The $6.3 billion medical technology industry in India has the potential to expand to $50 billion by 2025 if it receives the appropriate policy support, the Confederation of Industry said ahead of a conference it is scheduled to hold here Wednesday.
"The medical technology industry in India, which is just $6.3 billion in size at present, has the potential to expand to $50 billion by 2025 if it receives the appropriate policy support from the government suggests a new report by CII," the chamber said in a statement Sunday.
The sector deals in medical devices, equipments as well as diagnostics used in healthcare services.
"To develop a clear roadmap towards making India a global hub for medical technology sector, we have prepared a Vision Document on the subject in partnership with the Boston Consulting Group (BCG)," said Pavan Choudary, chairman of the Medical Technology Division of CII.
The vision document - "Revitalizing Manufacturing and Innovation to Realize the $50 billion Potential" - is scheduled to be released at CII's 7th Medical Technology Conference on Wednesday.