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Medical devices companies in the country are of the view that investments and job opportunities will spearhead the growth of this sector. As one of the fastest growing within the healthcare ecosystem, valued at $15.35 billion in 2023, and expected to grow over $20 billion by 2029, India can be the fourth largest Asian medical devices market after Japan, China, and South Korea.
Arvind Vaishnav, head, Philips Innovation Campus and Innovation Partnerships--Growth region, Philips, said "The emphasis on automation across healthcare is likely to increase globally. There is a concerted effort towards addressing staff shortages and relieving staff of repetitive tasks and processes. We are already witnessing this with generative AI functioning as a virtual assistant, organizing clinical notes and simplifying ways patient information is communicated across teams. It is also now apparent that AI will be adopted beyond automation. It is proven that AI can help simplify complex diagnostics, enabling less experienced professionals to provide high-quality care with confidence. Imagine, AI embedded in ultrasound systems. It allows physicians to detect, diagnose and monitor cardiac conditions more confidently and efficiently.
From a technology perspective, new technologies for minimally invasive procedures are becoming more advanced. This implies the need for physicians to collect and analyze data from a wide range of sources, such as live X-ray images, 3D ultrasound, intravascular ultrasound (IVUS), to name a few all the while closely monitoring the patient. Hence, integration of systems, software and devices will become increasingly important, he added.
In 2025, technology trends in healthcare will transition towards managing health outside of the hospital. Advances in technology solutions is expected to support remote detection of patient health risks based on vital signs and other data, said Vaishnav.
According to Hariharan Subramanian, managing director, Siemens Healthcare, "India is on track to become a global leader in medical device manufacturing. By scaling up domestic production of high-quality medical equipment, the country will reduce its reliance on imports, achieve self-sufficiency, and stimulate economic growth. Fuelled by rising demand, there is a boost to local production of high-quality devices, and the integration of digital and AI technologies.
Moreover, a renewed emphasis on research and development is driving innovation, resulting in safer, more sustainable, and accessible healthcare solutions.
With a growing export market on the horizon, the MedTech sector is expected to create significant employment opportunities, nurturing a new generation of experts who will spearhead India's future healthcare innovations, he added.
“We have built a strong infrastructure that promotes collaborative innovation, encourages open research and development, and drives manufacturing excellence. Our Innovation Hub, currently under construction in Bengaluru, will set standards for the workplace of the future. The new campus aims to intensify collaboration and creativity, coupled with environmentally friendly, sustainable, energy-efficient solutions. An investment of almost Euro 200 million makes it the largest site of Siemens Healthineers globally in terms of built-up area”, said Subramanian.
Himanshu Baid, managing director, Poly Medicure, said, "India's med-tech sector is writing a new chapter in global healthcare innovation. The focus on domestic manufacturing, skill development, and healthcare infrastructure has laid the groundwork for India to emerge as a leader in cutting-edge med-tech solutions.”
To build on this momentum, it is imperative for companies to step up their investments in R&D and innovation. The future belongs to those who can develop transformative technologies that address the healthcare needs of a dynamic and diverse world. By addressing key supply chain challenges and fostering a culture of innovation, India is poised to set new benchmarks in global healthcare, creating a legacy of excellence and better health outcomes for all, said Baid.
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