Bio Spectrum - July 2024

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MediTech Stackathon 2024 to Drive Explosive Growth
India's medtech industry holds immense potential, with projections estimating a growth rate of 28 per cent annually, reaching a size of $50 billion by 2030. Currently, India is the fourth largest market for medical devices in Asia and among the top 20 globally. Net imports for 2022-23 stands at $4.101 billion with import coverage ratio of 0.45. The sector has witnessed a surge in imports, driven primarily by countries like the US, China, and Germany, however, India's robust policy ecosystem presents opportunities for exports and reducing import dependence through domestic manufacturing. Exports have overtaken imports in consumables and disposables during last year. The industry now needs to continue with the momentum in other pillars of the medtech sector. Against this backdrop of immense potential, the Department of Pharmaceuticals launched Meditech Stackathon 2024, which
seeks to harness the collective expertise of stakeholders to propel the industry towards unprecedented heights of innovation and self-reliance. With optimal support and participation from all stakeholders, initiatives like Meditech Stackathon will take the Indian medtech industry to the next levels to become self-reliant.