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India's MedTech industry on the rise
EM - Efficient Manufacturing
|October 2023
As the nation strives to enhance its healthcare infrastructure and provide quality medical services to its vast population, the growth trajectory of the medical technology sector is becoming impressive. Here is an overview of the medical technology industry in India.
The medical technology industry is a vital sector that encompasses a wide range of products, devices and equipment used in healthcare to diagnose, treat and monitor patients. It plays a crucial role in improving patient outcomes, enhancing the quality of healthcare and increasing the efficiency of medical procedures.
India’s medical technology industry has been growing steadily, driven by factors such as a large and diverse patient population, increasing healthcare awareness and government initiatives to promote the domestic manufacturing of medical devices. In India, the industry is experiencing growth, driven by both domestic manufacturing and technological advancements, although it still faces challenges that need to be addressed for sustainable development.
The medical technology industry in India is experiencing an unprecedented surge, fuelled by a confluence of factors that position the nation as an escalating hub for innovation and production. A comprehensive, valid report underscores this growth, highlighting how the sector rapidly expands and attracts substantial investments. According to the latest information, the medical technology market in India is projected to reach almost $8 billion by 2025, a witness to the sector’s remarkable potential.
A closer look at the transformation reveals that technology plays a pivotal role in shaping the future of healthcare in India. Technological advancements are redefining diagnostics, treatment methodologies and patient care, improving outcomes and accessibility. The integration of digital health solutions, Artificial Intelligence (AI) and tele-medicine is ushering in a new era of healthcare delivery that is efficient, precise and patient-centric.
This story is from the October 2023 edition of EM - Efficient Manufacturing.
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