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'Indian medical device industry is projected to reach $50 billion by 2030'

• By Newsdesk
• New Delhi
• Jun 14, 2024

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The Indian medical devices industry is anticipated to grow at a Compounded Annual Growth Rate (CAGR) of up to 20%, reaching $50 billion by 2030 and $250 billion by 2047, according to a top industry executive.

"India’s medical device sector, currently valued at $11 billion, is expanding rapidly with a CAGR of 18-20%, highlighting its swift growth and increasing global competitiveness. It is expected to reach $50 billion by 2030 and over $250 billion by 2047," stated Dr. Rajiv Chhibber, Vice President of External Affairs at Sahajanand Medical Technologies Ltd. and Joint Coordinator of Government and Public Affairs at AiMeD.

"This growth is driven by initiatives like the PLI scheme and Atma Nirbhar Bharat, which emphasize innovation and global partnerships to establish new standards in healthcare delivery," he remarked at the India Health Expo organized by Informa Markets in India, as per a press release.

Dr. Chhibber noted, "This collaborative effort aims to improve affordability, accessibility, and quality healthcare across all levels of society, from rural areas to metropolitan regions, significantly advancing the management of both communicable and non-communicable diseases."

"The Indian medical devices sector has seen a significant increase in exports, reaching approximately $668.9 million in 2022-23, a 65% growth. This places India just behind Germany and China in export volume, showcasing the industry’s commitment to quality and its emerging global leadership," he added.

Dr. Girdhar Gyani, Director General of the Association of Healthcare Providers, India, emphasized, "Healthcare is now a major priority for the government. Currently, India has about 1.5 beds per thousand population, with a goal to reach 3 beds per thousand. This disparity in healthcare infrastructure across states presents a significant investment opportunity. From 2014 to 2024, the number of MBBS seats has doubled from 50,000 to 100,000, indicating a growing influx of healthcare professionals."

Peter Hall, President of Middle East, India, Türkiye, and Africa at Informa Markets, commented, "India Health is geo-adapted from Arab Health, one of the world’s largest healthcare events held in Dubai, which will celebrate its 50th anniversary in 2025. The global healthcare industry, valued at $8 trillion annually, has a profound impact on humanity's future. With rising disposable incomes and increased government expenditure worldwide, public health systems are enhancing their capabilities and infrastructure to develop robust healthcare risk management systems, pharmaceutical products, medical equipment and supplies, and hospital services."