India's medical device industry to worth $250 billion by 2047
NEW DELHI: India's medical device industry is projected to become a significant global player with an estimated market size of $250 billion by 2047, as indicated by the FICCI-DUA Consulting White Paper titled 'Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable and Sustainable Medical Device Maintenance Ecosystem.' Currently valued at around $14 billion, the sector is expected to grow to $30-50 billion within the next decade.
This anticipated growth is attributed to increasing healthcare demands, the adoption of advanced medical technologies, government support for local manufacturing and India's goal to establish itself as a global MedTech hub.
The report acknowledges that while initiatives like the Production Linked Incentive (PLI) Scheme and the Strengthening of Medical Devices Industry Scheme have improved domestic manufacturing and global competitiveness, sustainable growth requires more than just manufacturing. Emphasis must be placed on building a top-tier ecosystem for servicing, maintenance, calibration, and lifecycle management of medical equipment.
Key aspects discussed include the critical role of medical equipment in modern healthcare, assisting in timely diagnoses, emergency responses, surgeries and advanced treatments. The value of these technologies is magnified when coupled with reliable servicing throughout their operational lifecycle. Effective maintenance is essential for enhancing patient safety, improving clinical outcomes, reducing equipment downtime, extending the lifespan of equipment, and optimizing healthcare investments.
To tackle the challenges within the sector, the White Paper recommends a risk-tiered hybrid maintenance framework aligned with the Central Drugs Standard Control Organisation (CDSCO) device classification system. This includes establishing maintenance protocols based on risk categories, creating a national certification structure for service engineers, enhancing technical training, promoting commercial model innovations and rationalising the fiscal framework to support compliant maintenance processes.
The report also encourages the broader implementation of digital technologies such as predictive maintenance and digital monitoring systems to bolster equipment reliability and reduce downtime. Overall, it outlines a detailed roadmap aimed at creating a safe, transparent and sustainable ecosystem for medical equipment maintenance.