Dr. Mansukh Mandaviya, Union Minister for Health & Family Welfare and Chemicals & Fertilizers, has revealed India’s ambitious trajectory towards becoming a paramount global hub for medical technology and devices. Anticipated to burgeon to a staggering $50 billion by 2050, the Indian medical technology market is set to establish its prowess on the world stage. The proclamation came during the inaugural event of ‘India MedTech Expo 2023′, the nation’s premier medical technology exhibition scheduled from August 17th to 19th, 2023 in Gandhinagar, Gujarat. The expo is strategically aligned with the G20 Health Ministers’ Meeting, enhancing its global prominence.

Dr. Mandaviya accentuated the medical device sector’s emergence as a sunrise industry in India, with the government, guided by the visionary leadership of the Prime Minister, leaving no stone unturned to metamorphose the nation into a medical device manufacturing powerhouse. With an aspirational growth trajectory, India’s current market share of 1.5 per cent is poised to escalate significantly to 10-12 per cent within the next quarter-century. The recently unveiled National Medical Devices Policy 2023 is anticipated to be a cornerstone in driving this evolution, propelling the sector’s growth from its present $11 billion to an impressive $50 billion by 2030.

Taking a holistic approach to healthcare, a departure from segmental perspectives of yesteryears, India, under the stewardship of the Modi Government, envisions a transformed healthcare landscape by 2047. Initiatives such as the Production-Linked Incentive (PLI) scheme have already resulted in the domestic production of 43 crucial Active Pharmaceutical Ingredients (APIs) that were formerly imported. The establishment of bulk drug and medical device parks underscores India’s determination to achieve self-reliance in this pivotal sector.

The imminent MedTech Expo 2023 is poised to showcase India’s groundbreaking strides in medical and surgical procedures, equipment, drugs, and facilities. The event is not only expected to amplify the visibility of India’s thriving medical devices ecosystem but also to craft a distinctive brand identity for the Indian MedTech sector.

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