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HomeBusinessIndian Medical Devices Industry to Grow at 28% pa to Reach US$ 50 bn by 2030: Dr. Mansukh Mandaviya

Indian Medical Devices Industry to Grow at 28% pa to Reach US$ 50 bn by 2030: Dr. Mansukh Mandaviya

03 October 2022: Department and Industry Associations to organize 3 days National Level Expo on Indian Medical Devices Sector at Pragati Maidan, New Delhi between 9-11 December 2022, first of its kind expo in India. Announcing the dates of the Show, Dr. Mansukh Mandaviya, Union Minister for Chemicals & Fertilizers and Health & Family Welfare, said that Indian medical devices industry has the power to emerge as the global leader in manufacturing and innovation in next 25 years. He said that has the potential to grow at 28% p.a. to reach US$ 50 bn by 2030.

The Union Minister emphasized that India has the potential to be one of the top 20 global medical device markets in a short span of time and urged the Indian Medical Devices Industry to work with an aim to emerge as the global leader in the manufacturing and innovation of medical devices. The Minister expressed confidence in the ability of the Indian Medical Devices Industry to achieve 10-12% share in the expanding global market over the next 25 years.

The Minister also launched website of India MedTech Expo 2022 (IMTE-22) and released the flyer for the event in New Delhi. This is the first ever expo being spearheaded by the Government in association with Indian medical devices industry.

The event will create visibility of medical devices ecosystem to the world and build a brand identity for the Indian MedTech sector. He further stated that the Indian medical devices sector’s contribution has become even more prominent since India supported the domestic and global battle against COVID-19 pandemic through the production of medical devices and diagnostic kits, such as ventilators, Rapid Antigen Test kits, RT-PCR kits, IR thermometers, PPE kits & N-95 masks.

The Expo will provide a platform for the various global leaders in this sector to converge and explore India’s potential as a manufacturing hub, and also an emerging global market. IMTE-22 is expected to have participation of more than 450 Indian MedTech companies including big companies, MSMEs and start-ups. The current market size of the medical devices sector in India is estimated to be US$ 11 bn and its share in the global medical device market is estimated to be 1.5%. The sector in India is witnessing fast growth with CAGR of 10-12% over the last decade.

The 3-day long IMTE-22 is the 1st edition of India MedTech Expo, organized by Dept. of Pharmaceuticals, Govt of India in close association with all the Medical Devices Industry Associations. It is being coordinated by the Federation of Indian Chambers of Commerce & Industry (FICCI).

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