Muralidhar Nair, Manufacturing Director, APAC, Ethicon and Supply Chain Lead, J&J MedTech India, in an interaction with Industry Outlook, shares his views on the issues pertaining to usage of medical devices for chronic disease management, integration of data obtained from medical devices and more.
The global medical devices market is expected to become worth 850 billion USD by 2030. How is the medical device industry developing in India?
India's medical device
market is expected to develop steadily with a CAGR of almost 10 percent, outpacing the global market's anticipated growth rate of 5 percent. With a $40 billion annual turnover, India will be the fifth-largest market for medical equipment
There are multiple factors influencing the growth of this market. For example, with an average life expectancy of Indians rising to 70 years, in the coming days the number of non-communicable diseases like obesity, cardiovascular, cancer, orthopedics, diabetes, respiratory, and more will surge, eventually comprising about 75 percent of all disease burden by 2030.
Furthermore, the government of India is also playing an effective role in propelling the growth of the medical device market. Schemes and policies like allowance of 100 percent FDI in medical device industry, PLI scheme, medical devices rules 2017, Ayushman Bharath scheme, and more have incurred a lasting effect on healthcare landscape.
Today, most of the Indian state governments have also focused on health schemes and have significantly increased their spending in government hospitals across India. The increased spending by both the state and central governments, to promote Make in India, has given a boost to the development of medical devices industry in the country.
Chronic disease self-management interventions can lead to statistically significant reductions in health service utilization. How are medical device manufacturers innovating to develop user-friendly devices that enable continuous monitoring?
Chronic disease self-management is one of the biggest opportunities that can be addressed through the recent developments of the MedTech industry. The MedTech companies are now leveraging a lot of digital technology to better connect with the customers and patients to provide them with better intelligence powered solutions across the major segments of care.
These developments can provide enriched outcomes throughout the care journey, such as awareness, prevention, diagnosis, treatment, and care. The shift to customers is also enabled by digital solutions, such as wearables and smart watches. Mobile applications, remote monitoring, intelligence, and ease of access will be the key differentiators for the companies.
Organizations are also engaging in non-traditional partnerships. An increasing collaboration between the MedTech companies and healthy food companies or fitness and sporting firms and gaming companies is evident.