Medtech industry: Glimpse to the future
Dr Nimish Shah, Vice President-North America Sale and Marketing, Nexdigm highlights that the medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business.
The Indian healthcare sector has witnessed some transformative changes in the last decade. Stakeholders across the industry have been active participants in this journey. Although the pandemic brought adversities, it also led to the sector leapfrogging in adopting digital technologies to deliver healthcare.
The medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business.
The Medtech industry has grown steadily over the past decade and is expected to grow from US$ 12 billion to US$ 50 billion by the end of this decade. There are two broad ways to achieve this growth: to increase exports of devices manufactured in India and to move up the value chain by delivering new and innovative products. Over the next few years, the industry will focus on keeping innovation at the heart of everything.
