The medtech sector in India is poised for rapid growth and development in the coming years, with a range of initiatives and policies set to enhance the industry. The government’s introduction of the Medical Devices Bill in 2023 is expected to streamline regulatory oversight, making it easier for both domestic and imported devices to enter the market. Additionally, the production-linked incentive (PLI) scheme is set to bolster domestic manufacturing by expanding the range of eligible products and extending the duration of the scheme.
Cross-industry collaboration, particularly with the expanding electronics and chip manufacturing sector, is also expected to benefit the medtech supply chain in India. By fostering innovation and design within the country, India aims to position itself as a global leader in healthcare technology.
However, challenges remain, particularly in the allocation of healthcare spending, which has not increased in recent years despite rising medical inflation. To ensure sustained growth in the medtech sector and provide adequate healthcare to the population, healthcare spending must increase to 3% of GDP.
Export incentives and schemes such as RoDTEP are expected to boost medtech exports to developed markets, while simplifying the GST structure could streamline compliance for industry players. Overall, the medtech sector in India is poised for significant growth and transformation by 2025, with a focus on innovation, collaboration, and policy reforms driving the industry forward.
