The Indian medical devices industry has the potential to grow at 28 per cent yearly to reach $50 bn by 2030, Union Health Minister Mansukh Mandaviya said on Friday.
The industry has the power to emerge as the global leader in manufacturing and innovation in next 25 years, he said while launching the website of India MedTech Expo 2022 (IMTE-22) here.
The first ever expo being spearheaded by the government in association with Indian medical devices industry, the three-day IMTE-22 will start from December 9 here.
"As India prepares for its Amrit Kaal, it is a moment in time to redesign our aspiration in pharmaceutical and medical device sector and build an ecosystem for innovation in medical devices and drugs, thereby enhancing the industry- academia linkages to a greater extent," Mandaviya said.
"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 emphasised that India has the potential to be one of the top 20 global medical device markets in a short span of time and urged the medical devices industry to work with an aim to emerge as the global leader in the manufacturing and innovation of medical devices.
Expressing confidence in the ability of the Indian industry to achieve 10-12 per cent share in the expanding global market over the next 25 years, he said that owing to the paramount importance of 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".
The purpose of India MedTech Expo is to showcase the strength and potential of Indian MedTech Industry, the innovation ecosystem of the country and a strong academia which is nurturing entrepreneurship relentlessly. IMTE-22 is expected to have participation of more than 450 Indian MedTech companies including big companies, MSMEs and start-ups.