About the Author: Satyaki Banerjee, Group Chief Operating Officer, Trivitron Healthcare. Satyaki Banerjee has over 19 years of astounding experience in the healthcare and pharmaceutical industry. After becoming a part of the leadership team, Satyaki held the responsibility of formation of Strategic Alliances, Regulatory Affairs and Intellectual Property functions within the Trivitron Group. He also takes care of the global commercial operations of Kiran Medical Systems in addition to managing the North America, APAC, Russia and Eastern European business of Labsystems Diagnostics Oy.
The market for the MedTech industry for India has the potential to increase by 28% annually to $50 billion by 2030. India is the fourth-largest market in Asia for medical devices and has the best development potential of all the sectors of the healthcare industry. In light of this situation, the Indian medical devices sector has the potential to significantly contribute to the country’s healthcare system, much like the pharmaceutical sector has.
Let’s examine some of the major figures to gain a better understanding of the potential. The market size, which is currently at $12 billion, is anticipated to grow to $50 billion by 2025. Although these figures are excellent and indicate a robust development trajectory, the disadvantage is a heavy reliance on imports, which account for 80–85% of the total market. The only solution, if dependence on imports must be decreased and exposure to unpredictable supply chains must be minimised, is to boost domestic manufacturing capacities and boost the nation’s competitiveness in the long run to become a hub for MedTech manufacturing.
During COVID 19, the contribution of the Indian medical devices sector has increased and India has produced medical devices and diagnostic kits like Ventilators, Rapid Antigen Test Kits, RT-PCR Kits, IR thermometers, PPE Kits, and N-95 masks to aid in the domestic and international fight against the COVID-19 pandemic, the contribution of the Indian medical devices sector has become even more noticeable. If we see the potential in the next coming years, the Indian medical device industry has the potential to become the world’s manufacturing and innovation leader.
“During COVID 19, the contribution of the Indian medical devices sector increased, and it produced medical devices and diagnostic kits in a short span.”