New Delhi: Union Minister of State (MoS) in the Prime Minister office Dr Jitendra Singh on Wednesday said, the Healthcare sector in India is expected to grow to reach a size of $50 billion by 2025.
Addressing the 14th CII Global MedTech Summit titled “Seizing the Global Opportunity”, Dr Jitendra Singh said, under Prime Minister Modi, healthcare has become more focused on innovation and technology over the past two years and 80 per cent of healthcare systems are aiming to increase their investment in digital healthcare tools in coming five years.
“Telemedicine is also expected to reach $5.5 billion by 2025′ he added.
Dr Jitendra Singh said, the prime objective of the government is to reduce import dependence from 80 per cent to below 30 percent in next 10 years and ensure self-reliance quotient of 80 per cent in Med-Tech through Make in India with SMART milestones.
Dwelling on the Vision @ 2047, Dr Jitendra Singh said, it is expected that India becomes one of the top markets in medical devices upwards of 14 per cent-15 per cent.
“This global position is attainable by achieving the targets set in the National Infrastructure Pipeline 2020, to build 73 new medical colleges to increase domestic consumption and improve healthcare infrastructure” he added.
The Minister added India aims to achieve 10-12% of the global market share of the medical devices sector to arrive at a $100-300 billion industry, adding that the country will have about 50 clusters for faster clinical testing of medical devices to boost product development and innovation.
He further added that what is going to drive this sector forward are life expectancy, shift in disease burden, changes in preferences, growing middle class, increase in health insurance, medical support, infrastructure development and policy support and incentives.