India's Medical Device Sector Emerges as a Sunrise Market

The medical device sector in India is recognized as a sunrise sector because of its immense growth potential driven by the country's increasing healthcare needs, technological innovations, government support, and emerging market opportunities, as per Union Minister of State for Health and Family Welfare, Anupriya Patel. 

She informed that the size of the Indian medical devices sector is estimated to be around $14 billion and it is expected to grow to $30 Billion by 2030. She also highlighted that India is the fourth largest medical devices market in Asia after Japan, China, and South Korea and among the top 20 global medical devices markets in the world.

The Union Minister stated that the MedTech industry is not just a component of healthcare but is the catalyst that links patients, payors, providers, and regulators to create a stronger and more equitable healthcare system. “It is this unique positioning of MedTech that holds the promise of revolutionizing healthcare delivery and outcomes, both in India and globally”, she said.

Highlighting the promise of AI in healthcare, Patel said that “AI innovation is crucial within healthcare to create new methods for facilitating and tackling healthcare challenges and discovering new opportunities.”

Patel highlighted the Union Government’s efforts in strengthening the medical device ecosystem, focusing on boosting domestic manufacturing, promoting research, enhancing skill development, and increasing India's share in the global market. She stated that “key policy decisions include allowing 100% FDI under the automatic route and the approval of the National Medical Device Policy, 2023, which addresses regulatory streamlining, infrastructure development, R&D, investment attraction, and human resource development. This includes the establishment of Centres of Excellence, courses at NIPERs, and initiatives to strengthen MedTech education."