India medtech sector poised to hit USD 50 billion by 2030

The 16th CII Global MedTech Summit, organised by the Confederation of Indian Industry (CII), was held at August 6, 2024, bringing together key stakeholders to discuss the burgeoning MedTech industry in India. With the sector projected to soar to USD 50 billion by 2030, the summit underscored the need for regulatory reforms, innovation, and Public-Private Partnerships (PPPs) to drive this growth.

Dr Jitendra Singh, Minister of State (I/C) for the Ministry of Science and Technology, emphasised the critical importance of collaboration across industry, academia, and government to realise the vision of Viksit Bharat by 2047. “We cannot work in silos. Embracing PPPs both within the country and internationally for financial and knowledge resources will help align our vision,” Dr Singh stated.

Highlighting the sector’s potential, Dr Vinod K. Paul of NITI Aayog stressed the need for a robust ecosystem that prioritises high-quality, zero-defect products. He pointed to the significant advancements in neonatal care equipment and the transformative potential of AI and IoT in enhancing primary healthcare.

Dr Arunish Chawla, Secretary of the Department of Pharmaceuticals, detailed government initiatives aimed at streamlining regulatory processes and fostering innovation. He announced efforts to introduce a separate marketing code for medical devices, reinforcing the sector’s commitment to high standards and transparency.

The summit also marked India’s application for membership in the International Medical Device Regulators Forum (IMDRF), a significant step towards global regulatory alignment.

Industry leaders, including Himanshu Baid of Poly Medicure and Hariharan Subramaniam of Siemens Healthcare, highlighted the sector’s progress and the importance of local manufacturing. They emphasised the need for harmonised regulatory reforms to support growth and attract investments, positioning India as a global MedTech hub.

As the MedTech sector continues its rapid expansion, the 16th CII Global MedTech Summit has set the stage for India to emerge as a leader in healthcare innovation and accessibility.