India’s MedTech sector projected to touch $50 billion by 2030: Dr Jitendra Singh

New Delhi, Oct 3 (IANS) India’s medical technology sector is valued at around $12 billion in 2025 and is growing at nearly 20 per cent annually, with projections to touch $50 billion by 2030, Dr Jitendra Singh, Minister of State (Independent Charge) for Science and Technology, and Earth Sciences, said on Friday.

India holds the promise of emerging as a global destination for cost-effective quality healthcare, the minister said while inaugurating a medical exhibition at Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST), Thiruvananthapuram.

The minister hailed the institution for producing high-quality medical devices at affordable prices and called for scaling up production and expanding awareness of these indigenous innovations.

He highlighted that SCTIMST’s contributions align with the Prime Minister’s vision of Atmanirbhar Bharat by reducing reliance on imports, Vishwabandhu Bharat by exporting devices like heart valves and MRI-compatible shunts and Viksit Bharat 2047 through revenue generation and industry partnerships in the private sector.

Citing examples, Dr Singh said the institute has already provided heart valves to over two lakh patients and advanced shunts to about 2,000 patients, while innovations like the Hemostasis Patch have proved critical in trauma and battlefield care.

He noted that such achievements are often under-recognised even within leading hospitals and called for scaling up production to make them more widely available.

Singh said that while SCTIMST has developed life-saving technologies, more needs to be done to ensure wider use and public awareness.

He suggested that the institute showcase its devices in central locations such as Delhi, involving civil society and stakeholders, so that the benefits of its work are better known.

The minister further stressed that SCTIMST represents a unique model in India by combining the “Four Ts” — Teaching, Training, Treatment and Trade — a concept common in some Western countries but relatively new domestically.

The institute, he said, not only educates and treats but also generates economic value through manufacturing.

He added that the institute can contribute to India’s emergence as a global hub for cost-effective healthcare and medical tourism by 2047.

–IANS

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