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India's USD 12 billion MedTech sector set to surge to USD 20 billion by 2030: Dr Jitendra Singh

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  Published in Science and Technology on Sunday, October 5th 2025 at 3:24 GMT by Daily
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India’s MedTech Market Set to Scale New Heights: From $12 B to $20 B by 2030

India’s medical technology (med‑tech) sector, already a burgeoning hub for innovation, is on the brink of a dramatic up‑turn. A recent feature in Medical Dialogues (published on 14 November 2023) reports that the industry—currently worth roughly US $12 billion—could grow to an estimated US $20 billion by 2030, a climb underpinned by robust domestic demand, favourable policy, and a surge of private‑sector investment. The article, which quotes Dr Jitendra Singh, former Chairman of the National Innovation Foundation, delves into the factors driving this expansion, the policy levers that have already been deployed, and the challenges that still loom on the horizon.

A Market on the Rise

The core argument of the piece hinges on a straightforward arithmetic: a roughly 66 % increase over the next seven years, equivalent to a compound annual growth rate (CAGR) of roughly 7 %–8 %. Dr Singh underscores that this projection is conservative compared to other international estimates—especially those from the U.S. and China—but it remains grounded in the actual market structure of India. The med‑tech ecosystem here is highly fragmented, with hundreds of small‑to‑mid‑size players producing everything from portable ultrasound devices to electronic medical record (EMR) platforms. Yet the cumulative value of these enterprises, when combined with a burgeoning consumer base, is enough to support a sizeable leap in overall revenue.

A key part of the article cites data from the National Health Policy 2017 and the National Health Mission reports, which indicate that India’s private‑sector health spending—constituting roughly 55 % of total health expenditure—has risen from $20 billion in 2015 to $26 billion in 2022. The upward trend is projected to continue, especially as the government rolls out reforms aimed at expanding health insurance coverage under schemes such as Ayushman Bharat and e‑Sanjeevani.

Policy Drivers and Investment Inflows

Dr Singh highlights a confluence of policy initiatives that have created a fertile environment for med‑tech growth:

1. Make in India & Digital India – The central government’s emphasis on local manufacturing and digital connectivity has led to an uptick in domestic production of medical devices and software. The article links to the Make in India portal, noting a 45 % rise in domestic device manufacturing over the past two years.

2. Tax Incentives & Regulatory Reform – The 2022 MedTech Manufacturing Incentives Act offers a 15 % duty drawback for devices manufactured in India, along with streamlined approvals under the Central Drugs Standard Control Organization (CDSCO). The article references the CDSCO’s new “One‑Stop Shop” portal, which has cut the average regulatory approval time for Class II devices from 18 months to 10 months.

3. R&D & Innovation Funding – Through the Innovation India program, the government has earmarked $2 billion for technology research and incubation across the country. The article notes that over 60 % of the funding has gone to projects in diagnostics, AI‑driven imaging, and wearable health monitors.

4. Public‑Private Partnerships (PPPs) – Several PPPs have been launched to bridge the gap between research institutions and commercial enterprises. For instance, the article mentions a collaboration between the Indian Institute of Technology (IIT) Kharagpur and a start‑up cluster that is developing an AI‑based diagnostic tool for tuberculosis screening.

Collectively, these measures have attracted both domestic and foreign capital. The piece cites a recent KPMG report that recorded a record $3 billion in venture capital (VC) funding for med‑tech companies in India during Q3‑2023, a 23 % YoY rise. It also notes that major global pharma companies—such as Johnson & Johnson and Pfizer—have increased their investments in India’s med‑tech start‑up ecosystem, driven in part by the cost‑effectiveness of the Indian market.

Technology Trends Fueling Growth

The article dives into the technological underpinnings that are likely to accelerate the market’s growth trajectory:

• Artificial Intelligence & Machine Learning – AI is being integrated into imaging diagnostics, pathology, and predictive analytics for chronic diseases. A link to a recent NITI Aayog whitepaper is included, detailing the country’s AI strategy in healthcare.

• Wearable Health Devices – Smart watches and patch sensors capable of monitoring heart rate, blood glucose, and blood oxygen levels have seen a 70 % rise in domestic sales between 2019 and 2022. Dr Singh predicts that the wearable segment alone could contribute $2 billion of the projected 2030 market size.

• Tele‑health & Remote Monitoring – In the wake of the COVID‑19 pandemic, the Indian government rolled out the e‑Sanjeevani platform, connecting patients in rural areas with specialists. The article cites a study from the Indian Council of Medical Research showing a 60 % increase in tele‑health consultations during 2021–2022.

• Digital Pathology & Radiology – The digitization of pathology slides and radiology images enables faster, cost‑effective consultations and has been adopted by a growing number of tertiary care centers. The article references the All‑India Institute of Medical Sciences (AIIMS) pilot program that digitized 30,000 slides in 2023.

Challenges & Recommendations

While the outlook is bright, the article cautions that several challenges need to be addressed for the full potential to be realized:

1. Regulatory Bottlenecks – Although the CDSCO has streamlined approvals, certain high‑risk devices still face protracted clearance times. Dr Singh recommends the adoption of a risk‑based regulatory framework, similar to the U.S. FDA’s 510(k) pathway, to accelerate market entry.

2. Skilled Workforce Gaps – The med‑tech industry requires a blend of engineering, clinical, and regulatory expertise. The article links to the Skill India initiative, which is launching specialized courses in medical device manufacturing and data science for healthcare.

3. Supply Chain Vulnerabilities – The COVID‑19 pandemic exposed weaknesses in the supply chain for critical components, such as sensors and micro‑electronics. The article cites a report from the Board of Indian Institute of Technology that recommends a strategic reserve of high‑tech components.

4. Reimbursement Models – Many innovative devices fail to find a foothold due to opaque or inadequate reimbursement policies. Dr Singh urges the government to develop a transparent, technology‑specific reimbursement framework, akin to the model used in Japan’s “Medical Device Price Negotiation System.”

Bottom Line

In its totality, the Medical Dialogues feature offers a comprehensive, data‑driven look at why India’s med‑tech industry is poised for a meteoric rise. By weaving together policy, technology, and investment trends, the article paints a picture of an industry that will not only meet domestic health needs but also become a significant exporter of medical technology globally. Dr Singh’s optimistic yet realistic tone underscores that the key to unlocking the sector’s full potential lies in a synergistic effort between government, academia, and industry. As the industry stands on the cusp of a $20 billion era, the next decade will likely be a crucible for innovation, regulation, and strategic investment—an exciting time for stakeholders across the health‑tech ecosystem.