The Indian medical devices industry has the potential to flourish at 28 percent annually to reach $50 billion by 2030.
On Friday, Union Health Minister Mansukh Mandaviya asserted that the Indian medical devices industry can grow at 28 percent yearly to reach $50 billion by 2030. The industry is potent enough to become the global leader in development and innovation in the coming 25 years. The Union minister expressed his desire during the website launch of India MedTech Expo 2022 (IMTE-22).
It will be the first ever expo, which will be spearheaded by the government in association with the Indian medical devices industry. The three-day IMTE-22 will start from December 9 in New Delhi.
He added: "The event will create visibility of medical devices ecosystem to the world and build a brand identity for the Indian MedTech sector," he said, adding that "the Indian medical devices sector's contribution has become even more prominent since India supported the domestic and global battle against Covid-19 pandemic through the production of medical devices & diagnostic kits, such as ventilators, Rapid Antigen Test kits, RT-PCR kits, IR thermometers, PPE kits & N-95 masks".
The minister also expressed his confidence in the ability of the Indian industry to achieve 10-12 percent share in the expanding global market for the next 25 years. He also claimed that there is paramount importance in the medical devices sector. “The IMTE-22 is a timely effort that will allow us to deliberate upon the opportunities and key challenges in the areas of the sectors,” he said.
The Union Health Minister stated that India has the true potential to be among the top 20 global medical device markets within a few years, and suggested the medical devices industry to have the aim to become the global leader in the development and innovation of medical devices.
