Indian medical devices can break top ranks globally in 2025

The year 2025 promises a wealth of opportunities for Indian medical devices manufacturers who are ready to embrace innovation and adapt to changing market dynamics. The Indian medical devices makers can not only make a mark for themselves at a global level but also ensure the nation’s much-needed medical security. With the right blend of technology and business acumen, Indian manufacturers can seize the opportunity to break into top ranks internationally, having already achieved the status of being the fourth biggest in Asia and among the top 20 worldwide.

The Indian medical equipment market in India is presently valued at over USD 16 billion and has potential to touch USD 50 billion by 2030. The industry is driven by rapid advancements in technology and evolving regulatory frameworks. Concomitant with these factors is the focus on safety and environmental aspects, which is going to be more pronounced in 2025.

Overseas partnerships and collaborations
In the era of globalization and supply chain diversification, there exist significant opportunities in international partnerships and collaborations. These are becoming essential, and by forming alliances with research institutions and technology companies, Indian manufacturers can leverage collective expertise and accelerate growth. They can share the best practices and collaborate on various aspects like improving manufacturing processes, reducing manufacturing costs and bringing out better products for the end consumers. In the year 2025, the Indian manufacturers will also hunt for partnerships to access new markets beyond the ones that they are already serving.

As the Indian medical devices industry is gearing up to be among the top five globally, there is a potential to have over 1200 technical collaborations and more than 200 joint ventures with various international organizations.

Leveraging government policies
The Indian government has introduced several initiatives to promote domestic manufacturing. Recently announced programs by DoP like the Marginal Investment Scheme, Clinical Investment & Skill Development Scheme, in addition to the earlier announced, such as the Production Linked Incentive (PLI), will prove to be a catalyst for the Indian medical devices manufactures. The year 2025 will also see Indian manufacturers participating in government-led initiatives under the newly formed Exports Promotion Council for Medical Devices to enhance visibility and market penetration.

The Make in India and Atmanirbhar Bharat campaigns have prioritized self-reliance in manufacturing. The Indian industry is encouraged to localize their supply chains by developing relationships with domestic suppliers and vendors.

Quality standards and certifications
As the industry increasingly wades through international waters and channels, adherence to global quality standards is becoming increasingly important. Regulatory bodies are focusing on quality and safety to build trust in locally manufactured devices. The year 2025 will see Indian manufacturers implement even more robust quality management systems and get accredited certifications to meet international standards. They are also likely to conduct regular audits and training sessions to meet the market and regulatory requirements, which continue to evolve. Here, international collaborations will also be important as India becomes one of the largest medical devices manufacturing hubs.

Environmental compliance and sustainability
The year 2025 will see Indian manufacturers align with environmental regulations even more. They would adopt eco-friendly practices to reduce their carbon footprint. This will also be important from the point of view of accessing global markets to sell their products. The industry has already invested quite a bit in developing sustainable manufacturing processes, and there will be newer initiatives and measures going forward. They will use more recyclable materials wherever possible. There will also be even greater adherence to global environmental standards and guidelines.

Safety aspects taking center stage
The year 2025 will see safer medical devices entering the market. There is a growing awareness among hospitals, clinics, and manufacturing industry to come up with products that have higher safety features, both for healthcare professionals as well as patients. Hindustan Syringes & Medical Devices Ltd. will be introducing its Dispojekt safety syringes that have pioneering safety features in newer markets, and also introduce additional products that meet the heightened safety standards. The industry will shift toward incorporating innovative safety features, benefiting patients, doctors, and para-medics, fostering a safer healthcare environment.

By leveraging government initiatives, adhering to regulatory requirements, and embracing technological advancements, Indian medical devices makers can position themselves for sustained success in the coming year. With proactive planning and a commitment to excellence, manufacturers will build capabilities to thrive in this dynamic market scenario.