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India to become global hub of medical technology devices by 2050
The Minister underscored that the government is committed to strengthening the indigenous manufacturing ecosystem.
Dr Jitendra Singh at the 8th CAHOTECH, Annual International Healthcare Technology Conference / (Image: Ministry of Science and Technology
India has emerged among the world's top five healthcare manufacturers, but at a much lesser cost, India's Minister of Science and Technology, Dr Jitendra Singh said while delivering the inaugural address at the 8th CAHOTECH, Annual International Healthcare Technology Conference on October 7.
Dr Singh emphasized that the country is manufacturing life-saving high-risk medical devices at a fraction of the cost that the others. “India is set to become the global hub of medical technology and devices with the market size estimated to grow up to US$ 50 billion by 2050 from the present US$11 billion (approx. ₹90,000 crore). From a market share of 1.5 per cent, we hope to increase India’s market share to 10-12 per cent over the next 25 years,” he said.
Highlighting the government’s commitment to strengthening the indigenous manufacturing ecosystem, the Minister stressed that the National Medical Device Policy 2023 and the setting up of the Export-Promotion Council for Medical Devices are aimed at making India the medical devices manufacturing hub.
Mentioning technological developments, Dr Jitendra Singh said technologies such as the ones developed by the Sree Chitra Tirunal Institute of Medical Sciences and Technology, Thiruvananthapuram, like the artificial heart valve, hydrocephalus shunt, oxygenator and drug-eluting intra uterine device are being manufactured only in the US, Japan, Brazil and China.
“The world-class medical devices made indigenously are available to Indian patients at approximately one-fourth to one-third price of their imported counterparts.” He mentioned the high-powered Magnetron developed by CSIR-CEERI (Central Electronics Engineering Research Institute), Pilani for commercial use by oncologists to treat even 2 mm diameter brain tumours with precision radiation with very few side-effects.
Dr Singh also recollected the launch of the country’s first Indigenously developed, affordable, lightweight, ultrafast, high field (1.5 Tesla), next generation Magnetic Resonance Imaging (MRI) scanner in New Delhi, in August 2023.
“With the indigenous MRI scanner, the cost of MRI scanning is expected to reduce considerably for the common man thus allowing a wider access to the otherwise highly priced MRI scans. Additionally, the capital investment of procurement of MRI scanners from the international market will be substantially reduced which in turn will save a lot of foreign exchange,” he said.
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