India faces a formidable public health problem, with tuberculosis claiming over 900 lives daily, 95% of the population living in malaria-endemic regions, the highest global number of diabetic patients, and heart disease striking 10-15 years earlier than in the West. The list of preventable diseases causing widespread mortality is long. Yet, the future holds promise. Advancements in the sector, particularly in local research and development of low-cost medical devices, offer hope in tackling some of the domestic health challenges. This progress is a beacon of optimism for many invested in this critical space.
The MedTech sector in India presents a landscape of opportunities and significant challenges. As the industry evolves, several factors shape its trajectory and impact on public health.
India’s MedTech market is a hotbed of innovation. The market is expected to grow at a CAGR of 15.4% from 2020 to 2025 (HolonIQ. Global Impact Intelligence). Every other founder seems to have a groundbreaking device that pushes the boundaries of what technology can achieve in healthcare. For instance, products by HealthCube provide quick and accurate diagnostic results which can help to reduce the burden on healthcare facilities and enable timely medical interventions. The ecosystem has reacted positively to such innovations, with healthcare providers acknowledging the benefits of faster diagnostics and improved patient care. According to a report by the Public Health Foundation of India, timely diagnostics can reduce the disease burden by 30-50% (PLOS).
But pushing the boundaries always comes with challenges
While innovation is rampant, regulatory challenges pose significant hurdles. According to the World Health Organization, outdated regulations can delay the approval of new medical technologies by an average of 3-5 years (PLOS). The regulatory bodies in India must balance ensuring patient safety and fostering innovation by updating guidelines to reflect the latest technological trends. Streamlined and adaptive regulatory processes are essential to prevent roadblocking important innovations and to keep pace with rapid technological advancements.
Reaching to the masses
Affordability and accessibility of advanced medical devices remain major concerns, especially for buyers in both public and private sectors. Despite India having some of the best doctors, educational institutions, and hospitals, quality healthcare is often inaccessible to the masses, particularly in rural areas. The proliferation of low-cost internet access and Android devices presents a unique opportunity to bridge this gap. Innovations in telemedicine and remote diagnostics can revolutionise access to healthcare in remote and underserved regions.
Joining hands for building crucial ecosystem
The government plays a crucial role in the MedTech ecosystem. As the largest spender in healthcare, the government is a vital partner for MedTech innovators. Public-private partnerships (PPP) are essential to scale innovations and make them accessible to the masses. Innovators must work closely with government bodies to get their technologies accepted and distributed widely. Leveraging Corporate Social Responsibility (CSR) funds is another avenue through which MedTech companies can drive healthcare access and adoption.