The MedTech industry is fast-evolving within the geographical boundaries of our nation if it hasn’t already! This blog will bring you up to speed regarding major breakthroughs in this sector. #ThinkWithNiche
Medical Technology is the newest segment to enter the healthcare systems world. The segment provides a wide range of diagnosis, prevention, monitoring, treatment, and patient care products/devices. With IT connectivity, these devices are sure to change the medical field as we know it. This article includes devices such as smart inhalers, robotic surgery, wireless brain sensors, 3D printing, artificial organs, and health wearables.
A brief history of medical technology
In the year 1550, Hippocrates defined a medical device as "a machine for the aid of the physician." Three centuries later, during the first world war, the British started manufacturing surgical knives and forks. The primary reason for this advancement was the shortage of fresh meat during the war and the need to use every last scrap.
Surgical knives and forks would later evolve into the first true medical devices. During World War II, the governments of the world came together for war efforts and developed a mechanized health care system. Most European countries went on to implement their national medical programs.
One of the first such programs was the United Kingdom's National Health Service (NHS).
The contribution of Medical Technology in healthcare
The wide variety of medical technology products makes up the scope of this sector and forms the basis for the vast and increasing healthcare market in India.
The global medical technology market is currently estimated to be worth over $253 billion, and the MedTech sector in India is expected to grow at a healthy rate over the next few years. One of the main reasons for this is the increasing number of established medical devices companies based in India. Medical devices are an essential part of medical care. From diagnostic equipment to surgical instruments, these tools have helped save lives for centuries.
Challenges faced by the MedTech industry
As in the healthcare industry, the need for innovation has always been on the rise. Hence the MedTech industry offers tremendous scope for new innovative solutions that can impact the healthcare industry for the better. In this age of technology and the need for innovation, some factors are inhibiting the growth of the MedTech industry in India:
The healthcare scenario in India is not that favorable. Healthcare expenditure in India is still inadequate. Further, the problem lies in the fact that people think that medical devices are expensive. This leads to the high cost of medical devices.
Opportunities within the MedTech sector
India is a key hub for medical device manufacturers. Over 30% of global medical device revenues come from India. The main reason for this is the extremely low production costs for the country. With 80-90% of the costs coming from labor, companies in India can offer products at a fraction of what they could be expected to be produced in developed nations.
Apart from this, major benefits include growth opportunities due to a lower population burden, in comparison to developed nations, and the favorable regulations in the country that have helped patients in need receive the medical treatment that they require. For instance, the country has an active e-health platform, one of the few in the world.
Health Tech Startups in India
According to resources, India is projected to be a global market leader for medical and health tech, which is a huge opportunity for the global MedTech industry. This is due to its growing disposable income, educated population, technological advances, rapidly increasing healthcare sector, and rising demand for advanced medical devices. There are a huge number of health tech startups in the country, and with time, we will see a greater number of them rise to prominence.
The increasing number of health-tech startups in the country shows a clear need for health insurance schemes and innovations in this sector.
In the beginning, we discussed the various macroeconomic factors and sectors that have the potential to shape the Indian market. We then took a look at the various players in the Indian Medtech sector, summarizing some of their products and company details along the way. With that said, the most important part of this article was to discuss the Medtech Sector in India in detail and to provide you with the basic information and insights that you need to know before venturing into this space.
The medical technology sector in India offers a wide array of opportunities and strategic use cases. It has not only the potential to disrupt existing markets but also offers investors several investment opportunities.