Health Sector in India To Reach 50 Billion By 2025

India's healthcare industry is expected to grow to hit $50 billion in size by 2025, said Union minister Jitendra Singh.

According to Union Minister Jitendra Singh, India's healthcare industry will grow to $50 billion by 2025. The minister stated at the 14th CII Global MedTech Summit, "Seizing the Global Opportunity," that under Prime Minister Narendra Modi, healthcare has become more focused on innovation and technology over the last two years. Approximately 80% of the healthcare system intends to increase investment in digital healthcare tools over the next five years.

Developing Self-Sufficiency:
The minister went on to say that the government's primary goal is to reduce import dependence from 80% to 30% in the next ten years and to achieve an 80% self-reliance quotient in med-tech through Make in India with SMART milestones. To that end, the Indian government has implemented structural and long-term reforms to strengthen the healthcare sector, as well as announced favourable policies to encourage FDI. This has resulted in a shift in trend, with India becoming a hotbed of MedTech innovation, with Indian innovators developing ground-breaking MedTech products and solutions rather than adopting Western products. According to him, India has reached an inflection point, which is resulting in the rapid expansion of the HealthTech/MedTech ecosystem.

He stated that the Health Ministry's flagship, eSanjeevani, has enabled virtual doctor consultations and that Telemedicine is expected to reach $5.5 billion by 2025.
Dr Singh stated that the government's primary goal is to reduce import dependence from 80% to 3% in the next ten years in order to achieve 80% self-reliance through Make in India with SMART milestones.