India is set to witness massive growth opportunities as it will reach a market value of $67 billion by 2030, as announced by Arvind Kumar, an IIT-BHU alumni. According to a joint report made by Boston Consulting Group and a Singapore Capital firm, the Indian healthcare market will also generate a revenue of $37 billion by 2030
Arvind Kumar, the director of Software Technology Parks of India (STPI), emphasized how Uttar Pradesh (UP) plays a significant role in leading the global health tech sector by highlighting UP's advantage in terms of data availability and its extensive network of community health centers. Kumar also believes that focusing on infrastructure development can harness its potential and will make UP a global leader in the MedTech Industry.
In 2022–23, UP exported software and hardware worth Rs 41,782 crore and created 1.62 lakh jobs through 226 IT units, according to STPI This shows the strength of the state in the IT sector and its ability to contribute to the growth of the MedTech industry.
In the report ‘A Digital Pill for Revolutionizing Healthcare', it is predicted that the health tech sector's contribution to India's overall healthcare market will increase from 1-2% in 2022 to 7-8% by the end of the decade. This growth is driven by factors such as increasing digital adoption, a favorable funding environment, and progressive government initiatives.
Six subsectors within the digital healthcare market—pharmacy, e-diagnostics, teleconsultation, surgery aggregation, healthcare financing, and fitness and specialty care—have the potential to revolutionize healthcare delivery and improve access to quality healthcare services across the country.
Kumar said that the strength of major hospitals in UP, such as SGPGI, KGMU, and the Cancer Institute, enhances the state's suitability for the health tech sector. STPI funds the presence of MedTech incubation units in Lucknow and Prayagraj and further efforts are taken to support entrepreneurship in this field.
This increasing market opportunity in the health tech sector highlights the immense potential for innovation and growth in India's healthcare industry by 2030. With the right infrastructure development and support for startups, India can become a global leader in digital healthcare. The government and entrepreneurs are working together to seize this opportunity and transform the healthcare landscape for the better.
(Input from various media sources.)