The Indian medical devices market is expected to increase at a CAGR of 35.4% from 2020 to 2025, reaching $50 billion, according to the IBEF.
The COVID-19 pandemic has brought medical devices right into our households. The general public is now familiar with several medical devices such as the pulse oximeter, ventilator, respirators, oxygen concentrators, personal protective equipment and membrane oxygenators, much beyond the traditional home-use devices of the past like a thermometer or a blood pressure monitor.
What often remains unseen is the state-of-the art technology inside these devices, the attention required for their adequate regulatory oversight and the training of healthcare professionals for safe and effective use of these devices on patients.
The medical devices sector in India comprises large multinationals and small and midsized companies. The sector is growing at a fast pace, and the Government has accorded it the status of a sunrise sector. Government of India has commenced various initiatives to strengthen the medical devices sector, with emphasis on R&D and 100% FDI for medical devices to boost the market. From April 2000 to March 2021, FDI inflow in the medical and surgical appliances sector stood at $2.19 billion.
The Indian medical devices market stood at Rs. 77,539 crore ($11 billion) in 2020. The market is expected to increase at a CAGR of 35.4% from 2020 to 2025, reaching Rs. 352,450 crore ($50 billion), according to the India Brand Equity Foundation (IBEF) Report (https://www.ibef.org/industry/medical-devices.aspx).
The medical device sector in India offers tremendous opportunity for Indian manufacturers, ancillary component manufacturers, distributors and suppliers to be a part of the growth story. The sector has support of various ministries and departments, who are converging their thoughts and are discussing and implementing ways and means of reducing the burden of regulatory compliance and identifying obsolete regulations and duplicate regulations to make the sector agile and easy to do business in.
Indeed, it is the right time to revamp and reinvigorate this sunrise medtech sector in India. Now is the time to focus and activate the triggers for further growth of medtech sector.
It is with this view that the CII National Medical Technology Forum (NMTF) has organized the 13th Global MedTech Summit on September 2–3, 2021. This summit showcases the achievements of the medical technology sector and brings together the think-tank for acute deliberations and discussions on the various facets of the sector.
The sessions at the Summit feature luminary speakers from the Government including Dr. Jitendra Singh, Minister of State (Independent Charge) Science and Technology; Smt Anupriya Patel, Minister of State for Commerce & Industry; Dr. VijayRaghavan, Principal Scientific Adviser; Smt S Aparna Secretary, Department of Pharmaceuticals; Dr. Renu Swarup, Secretary, Department of Biotechnology; and Dr. V.G. Somani, Drugs Controller General of India, among several others. Such deep participation brings out the criticality of the sector and its importance in the National Healthcare Roadmap.
The carefully selected plenary sessions of the summit seek to deliberate on important matters such as demand generation as a means of triggering the growth of the medtech sector, diagnostic testing in India, and the need to re-examine current practices, protocols and reimbursements; review of futuristic technologies driving innovative medical technology and exploring our country’s readiness, evidence-based policy making and its impact, and finally, a review of the regulatory landscape for medical devices and diagnostics in India. Each session is carefully curated with government and industry thought leaders presenting their views and deliberating the topics to cull out clear actionable next steps for the forum.
Participation of “Disruptive Innovators” is a unique concept singular to the CII summit. It has been an immensely popular section of the summit and has been successful in showcasing brave entrepreneurs, who participate in the Disruptive Innovators Voice (DIVE) Talks to speak about their venture, the benefits it offers the community, the challenges encountered, and the exhilaration of walking the path less trodden.