India’s medical devices industry is set to grow from $12 billion in 2023 to a staggering $50 billion by 2030, fuelled by innovation and the integration of digital technologies, according to EY Parthenon’s latest report.
Key trends driving this growth include:
1️. Rise in chronic diseases & ageing population – fuelling demand for wearable devices, remote monitoring, and early screening solutions.
2️. Increased healthcare access – Rising incomes, expanded insurance coverage, and infrastructure improvements.
3️. Medical Tourism – Boosting demand for both affordable and cutting-edge medical devices.
💡 MedTech Startups Leading the Charge: 💡
*79% of Indian startups are innovating around medical tech solutions.
*63% of these solutions integrate cutting-edge digital advancements.
*Key innovation themes: early disease detection, home-based care, minimally invasive techniques, and advanced materials.
Multinational corporations are also driving progress by transferring intellectual property to India through Global Capability Centres (GCCs) and partnering with contract manufacturing organizations (CMOs).
As Indian companies continue to expand their global presence with affordable and innovative solutions, the future of MedTech looks promising!
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Reference: https://shorturl.at/tFXxS
EY Parthenon report on India MedTech sector