The future of India’s medical device business is going to move forward very fast. Its expansion is expected to reach 250 billion dollars in the coming time. The report released by FICCI-DUA Consulting states that by expanding rapidly in the coming years, it can reach a market of $ 250 billion by the year 2047. The white paper released at the inaugural session of the 9th edition of ‘India Medical Devices 2026’ organized by the Department of Pharmaceuticals in collaboration with FICCI on Friday (August 7) said that India’s medical device industry, currently valued at around $14 billion, can reach $30-50 billion by the end of this decade and is likely to grow to $250 billion by the year 2047.
The report said that the increasing need for health services in the country, rapid adoption of cutting-edge medical technologies, government policies promoting indigenous manufacturing and the ambition to make India a global medtech hub will be the main reasons for the rapid growth of this sector.
Considerable increase in domestic manufacturing capacity
According to the report, government initiatives like Production Linked Incentive (PLI) Scheme and Medical Device Business Strengthening Scheme have significantly increased domestic manufacturing capacity. These schemes have also strengthened India’s global competitiveness. The report emphasizes that the long-term success of the medical device industry will not only depend on manufacturing of devices, but it will also be equally important to develop world-class systems for servicing, maintenance, calibration and management of the entire lifecycle of medical devices.
The report further said that in modern health services, medical devices have become the backbone of timely disease diagnosis, emergency treatment, surgery and advanced medical services. Therefore the real importance of these equipment is not limited to their purchase but it is also extremely important to ensure reliable maintenance throughout their use.
Medical device maintenance enhances safety
It said that regular and scientific maintenance of medical devices enhances patient safety, improves the quality of treatment, reduces the downtime of equipment, increases their efficiency and lifespan and ensures better utilization of investments made in the health sector. To address these challenges, the report recommends a risk-based composite maintenance framework based on the device classification system of the Central Drugs Standard Control Organization (CDSCO).
The report suggests designing maintenance protocols according to different risk categories, developing a national level certification system for service engineers, strengthening technical training, promoting innovation in business models and making the financial structure related to maintenance more practical.
The report also recommends large-scale adoption of modern digital technologies such as predictive maintenance, digital monitoring systems and lifecycle management systems to increase the reliability of medical equipment and reduce downtime.
Source: ndtv.in
