New-generation technology is redefining the health sector with personalised medicines and predictive diagnostics

A wave of innovation is propelling the nation into a new era of healthcare. Backed by a Thriving economy and a relentless focus on innovation, India has positioned itself as a global player in the medical devices industry. The sector's focus on research and development has given birth to a plethora of advanced medical devices and diagnostic tools, revolutionising healthcare services and positioning India as a global hub for cutting-edge technology. At the heart of this transformative journey is the infusion of new-generation technology into medical devices. From state-of-the-art diagnostic imaging equipment to smart patient aids the Indian medical devices sector is embracing technological advancements at an unprecedented pace. Artificial Intelligence (AI), the Internet of Things (IoT), and machine learning are becoming integral components of medical devices, enhancing their precision, efficiency, and diagnostic capabilities.

Notably, as of 2020, the Indian medical devices market was valued at $11 billion, holding a 1.5% share in the global market. Ranked as Asia's fourth-largest medical equipment manufacturer, India produces over 6,000 types of devices. Projections indicate that the market is expected to grow to an impressive $50 billion by 2025, with the sector maintaining a steady Compound Annual Growth Rate (CAGR) of 15% over the last three years.

The influx of new-generation technology has sparked the growth of start-ups and enterprises, creating a robust ecosystem that fosters innovation and job creation. The demand for skilled professionals in areas such as AI development, data analytics, and software engineering has surged, providing a substantial boost to India's workforce.

The integration of new-generation technology has not only elevated the quality of medical devices but has also transformed India into an exporter of excellence. The diverse range of medical devices, equipment, and software solutions manufactured in India is finding its way into international markets, bolstering the country's foreign exchange earnings, and positively impacting the trade balance.

The global recognition of India as a provider of technologically advanced medical solutions is a testament to the sector's commitment to quality and innovation. As the export market continues to expand, the Indian medical devices sector is playing a pivotal role in shaping the narrative of 'Make in India' on the global stage.

The adoption of advanced medical technologies is enhancing the efficiency of healthcare delivery, ensuring that even remote areas have access to state-of-the-art diagnostic and treatment options.

Smart patient aids, connected healthcare devices, and remote monitoring solutions are becoming instrumental in providing timely and personalised care. This not only contributes to the overall well-being of the population but also enhances the productivity of the workforce, thereby making a direct and positive impact on economic productivity.

Partnerships with global entities are fostering technology transfer, knowledge exchange, and foreign investments. These collaborations are not just about economic gains; they are about positioning India as a formidable player in the international healthcare market.

The symbiotic relationships forged through these collaborations are fostering an environment of continuous learning and growth.

The advent of new-generation technology is not just a trend; it is a paradigm shift that is redefining the possibilities within the sector. From personalised medicine to predictive diagnostics, the journey ahead is marked by innovation, collaboration, and a relentless pursuit of excellence.

(Deepak Sood is secretary general and Dinesh Arora is co-chair of, the National Council on Medical Devices and Diagnostics of ASSOCHAM; views are personal)