When can India become a global gateway for the medtech industry?

Over 70 per cent of innovations by Indian medical technology startups are powered by digital integration, driven by a convergence of factors accelerating the industry's growth, according to a recent report by EY. Additionally, government initiatives are playing a pivotal role in positioning India as a global medtech hub. And the growing US FDA approvals is providing the required recognition to Indian medical technologies. Would these developments eventually lead to import independence for the Indian medtech sector?

- Vrushti Kothari

The Indian medtech market, valued at $12 billion in 2023-24, is projected to reach $50 billion by 2030, with India's global market share set to grow from 1.65 per cent to 10-12 per cent over the next 25 years. Further, Indian medtech exports reached $3.8 billion in 2023-24, with the US as the primary market. Although India is still import dependent in the medtech sector, the growing number of startups in this space are moving the tailwinds in a global direction.

Over the past few years, medtech startups have emerged as trailblazers, using innovation to bridge gaps, solve pressing challenges, and unlocking new possibilities in healthcare. This growth is particularly crucial in India, where healthcare challenges include vast geographical disparities, increasing disease burdens, and affordability constraints.

For example, artificial intelligence (AI)-driven diagnostic solutions are helping healthcare providers detect diseases at earlier stages, while wearable devices are empowering individuals to monitor their health in real time. As a result, Indian medtech startups are actively integrating digital solutions such as AI, IoT, and cloud computing to democratise healthcare with portable devices, remote monitoring and screening tools. Taking a few examples, BrainSight AI, a Bengaluru-based deep-tech neuroscience startup, is revolutionising the diagnosis and treatment of complex brain disorders through its technology platform, VoxelBox. Likewise, another Bengalurubased startup 4baseCare is using advanced genomics and digital health technology to offer cutting-edge precision oncology solutions.