India’s medical devices industry is poised to double in size to $30 billion by 2030, with its global market share expected to rise from 1.65% to 10-12%, said Anupriya Patel, minister of state for health and family welfare, on Thursday.
“India is rapidly emerging as a medtech powerhouse. Our exports reached $3.8 billion last year, reflecting the sector’s growing manufacturing strength and global competitiveness. As we drive this momentum forward, collaborative efforts in innovation, investment, and policy reforms will be crucial to positioning India as a leader in affordable, high-quality medical technology,” the Union minister said during a conference organised by MTaI
“The medical devices sector is set for a huge growth phase as the government has made a series of efforts to promote indigenisation and reduce imports,” said Aseem Sahu, deputy drugs controller, Central Drugs Standard Control Organization (CDSCO).
“The government has made a series of policy changes in the recent years which has enabled domestic players to compete in the global markets. Just like India is called the pharmacy of the world, we want India to become the leading medical devices supplier globally,” Sahu said.
In October, India became an affiliate member of the International Medical Device Regulators Forum (IMDRF), a voluntary group of medical device regulators worldwide. Sahu emphasized that India’s long-term goal is to secure a position in IMDRF’s management committee, enabling the country to influence global policy decisions in the sector.
Recently, the ministry of health and family welfare issued a directive that prohibits the import of refurbished medical device into the country. Though the industry players have opposed the move, and said that it could hurt the sector.
“There’s a demand for refurbished medical devices in the tier-II and tier-III cities because these devices come 25-50% cheaper than the new devices. We appreciate Make in India, but there’s still void where we can import products from outside which are meeting the right criteria of patient safety and reliability,” said Rohit Mahajan, vice president & general manager, Intuitive India.