Indian MedTech industry could touch 50 billion US dollar, says CII report

CII

New Delhi, Aug 17: The medical technology industry in India, the size of which is just USD 6.3 billion at present, has the potential to expand to USD 50 billion by 2025 if it receives appropriate policy support from the government, the Confederation of Indian Industry (CII) has said in a report.

The medical technology sector covers medical devices, equipments and diagnostics that are used as part of healthcare services rendered to the patient.

“To develop a clear roadmap for making India a global hub for the medical technology sector, we have prepared a vision document in partnership with the Boston Consulting Group (BCG),” said Pavan Choudary, Chairman of the Medical Technology Division of CII and Managing Director, Vygon India.

The vision document, entitled ‘Revitalising Manufacturing and Innovation to Realise the USD 50 billion Potential’, is scheduled for release at the 7th Medical Technology Conference being organised by the CII Medical Technology Division in New Delhi on August 20.