|
India's Medical Devices
Soar with Tech Innovation
New-generation technology is redefining
the health sector with personalised medicines and
predictive diagnostics
A wave of innovation is propelling the
nation into a new era of healthcare. Backed by a Thriving
economy and a relentless focus on innovation, India has
positioned itself as a global player in the
medical devices industry. The sector's
focus on research and development has given birth to a
plethora of advanced medical devices and diagnostic tools,
revolutionising healthcare services and positioning India
as a global hub for cutting-edge technology. At the heart
of this transformative journey is the infusion of
newgeneration technology into medical devices. From
state-of-theart diagnostic imaging equipment to smart
patient aids the Indian medical devices sector is
embracing technological advancements at an unprecedented
pace. Artificial Intelligence (AI), the Internet of Things
(IoT), and machine learning are becoming integral
components of medical devices, enhancing their precision,
efficiency, and diagnostic capabilities.
Notably, as of 2020, the Indian medical
devices market was valued at $11 billion, holding a 1.5%
share in the global market. Ranked as Asia's
fourth-largest medical equipment manufacturer, India
produces over 6,000 types of devices. Projections indicate
that the market is expected to grow to an impressive $50
billion by 2025, with the sector maintaining a steady
Compound Annual Growth Rate (CAGR) of 15% over the last
three years.
The influx of new-generation technology
has sparked the growth of start-ups and enterprises,
creating a robust ecosystem that fosters innovation and
job creation. The demand for skilled professionals in
areas such as AI development, data analytics, and software
engineering has surged, providing a substantial boost to
India's workforce.
The integration of new-generation
technology has not only elevated the quality of medical
devices but has also transformed India into an exporter of
excellence. The diverse range of medical devices,
equipment, and software solutions manufactured in India is
finding its way into international markets, bolstering the
country's foreign exchange earnings, and positively
impacting the trade balance.
The global recognition of India as a
provider of technologically advanced medical solutions is
a testament to the sector's commitment to quality and
innovation. As the export market continues to expand, the
Indian medical devices sector is playing a pivotal role in
shaping the narrative of 'Make in India' on the global
stage.
The adoption of advanced medical
technologies is enhancing the efficiency of healthcare
delivery, ensuring that even remote areas have access to
state-of-the-art diagnostic and treatment options.
Smart patient aids, connected healthcare
devices, and remote monitoring solutions are becoming
instrumental in providing timely and personalised care.
This not only contributes to the overall well-being of the
population but also enhances the productivity of the
workforce, thereby making a direct and positive impact on
economic productivity.
Partnerships with global entities are
fostering technology transfer, knowledge exchange, and
foreign investments. These collaborations are not just
about economic gains; they are about positioning India as
a formidable player in the international healthcare
market.
The symbiotic relationships forged through
these collaborations are fostering an environment of
continuous learning and growth. The advent of
new-generation technology is not just a trend; it is a
paradigm shift that is redefining the
possibilities within the sector. From personalised
medicine to predictive diagnostics, the journey ahead is
marked by innovation, collaboration, and a
relentless pursuit of excellence.
(Deepak Sood is secretary general and
Dinesh Arora is co-chair of, the National Council on
Medical Devices and Diagnostics of ASSOCHAM; views are
personal)
22 December 2023
https://www.dailypioneer.com/2023/columnists/india-s-medicaldevices-soar-with-tech-innovation.html |
