Indian Healthcare Industry Eyeing to reach US$ 372 Billion by 2022
The growth of the Indian Healthcare and Medical device industry shows an upsurge over the years and the same is poised to reach US$ 372 Billion and US$ 15 Billion by the end of 2022.
The growth of the Indian Healthcare and Medical device industry shows an upsurge over the years and the same is poised to reach US$ 372 Billion and US$ 15 Billion by the end of 2022. CAGR growth of the Indian Hospitals Industry is more than double that of Global scenario where it is growing at a rapid rate of 16 to 17 Per-cent where as the global growth is valued at 6 to 7 Per-cent.
The Covid’19 era was an eye-opener for the Indian Healthcare system and medical device indus- try in particular as they have shown tremendous courage and stood up to the challenges and swung into action while saving important patient lives.
The Rising income levels, ageing population, growing health awareness and changing attitude towards preventive healthcare is expected to boost healthcare services demand in future.
Conducive policies for encouraging FDI, tax benefits, and favourable Government policies cou- pled with promising growth prospects have helped the industry attract private equity (PE), ven- ture capitals (VCs) and foreign players.
India climbed to the 63rd rank among 190 countries in World Banks ‘Ease of Doing Business’ rankings in 2020. In FY19, Indian healthcare sector stood as the fourth-largest employer as it employed a total of 319,780 people. The sector is expected to generate 40 million jobs in India by 2020. The Asian Research and Training Institute for Skill Transfer (ARTIST) announced plans to create around one million skilled healthcare providers by 2022 and India are in the for front for the same
Today, the Indian Medical device industry is on its pathway towards ‘A $50 Billion MedTech vision by 2030’.
To act as a catalyst to this and under the aegis of AMTZ- The Andhra Pradesh Medtech Zone Ltd, we in association with Medical and Healthcare fraternity in India alongside ICEXPO, are organizing the India International Medical Equipment and Hospital’s Need Expo and Summit. The show all set to take place from the 11th to 13th of December 2021.
The Three days of hybrid show is supported by its industry stakeholders- Invest India- The Investment Promotion Council, The Association of Healthcare Providers India (AHPI), Consortium of Accredited Healthcare Organisation (CAHO) The Association of Indian Medical Device Industry (AiMed), Association of Diagnostics Manufacturers India (ADMI), Force BioMedical and the Public Procurement Group. Dignitaries and Industry associates will congregate for a high-level discus- sion forum at the three days of summit and expo as we forge a robust pathway towards ‘A $50 Billion MedTech vision by 2030’
Industry specific Conferences, Plenary Sessions, Procurement workshops, B2B and B2G meet- ings and Doctors’ CMEs and Healthcare Excellence Awards will run parallel to the exhibition alongside special sessions portraying India- as the Next Investment Frontier in MedTech. The entire expo and summit has been planned as a tribute to the 90th birth anniversary of the Great Visionary. Dr. Abdul Kalam and thus we are hosting the same at the Kalam Convention Centre at the AMTZ campus, Vizag.
The three days of exhibition will also be focussing more on the development of the Indian Medical devices and Healthcare industry highlighting the Atmanirbhar Bharat vision of Shr. Narendra Modi Ji, the Honorable Prime Minister of India.
“ MedTech is the next sunrise sector for global economy. Rapidly growing at an unprecedented pace, it has the capability and potential to boost patient care, affordable health, tech develop- ment and economic prosperity. Let’s explore this unique opportunity to learn together, grow to- gether and explore collaborative strategies for milestones that we can reach collectively.
The ICEXPO- Medical Devices will be a historic and unique gateway to enhance our synergies to boost care, capacity and creativity in Med Tech”— quoted as saying Dr. Jitendra Sharma, Manag- ing Director and CEO of Andhra Pradesh Medtech Zone Ltd (AMTZ)
On the occasion of the Curtain Raiser of the event in New Delhi, Mr. Rajiv Nath, Forum Coordina- tor – Association of Indian Medical Device Industry and Managing Director of Hindustan Sy- ringes & Medical devices quoted as “IIME/IIHN will display the capabilities of Indian Medical de- vice manufacturer beyond what they have proven. Indian manufactures are helping India from being imports dependent to becoming self dependent and export capable as desired by Honor- able Prime Minister”
Dr. Sanjay Agarwal the President of Consortium of Accredited Healthcare Organisations in India has mentioned “CAHO supports Healthy India Vision 2025. We at CAHO are committed to pro- mote patient safety and quality in healthcare delivery. Technology will play a huge role in making healthcare accessible, safer and affordable.The theme of the Expo in December 2021 is trans- forming India’s healthcare technology-paradigm is very appropriate.”
Veena Kohli the CEO of Vangaurd Diagnostics said “when the pandemic happened the first call of duty fell on Diagnostics. To facilitate testing, tracking, isolation and treatment. By April 2020, we already had RTPCR based test for detection of Covid -19 which was developed and manufactured by an Indian Startup company. The primary requisites of innovation, quality was already established. With first launch of the RTPCR test it became common and democratize. Today in a position to manufacture 100 Lakh of RTPCR test every day and equal number of test for RNA extraction. We can manufacture 75 Lakh test of Covid – 19 antigen, more than 50 lakh test for antibody detection both in the rapid card format and alizer format. With so much of manufacturing capacity and domestic consumption 7,300 Crores of Rupees were added to the market size in the year 2020 just by the COVID – 19 products. Though, the NON – COVID products grew by 50%. Yet the overall market grew by 33% over the previous year. In 2019 the Market size was 7,500 and in 2020, the market Size was to 10,000 Crores Indian Rupees. And our centralized ratio was in 2019 was 40% and in 2020 goes to 50%. Today we have 3,013 laboratories run by Govt. and private that are approved by ICMR. The fabric of the Indian diagnostics industries has undergone change in the pre-pandemic and post-pandemic times.”