New Delhi, December 19 (IANS). The size of the Indian medical device sector is expected to grow to $30 billion by 2030. This statement was given by Union Minister of State for Health and Family Welfare Anupriya Patel on Thursday.
Addressing the 21st health summit of the Confederation of Indian Industry (CII), Patel said India is the fourth largest medical device market in Asia after Japan, China and South Korea. India is also among the top 20 global medical device markets in the world.
Patel further said that the medical device sector in India is recognized as an emerging sector as it has immense growth potential due to the country's growing healthcare needs, technology innovation, government support and emerging market opportunities.
He further said that the size of the Indian medical device sector is about $14 billion, which is expected to increase to $30 billion by 2030.
The Minister of State said that the MedTech industry acts as a catalyst connecting patients, payers, providers and regulators to create a stronger and more equitable healthcare system.
He also informed about the launch of the government scheme to promote medical device parks with an outlay of Rs 400 crore, providing Rs 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh and Himachal Pradesh for infrastructure development. Have gone.
Apart from this, the Union Minister also spoke about the government's efforts to strengthen the medical device ecosystem, promote domestic manufacturing and research, enhance skill development and increase India's share in the global market.
Patel also highlighted AI innovation in healthcare to create new ways to facilitate healthcare services and address challenges while exploring new opportunities.”
–IANS
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