As per a report, the nations medical technology sector is likely to touch $9.6 billion in 2022.
The global medical technology market is also expected to reach $495 billion in the next three years, from the present $400 billion, said PricewaterhouseCoopers (PwC) in its report.
With the successful adoption of Medical Device Rules this year, the Indian medical technology industry is ready for the next phase of evolution.
“The domestic MedTech (medical technology) industry, estimated at $5.7 billion in 2017, is expected to grow to $7.8 billion in 2020 and $9.6 billion in 2022,” the report said.
India has one of the lowest per capita spend of $4 on medical devices, much lower than the global average of $66.3, which suggest a huge potential for growth, the report added.
Medical technology has been recognized as one of the highest growing sectors, thus, allowed with 100 percent foreign direct investment (FDI) investment through the automatic route.
While the industry still remains largely import dependent, PwC expects new policy initiatives like ‘Make in India‘ and support to FDI investments to help boost domestic manufacturing and export competitiveness of this industry.
The report said the government-industry collaboration has extended beyond medical device rules to include initiatives linked to standardisation.
Few other initiatives by the government include approval for two dedicated medical device testing labs for promoting research and development and approval to set up dedicated medical technology parks to promote manufacturing.