medical devices sector is incumbent on development in all these streams,” said S. Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers.

“The attention to backward integration will prove to be a strong determinant for the global success for the medical device industry.”

The Medtech Summit was spread over two days, from Sept. 2 and Sept. 3, and worked towards deliberating on essential matters such as demand generation to trigger the growth of the Medtech sector.

“We have to start thinking globally as there is a critical mass to be developed to move up the value chain,” said Naresh Trehan, Chairman, Confederation of Indian Industry National Council on Healthcare & Chairman & Managing Director, Medanta — The Medicity.

Other topics at the summit included Diagnostic Testing in India and the need to re-examine current practices, protocols, and reimbursements; review of futuristic technologies driving innovative medical technology and exploring our country’s readiness, evidence-based policymaking and its impact and final review of the Regulatory Landscape for Medical Devices and Diagnostics in India.

“There is a need for a well-defined National devices medical policy document and roadmap defining short, medium and long term goals for the sector,” said Himanshu Baid, Chairman, Confederation of Indian Industry NMTF and Managing Director, Poly Medicure Ltd.

“The government of India has commenced various initiatives to strengthen the medical device sector with an emphasis on Research and Development and 100 percent Foreign Direct Investment for the medical devices to boost the market,” said Sanjay Bhutani, Co-Chairman — Confederation of Indian Industry NMTF & Managing Director — India Bausch & Lomb Eyecare.

(With inputs from ANI) 

Edited by Saptak Datta and Praveen Pramod Tewari



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