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Analyzing the Landscape for MedTech Innovations in India

Dr. Saahil Khandelwal

Introduction

In the past year, the medical technology landscape has undergone significant transformations, driven by rapid advancements in technology and an increased focus on preventive(1) and personalized(2) healthcare. The preventive healthcare sector in India is rapidly growing, projected to reach $532 billion by 2030 with a CAGR of 22%, surpassing the curative market’s growth rate of 15%. Companies in this space have secured approximately $1.8 billion in funding to date, highlighting the sector’s potential and investor interest in proactive health solutions(3). Innovations across the globe, including in India(4), are revolutionizing patient care, making diagnostics and treatments more accessible, precise, and efficient. The focus of the industry is on technologies that not only improve clinical outcomes but also enhance the overall patient experience, reducing the burden on healthcare systems worldwide.

The effort to access information about these innovations has been greatly reduced, owing to open platforms and collaborative networks that allow healthcare professionals and innovators to share findings and technologies across the globe. This democratization of information is crucial for the accelerated adoption of new technologies in diverse healthcare settings.

The key areas of innovation are:

Methodology Adopted for the Landscaping

The basis of filtering and prioritizing the data collection efforts was funneled towards Indian innovations that were compact, scalable, could be administered in rural settings, cost-effective, and primarily preventive. Since the objective was to find market-ready innovations, the research began with a review of accepted patents from leading regulatory bodies such as the US FDA. This provided insights into key active market players and current innovation trends. Post that, company websites were examined to assess their product catalogs, identifying recent innovations to evaluate their relevance and potential impact.

Key Insights from the Landscape Analysis:

India's medical device industry, valued at $11 billion, is growing at a staggering CAGR (Compounded Annual Growth Rate) of 18-20 percent, underscoring its rapid expansion and global competitiveness. It is projected to reach $50 billion by 2030 and over $250 billion by 2047. It is currently ranked fourth in Asia behind China, Japan, and South Korea(5). The sector has ample growth opportunities owing to the country’s vast and rapidly increasing population, rising incidence of chronic disease conditions, and the growing needs of its middle class(6). In the past year, the following trends in medical device technologies have been observed:

Fitness tracking wearables and sensors: Fitness tracking wearables and sensors have become increasingly popular in India, mirroring global trends but with some unique regional adaptations, providing hands-free solutions for health monitoring and lifestyle enhancement. The expansion of 5G networks is enhancing the connectivity of wearable devices, enabling faster data transfers and more efficient real-time analytics. Companies are increasingly utilizing wearable technology to enhance employee wellness initiatives and boost productivity. Additionally, the real-time and hands-free monitoring features of these devices, powered by advanced microprocessors and sensors, are particularly appealing to India's tech-savvy consumers.
Currently, the Indian Fitness Tracker Market is valued at USD 1.2 billion, with major brands such as Xiaomi and Fitbit dominating the market in most urban cities(7). According to a report by imarc(8), the wearable technology market is expected to grow at a CAGR of 16.70% during 2024-2032. The report also lists a detailed breakup and analysis of the market based on the product, which is dominated by (in ascending order) wrist-wear, eye-wear and head-wear, foot-wear, neck-wear, body-wear, and others. Principal gadgets in India's wearable tech sector encompass smartwatches, head-mounted displays, smart jewelry, implantable gadgets, and fitness trackers.
In addition to the previously mentioned developments, the Indian wearable technology market is increasingly focusing on devices designed to track traditional exercises, such as Pranayama—a yogic breathing method that also enhances mental well-being. This shift reflects the growing demand among consumers for highly personalized health metrics, supporting preventive healthcare by enabling users to monitor and manage their health proactively.
AI-based platforms: As artificial intelligence (AI) reshapes healthcare, several AI-based platforms are leading the charge by providing specialized solutions at the click of a button and from the comfort of one’s home. SpOvum ART GPT(9), created by SpOvum Technologies, is a pioneer in the field, using natural language processing (NLP) to deliver instant, conversational responses around the clock, enhancing support beyond traditional clinic hours. This platform tailors its responses to individual ART-related queries by referencing a comprehensive database of medical guides, ensuring that the information provided is both accurate and personalized. SpOvum ARTGPT additionally offers services in various regional languages such as Hindi, Kannada, Tamil, Telugu, and Bengali.
Another innovator, Zyla Health, employs AI to manage chronic diseases by analyzing patient data in real-time. It offers personalized, actionable health insights that help patients manage their conditions more effectively, potentially reducing the need for invasive treatments and frequent hospital visits.
Varco® Leg Care(10) introduces an AI-driven approach to diagnosing and treating venous leg disorders, such as varicose veins, by analyzing leg images and providing accurate assessments of disease severity, which aid in early intervention.
Despite the benefits, the surge of AI in healthcare necessitates stringent ethical regulations to safeguard patient data privacy, ensure informed consent, and uphold the accuracy of AI-powered diagnostics. The development of such regulations will be key to maintaining public trust and ensuring these technologies serve the best interest of patients in a secure and ethical manner.
Remote monitoring devices: Continuous medical supervision, even from a continent away, is revolutionizing healthcare in India. Such devices are particularly helpful in managing chronic conditions and postoperative care, providing patients, family members, and healthcare providers with key health data in real time. This shift has resulted in reduced hospital visits and costs while also providing timely alerts. In rural areas where access to immediate and continuous medical care is often challenging, such devices can help in keeping track of the vitals, allowing health professionals to be able to intervene when the condition of the patient begins to deteriorate.
Among India-based successful innovations, Dozee(11) stands out. It offers a sophisticated solution that converts any bed into a health monitoring system. By analyzing micro-vibrations in the body, Dozee provides insights into heart rate, respiration, and sleep patterns, empowering users with actionable health data. This device not only tracks basic vitals but also uses advanced analytics to provide health insights, potentially identifying early signs of health deterioration before they become critical. This feature is particularly beneficial for managing chronic conditions and ensuring elderly care, where constant monitoring can significantly alter outcomes. Furthermore, Dozee’s user-friendly interface allows for easy access to health metrics, making it an invaluable tool for individuals and healthcare providers aiming to stay proactive about health management.

Current Challenges of the Indian MedTech Sector

This analysis revealed several challenges impacting the medtech sector in India.

Limited Scale and Variety of Innovations: Compared to global standards, particularly those in the USA, the variety and scale of medtech innovations in India are considerably restricted. This limits the potential for breakthrough developments and broad application. The term ‘variety’ refers to the various types of technological innovations available and markets like the USA have a wider array of MedTech innovations due to larger investments in R&D(12), a more diverse industrial base)(13), and a more extensive regulatory pathways that allow a variety of products to enter the market. ‘Scale’ pertains to the extent of deployment and integration of these technologies across healthcare settings, which again is higher in the USA due to a linear increase in healthcare spending(14) and stronger healthcare infrastructure.
Lack of Sustained Funding: Many Indian innovators, such as those from BIRAC, struggle to secure follow-up support after initial grants. This lack of continued funding can halt the further development and commercialization of promising technologies.
Insufficient Feasibility Assessment, Market Research, and Analysis: Innovators often neglect or are unaware of market feasibility studies, which can help identify the specific target market, customer needs, value proposition, desired outcomes, and success indicators. This leads to limited market penetration and stifled production capabilities, which led to eventual failure, for even the most promising innovators.
Regulatory Hurdles: The Indian MedTech regulations are considered ‘constantly changing’ to keep pace with rapidly evolving technology and address the unique needs of the Indian market while also aiming to align with global standards. This often requires the innovators to continuously monitor the regulations while simultaneously adjusting to compliance. Also, high compliance costs, extensive documentation, and stringent clinical and safety testing requirements place significant financial strain on startups and smaller companies. Without subsidies or incentives, these regulatory challenges leave Indian manufacturers competitively disadvantaged on the global stage(15).
Technological Lag: Furthermore, while there are some accredited innovations and advancements in areas such as molecular diagnostics, they lag behind global counterparts, particularly in specialized fields such as STI testing.

Current Opportunities and Recommendations

Despite the challenges, there are positive trends and opportunities within the Indian medtech landscape that pave the way for future growth:

Increasing Popularity of Hackathons: Hackathons are gaining traction in India, serving as a breeding ground for innovation. These events present an opportunity for young innovators to bring their solutions to the foray.
Emergence of Young Innovators: There is a rising wave of young innovators whose solutions are deeply need-based, and tailored to their own unique challenges. Supporting these innovators with resources, media recognition, and guidance can significantly amplify their impact.

Komal Panda, aged 22, created Novocarry(16), a portable cooling carrier designed specifically for insulin and temperature-sensitive medications, for which she was also conferred with the 2024 Jayson Dyson Award. Komal’s inspiration to create Novocarry came from watching her father, a steelworker in Odisha and a diabetic, struggle to find proper refrigeration for his insulin, which led her to create a refrigeration solution that was practical, portable, and easy to use.
Novocarry stands out due to its innovative design. It incorporates thermoelectric cooling technology, utilizing Peltier chips, to keep a steady temperature of approximately 5°C, essential for preserving insulin and other temperature-sensitive medications. The device features a heatsink that encloses the medication vials for uniform cooling, and it is powered by a dual-battery system to ensure reliability during long travels. Essentially, Novocarry functions like a compact yet portable refrigerator that can easily be carried in a bag. At the moment, Novocarry is in its early stages of production but with potential recognition, it is expected to be a game changer for millions of diabetics, Pan India.

Meet T Ravi Kiran, an 18-year-old innovator from Telangana, who has created "Blind Eye," an assistive wearable technology designed to significantly enhance the mobility of visually impaired people. With advanced features like real-time obstacle detection, facial recognition, and multilingual text-to-speech capabilities, it has led to greater independence for its users. Recognized as one of the 2023 imaGen Ventures Global Winners, "Blind Eye" stands out for its potential to democratize access to technology that bridges critical gaps for visually impaired individuals.

ALpha Monitor, created by Hemesh Chadalavada, aged 13 years, is a smart, wearable device created for patients with Alzheimer's and Dementia. It keeps the caregiver and doctor updated about the vitals of the patient, and the health status of the patient and sends an alert if anything is abnormal while a camera monitors Alzheimer’s Patient’s Physical Aggression and Fall detection. Along with all these features, the device helps the caregiver keep physical track of the patient since they tend to wander and sends a reminder to patients to eat their medicines on time(17).

Infrastructure Development and R&D promotion: Government initiatives aimed to enhance Infrastructure Development and R&D are also a welcoming sign for the sector with schemes such as the Production Linked Incentive (PLI) scheme, and the establishment of medical device parks.
The PLI Scheme aims to increase local manufacturing and draw significant capital into the Indian medical device industry, with selected companies being granted financial incentives for a period of five years, at the rate of five percent of incremental sales of medical equipment manufactured in India. They need to meet stipulated production and sales targets to qualify for the incentives.
Under the “Make in India” initiative the Government sanctioned four medical device parks (in Madhya Pradesh, Tamil Nadu, Himachal Pradesh, and Uttar Pradesh), which will help develop Medtech manufacturing state-of-art infrastructure and reduce the production cost of medical devices, improving affordability and availability.
In the Interim Budget 2024-25, Rs. 98,461 crore (US$ 11.85 billion) was allocated as a budget for the pharmaceutical and healthcare sector (including AYUSH). India’s National Medical Devices Policy 2023-India’s National Medical Devices Policy 2023 was approved by the central government on April 26, 2023, to support the industry’s growth from US$11 billion in 2022 to US$50 billion in 2030. This ambitious goal implies at least 15 percent annual growth over seven years.

Way Forward:

To overcome these challenges and capitalize on the positive trends, several steps can be recommended.

Establishing more frequent knowledge-sharing platforms, such as workshops and conferences, can help create an ecosystem of collaboration and innovation. There is an effort being made on those lines in the form of establishing centers of excellence (CoEs) in public institutions. These centers serve as hubs for nurturing innovation and can facilitate the transition from idea to market by providing both financial support and business mentorship.
To address the issue of limited follow-up funding, it is crucial to develop mechanisms that ensure continuous investment and support for promising projects, possibly through public-private partnerships.
Lastly, market analysis as a key component in the development process, needs to be talked about more often and encouraged among innovators to ensure not only the technical viability of new devices but also their market readiness, potential for impact, and sustenance.

The overall situation is optimistic, with clear signs of progress. While it's challenging to compare directly with more resource-rich environments, support from government initiatives and public institutions is positively contributing, helping drive advancement. Increased funding, better access to resources, and strategic partnerships will play a key role in paving the way forward.