Page 10 - MMI- Aug2022

IMTMA’S DESK

IMTEX 2023: REVOLUTIONIZING MEDICAL

DEVICES INDUSTRY

The Indian machine tool industry has been supporting the medical sector by
developing the required machinery and equipment. The upcoming IMTEX
2023 is to bring forth the advancements in the sector and the potential it holds
for the machine tool industry.

Source: Magic Wand Media

he COVID-19 pandem- needs to keep itself on top in China, and South Korea. The
T ic, critical illnesses like terms of accessibility, affordabil- sector has been growing con-
cancer, the growing
sistently at a CAGR of around
ity, safety, and quality, besides
demand for home monitoring keeping itself self-sustainable 15 percent in recent years.
medical devices and instru- and innovative.
ments for high-end surgeries, Investments and imports
etc., is leading to heightened de- Size of the medical devices As per the Government of In-
mands from the medical devices market dia’s estimates, there are around
industry for sophisticated medi- According to a report by Astute 750-800 domestic medical device
cal equipment. Globally, as well Analytica, the global medical de- manufacturers in India, with an
as in India, technological ad- vices market is expected to cross average investment of US$2.3-2.7
vancements and the Internet of US$625 billion by 2027. The million and an average turnover
Medical Things (IoMT) are mod- Indian medical devices market of US$6.2-6.9 million. Around 65
ernizing the healthcare seg- was valued at around US$10 bil- percent of the manufacturers
ment, leading to a surge in de- lion in 2020 and is expected to are domestic players operating in
mand for products and services reach around US$50 billion by consumable segments meeting do-
from the Machine Tool industry. 2025, according to the Govern- mestic needs.
The contribution of the Indian ment of India estimates. In terms India imports high-end medical
Medical sector came to the fore of the market size, India ranks equipment; more than 75 percent
during the pandemic, with among the top 20 markets in the of the medical devices used for di-
many firms manufacturing world for medical devices, and agnostic and testing are imported
th
medical devices and diagnostic the country is the 4 largest in from the US (21%), Germany (14%)
Source: IMTMA kits. The industry, however, Asia, ranking just below Japan, Singapore (11%), and China (10%).

10 | July-August 2022 Modern Manufacturing India