Advances in Medical Devices and Medical Electronics both the medical field and technology have advanced together for quite some time. Constant improvements in medicine and drugs have helped save millions of lives and greatly enhanced the quality of countless more. There is no way to predict the future of medicine given the exponential growth of new medical technologies throughout the years.
Upcoming medical device themes include reducing the potential for infection, making better use of health data, and automating tedious tasks. Artificial intelligence (AI), analytics, robots, and immersive technology are only some of the tools used by the medical device industry. In light of these developments, medical equipment is becoming both more effective and more reasonably priced.
The healthcare sector in India has seen rapid expansion and major change during the last decade. However, there are still many obstacles to lowering the cost of and expanding access to healthcare in the nation. The market for medical equipment in India might increase by 28% annually, reaching $50 billion by the year 2030.
Consumables and implants, diagnostic imaging, equipment and appliances, patient assistance and, others, make up the four main subsectors of India’s medical devices market. According to research, the worldwide market for medical devices is expected to increase from $495 billion in 2022 to $718.92 billion by 2029, representing a CAGR of 5.5% throughout that time period. When it comes to the need for medical equipment in Asia, India ranks fourth. The combined revenues of the major multinationals and the small and medium-sized businesses operating in the Indian market are predicted to total roughly $12 billion.
Over 80% of India’s medical gadgets are imported, and the nation is very reliant on foreign suppliers, especially for cutting-edge technology like cancer diagnostics, medical imaging, ultrasonic scanning, and polymerase chain reaction technologies. The government’s draft policy on medical devices suggests that India has a relatively small part of the worldwide market (1.5%) and that the industry is still in its infancy in the nation. Ventilators, RT-PCR kits, infrared thermometers, personal protective equipment (PPE), and N-95 masks were only some of the medical instruments and diagnostic equipment manufactured in India that were put to use during the Covid-19 epidemic. Yet, most domestic manufacturing occurs at a lower stage in the technological value chain. Local manufacturers in India tend to cater to the low- and middle-income sectors of the market, and hence invest much of their R&D resources towards creating low-cost medical devices for the Indian market.
According to official statistics, over 65% of India’s manufacturing sector consists of home-grown companies serving the domestic market with just a small percentage of output destined for export.
Current barriers
In an effort to boost local production, bring in major investments, and cut down on imports, the government has just announced a production-linked incentive (PLI) plan for the medical device industry. Although initiatives like Made in India and Atmanirbhar Bharat are commendable, Indian manufacturers are still a long way from being self-sufficient enough to consistently turn out world-class goods. For several reasons, the Indian medical devices industry has a bleak future.
High startup costs, a lengthy development cycle, and the need to constantly introduce new technologies need ongoing training of healthcare personnel to adapt to new technology in order to facilitate fast innovation in the healthcare industry. Before they can be sold to the public, medical devices must go through rigorous testing to ensure their safety, quality, and effectiveness according to procedures established by the regulator.
Role of the government
The government not only acts as a buyer/user of medical devices in its health facilities, but also as a policymaker/regulator for medical devices and the wider healthcare sector development agency/authority for supportive expansion of the business. Considering this, government policy interventions are necessary for the medical devices sector, the larger medical devices ecosystem (including suppliers and consumers), and the macro environment in order to establish a favorable business atmosphere.
Realizing potential of ‘Make in India’ for medical devices
There is an urgent need for the Government, Industry (Medical devices players, healthcare providers, and health insurers), and other stakeholders (academia, research institutions, and funding agencies) to step up and, make coordinated and concerted efforts to promote indigenous manufacturing for ‘Make in India’ to realize its vision and objective in the healthcare sector. The Government of India has played a crucial role in fostering an enabling legislative and regulatory environment and outlining a strategy for the expansion of domestic medical device production. At the same time, businesses should collaborate with the government to promote innovation and indigenization within their ranks, which would lower costs and increase the quality of care provided to the public.
India’s medical device industry is projected to reach $11 billion by 2020, accounting for 1.5% of the worldwide medical device market. According to official statistics, this industry in India has been expanding rapidly at a CAGR of 10–12% during the last decade.
During the next quarter-century, India’s medical-devices sector has the potential to overtake the rest of the world in terms of production and innovation. Our goal is to strengthen ties between the medical device and pharmaceutical industries and universities by creating a more conducive environment for medical innovation.
India is the 20th biggest medical device market in the world and is the fourth largest in Asia. A survey by the Indian Brand Equity Foundation (IBEF) projects that the market for medical devices in India would increase at a CAGR of 35.4%, from an estimated $11 billion in 2020 to $50 billion in 2025. Nonetheless, at present, imports make nearly 80% of total sales in the country’s medical device sector.
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Takeaways
The field of medicine is one that is ripe for further innovation and growth, and it is now experiencing a period of fast progress. Exciting new developments have occurred in the previous several years in the fields of medical imaging, wearable technology, 3D printing, and medical cables. Improvements in these and other areas, as well as breakthroughs in areas we haven’t even thought of yet, are on the horizon.
Developing items that better benefit mankind requires having access to the right resources and faith in the efficacy of the gadget or equipment you’re using to make it. Consistent and precise performance during the lifespan of a device is essential to the advancement of medical technology. It is difficult to forecast the precise effects of advances in medical technology on the fields of medicine and clinical investigation. While these five emerging technologies show promise of having a major effect on patients by 2023, they are only a sample of the many innovations now under way. The biopharma/biotech business must ensure it utilizes one or more of the forthcoming advancements in healthcare technology to stay up with the ever-increasing pace of technological advancement in the healthcare sector.
Additionally, despite recent enormous advancements in healthcare technology, the clinical trial sector has been slower to implement these innovations. For effective and timely clinical trials, it is essential to work with a CRO that stays abreast of technical developments. The utilization of electronic data capture, electronic source document, electronic medical record, and electronic patient report technologies are all hallmarks of a technologically advanced contract research organization (CRO).
