The healthcare sector in India is predicted to rise to $50 billion by 2025. Approximately 80% of healthcare systems want to expand their investment in digital healthcare solutions.
According to Union Minister Dr. Jitendra Singh, India’s healthcare sector would rise to $50 billion by 2025.
Dr. Jitendra Singh, speaking at the 14th CII Global MedTech Summit titled “Seizing the Global Opportunity,” said that under Prime Minister Modi, healthcare has become more focused on innovation and technology over the last two years, and that 80% of healthcare systems intend to increase their investment in digital healthcare tools over the next five years.
By 2025, telemedicine is predicted to be worth $5.5 billion. The Minister added that eSanjeevani, a Ministry of Health and Family Welfare-conceived technological intervention, has enabled virtual doctor consultations and connected thousands of people living in remote parts of the country with doctors in major cities while sitting in the comfort of their own homes.
Dr. Jitendra Singh stated that the government’s primary goal is to reduce import dependence from 80% to 30% in the next ten years and to achieve a self-reliance quotient of 80% in Med-Tech through Make in India with SMART milestones.
According to him, the Indian government has undertaken fundamental and long-term reforms to boost the healthcare industry, as well as declared favourable policies to encourage FDI. This has resulted in a shift in trend, with India becoming a hotspot of MedTech innovation, with Indian entrepreneurs inventing ground-breaking MedTech products and solutions rather than adopting Western ones. India has reached a tipping point, resulting in the fast rise of the HealthTech/MedTech ecosystem.
India possesses all of the necessary ingredients for exponential growth in this sector, including a large population, a robust pharmaceutical and medical supply chain, 750 million or more smartphone users, the world’s third largest start-up pool with easy access to VC funding, and innovative tech entrepreneurs looking to solve global healthcare problems.
The Minister further stated that the epidemic has offered extra momentum by altering the commercial environment in this industry. He claims that technology has created enormous prospects for the healthcare business, particularly in specialised areas such as teleconsultation, AI-based diagnostics, and remote healthcare management.
Dr. Jitendra Singh stated that India is predicted to become one of the top medical device markets by 2047, with a market share of 14% – 15%. He stated that fulfilling the National Infrastructure Pipeline 2020 objectives of building 73 new medical colleges to raise domestic consumption and strengthen healthcare infrastructure will help the country achieve this global position.
According to the government’s draught policy, India aims to achieve 10-12% of the global market share of the medical devices sector, resulting in a $100-300 billion industry, and that the country will have about 50 clusters for faster clinical testing of medical devices to boost product development and innovation.
Life expectancy, a shift in illness load, changes in preferences, a growing middle class, an increase in health insurance, medical assistance, infrastructure development, and legislative support and incentives, he noted, will drive this sector ahead. Dr. Jitendra Singh emphasised that it is indeed time to work toward establishing a global footprint by becoming a manufacturing hub and key exporter of medical devices around the world, as this is an important goal of the Make in India Campaign, in which the Indian medical devices sector has been identified as a sunrise segment.
According to him, this recognition has provided the sector the much-needed push to extend its competence in the value chain across device segments ranging from low-tech to more complex categories of devices.