According to the DoP exports surpassed imports in consumables and disposables last year, yet the overall MedTech sector experienced an import surge.
- The import was driven primarily by countries like the US, China, and Germany.
About Medtech sector
- MedTech (or Medical Technology) is a segment of healthcare systems that focuses on designing and manufacturing a wide range of medical products/devices for diagnosis, prevention, treatment.
- Its major categories are:
- Disposables and consumables
- Electronics and equipment
- Surgical instruments, Implants
India’s Medtech sector
Current status:
- India’s MedTech sector is projected to grow 28% annually, reaching a size of US$50 billion by 2030.
- India ranks as the 4th largest market for medical devices in Asia and stands among the top 20 globally.
Challenges:
- Indian companies mainly produce low-end product such as syringes, needles, catheters, and blood collection tubes.
- Around 65% of the medical device manufacturers in India are domestic players operating in the consumables segment and catering mainly to local consumption.
- Cost competitiveness, quality assurance, and regulation are major hurdles.
Way ahead:
- Focus on the quality, fostering partnerships among stakeholders, boosting investment in research and innovation