Medical Technology

India to Capture 10% of Global Medical Technology Market by 2025

Global-Medical-Technology-Market

A press conference was organized by the Department of Biotechnology, Ministry of Science and Technology, Government of India on 12th January, 2016 from 12.00 noon at the CSIR Science Centre, New Delhi. The theme was on Med-Tech Innovation for Make-in-India, Minister for Science and Technology and Earth Sciences, Dr. Harsh Vardhan presided over the press conference and shared details on new affordable products developed, which are of societal and public health relevance. Dr.Vijay Raghavan, Secretary, DBT, and other senior DBT officials were present at the event.Global-Medical-Technology-Market

The Minister while addressing the press conference said, “The ‘Make in India’ initiative led by the Prime Minister aims to transform the country and propel the country to greater heights. Innovation in healthcare and medical technology is especially of paramount importance and can accelerate the country’s social and economic growth. The Department of Biotechnology, since its inception, has spearheaded biomedical research in the country and continues to do so and I commend their remarkable achievements which has led to the improvement of the lives of millions (lakhs) of Indians.”

The Minister informed the gathering that:

  • Medical technology industry in India is currently the fourth largest in Asia; and India was valued at US$6.3 billion in 2013
  • Growing at 10-12% per year until 2025 implies an overall healthcare spend of US$250-350 billion
  • Current penetration levels of 8% implies a domestic market of $20-25 billion
  • Globally the medical technology market is expected to be $600 billion by 2025 implying a manufacturing base of $200 billion by then
  • India will capture 10% of that share by 2025 in line with China’s share today. This will lead to an opportunity of at least $20 billion by 2025
  • Indian device market consists of medical instruments, orthopaedic and ophthalmic devices, syringes, needles, catheters, scanning devices and bandages

Realizing the need for medical technology innovation, the Department of Biotechnology is promoting this sector by supporting various programmes across the country, which have successfully resulted in affordable products of societal and public health relevance.

This area has seen a large number of successful scientists’ entrepreneurs and young start-ups building their own enterprises. The complete value chain form product innovation to commercialization has been facilitated and today, we have about 40 medical devices and diagnostics some of which have received USFDA clearances.

Biodesign programme is one of the examples of inclusive medical technology innovation. This is based on a novel approach of end-to-end process that begins with idea generation through clinical immersion up to commercialization by a multi-disciplinary team comprising a physician, engineer, product designer, and an entrepreneur. The objective of this programme is to train the next generation of medical technology innovators who will in turn focus on invention and early stage development of low-cost new medical technologies for the Indian population. The aim is to develop simple, rapid, indigenous, low-cost medical devices and implants by applying 4 components i.e., affordability, accessibility, availability and appropriateness.

Under this initiative, several indigenous technologies have been developed to address unmet medical needs of India. As an outcome, more than 100 innovators have been trained. Several national and international patents have been filed.  About 30 prototypes have been developed. 9 start-up companies have been established by the Fellows and interns of this programme. 13 technologies have been licensed and 9 start-up companies launched. International collaborations have been established with Stanford University, USA; QUT, Australia; and Tottori University, Japan.

 

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