A three-day India MedTech Expo (IMTE-23) will be held in Gandhinagar, alongside the G20 Health Ministers’ meeting in August. This event will highlight the capabilities of the Indian medical devices sector under the G20 Indian Presidency.
The event will be organised by the government in association with the industry and would showcase the capabilities of the Indian medical devices industry and create opportunities to network and explore collaborations both for the sector’s growth in India and its potential contribution globally.
The department of pharmaceuticals is planning to organise the large-scale first-time national level expo on medical devices sector for three days from August 18 to 20, 2023, at Helipad Exhibition Centre, Gandhinagar, Gujarat, according to a statement from the Ministry of Chemicals and Fertilisers.
The G20 Health Ministers’ meeting is scheduled to be at Gandhinagar from August 17-19.
India MedTech Expo, rescheduled to be held in January 2023, received tremendous response from the medtech industry and plan for hosting the same in August 2023 in alignment with the G20 health ministers’ meeting will give the much-needed boost to this sunrise sector, which the department of pharmaceuticals is supporting through various initiatives such as production-linked incentive (PLI) scheme and medical devices park scheme, etc.
The medical device industry is the highest among all the sectors in the healthcare market and presently, various categories of devices starting from consumables to implantable medical devices are being manufactured in India, according to the statement. With the support of PLI scheme, high-end medical devices such as CT Scan, MRI, LINAC, etc, are being manufactured domestically in the country.
“About 0150 startups, more than 275 Indian and international medical device companies and MSME units, about 50 research institutions will be participating in the Expo. About 200 foreign buyers will be hosted for B2B (business-to-business) engagement,” the ministry said.
The current market size of the medical devices sector in India is estimated to be USD 11 billion and the sector in India is at a growth stage with a compound annual growth rate (CAGR) of 10-12 per cent over the last decade and has the potential to reach USD 50 billion by 2030.
The ministry further said that the proposed Expo will create visibility of the medical devices ecosystem to the world and build a brand identity for the Indian medtech sector.