MedTech sector to reach $ 50 Billion markets by 2025

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On the 13th release of the world, MedTech Summit organized by the Confederation of Indian Industry (CII) Medical devices industries said that there’s an enormous under-sensitivity of medical devices within the market, and there’s indeed a growth opportunity in the arena.

“India’s medical technology sector encompasses a capacity to succeed in $ 50 billion by 2025, Minister of State (Independent Charge) of the Ministry of Science and Technology; Earth Sciences Dr. Jintendra Singh said. Going ahead “We must link all the ministries, and launch theme-based projects, instead of a ministry or department-based projects,” added Singh. India has the most effective medical management available within the best centers in India, both private and public, and is equally akin to western centers that have started earlier,” he said. 

“India is dependent with 85% of the market is imported; this disturbs our healthcare goals of approach and affordability. Towards this, the govt launched the PLI schemes. A powerful innovation ecosystem must also support start-ups, with attention on innovation that meets patient needs and reduces lifetime costs,” Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers S Aparna said.

“It is need of the hour to globally harmonize in the regulation and quality standards so that homegrown industry can match the global standards and make the country a base for medical device manufactures for internal consumption and exports. There’s a necessity of a well-defined National devices medical policy document and guideline defining short-medium, and long-run goals for the arena,” Chairman, CII NMTF & administrator of Poly Medicure Ltd. Himanshu Baid said.

Global MedTech Summit is meet two days from 02 September to 03 September. This summit showcases the achievements of the medical technology sector and brings together the think-tank for acute deliberations and discussions on the varied facets of the arena.

The plenary sessions of the summit seek to deliberate on important matters like Demand Generation as a method of Triggering the expansion of Medtech Sector, Diagnostic Testing in India and also the have to re-examine Current Practices, Protocols, and Reimbursements; review of Futuristic Technologies driving innovative Medical Technology and exploring our country’s readiness, Evidence-based policymaking and its impact and final analysis of the Regulatory Landscape for Medical Devices and Diagnostics in India.

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