Facts for Prelims (FFP)
Source: ET
Context: India has achieved a significant milestone by becoming a net exporter of medical consumables and disposables, marking a reversal of the previous trend where foreign products dominated the market.
In the fiscal year 2022-23, India exported medical consumables worth $1.6 billion, surpassing imports valued at approximately $1.1 billion.
This achievement follows intensified efforts by the government to reduce reliance on imports, particularly after disruptions caused by the COVID-19 pandemic.
The MedTech sector focuses on designing and manufacturing medical products for diagnosis, prevention, and treatment. Major categories include disposables, electronics, equipment, and surgical instruments.
India’s MedTech sector is projected to grow 28% annually, reaching $50 billion by 2030. Despite ranking as Asia’s 4th largest market, challenges include a focus on low-end products, with 65% of manufacturers catering to local consumption.
