BioVoice News & ICPA team presents India MedTech Handbook 2023 to Prof Ajay K Sood, PSA to Govt of India

New Delhi: Prof. Ajay Kumar Sood, Principal Scientific Advisor to the Government of India has appreciated the launch the maiden edition of ‘The MedTech India Handbook 2023’ to showcase India as a leading destination for global investment at an international forum.

On November 03, 2023, Rahul Koul, Chief Editor, BioVoice News and Dr Anil Chauhan, Founder Director, International Contract Pharma Association (ICPA) called on Prof AK Sood and presented him the physical copy of the handbook.

During the course of meeting, Prof Sood was provided an overview on the latest scenario in the medical technology industry in India including the opportunities and constraints faced by the companies in terms of regulatory scenario.

The handbook themed as “MedTech in India: A Promising Investment Opportunity” was earlier launched at the India Connect Pavilion by the Indian delegation during world’s largest medical technology event – The MedTech Conference on October 9, 2023 in Anaheim, California, USA. The event witnessed the participation of 200+ exhibitors, 4000+ executives, investors, decision makers from 60+ countries.

As India is fast emerging a leading destination for MedTech investments, this handbook will act as a pitch book for the Indian stakeholders. The handbook will offer valuable insights into India’s MedTech landscape, featuring trends and insights by top CXOs and policymakers. It will analyze long-term trends and offer a range of scenarios on how India’s medical technology sector might evolve up to 2030.

It will offer a series of deep dives exploring opportunities for international stakeholders to invest or partner in India. It will also highlight the government and private sector’s intent to attract international players to develop and manufacture for India and the rest of the world.

Apart from the sectoral analysis, the report also features leading figures from the industry and government agencies who share their valuable opinions on the trends within the sector.

The India MedTech Handbook 2023 can be accessed here.

The report has been supported by the Biotechnology Research Assistance Council (BIRAC), and Andhra Pradesh Medical Technology Zone (AMTZ). The industry contributors include Bioneeds India Private Limited, J Mitra & Co, Fujifilm India, Trivitron Healthcare, and Mylabs Discovery Solutions.

As of 2020, the medical devices market is estimated to be at US$ 12 billion in India, and it is expected to grow at a CAGR of 15%, which is 2.5 times the global growth rate. India is the 4th largest Asian medical devices market after Japan, China, and South Korea. The various reports suggest that the export of medical devices from India is expected to rise to US$ 10 billion by 2025.

With an enormous growth potential to reach US$ 50 billion by 2030, the Indian MedTech sector aspires to be among top 20 global hubs.