Experts project telemedicine to reach USD 5.4 billion by 2025

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Experts project telemedicine to reach USD 5.4 billion by 2025

Sunday, 16 June 2024 | Pioneer News Service | New Delhi

With healthcare becoming one of India’s largest sectors, driven by expanded coverage, improved services, and increased investments from both public and private sectors, experts in the sector here projected telemedicine to reach USD 5.4 billion by 2025, with AI growing at a robust 45 per cent annually currently, creating substantial job opportunities in health tech sector.

Yogesh Mudras, Managing Director of Informa Markets in India, highlighted the rapid growth and transformative potential of India’s healthcare sector during the launch edition of mega India Health Expo here, He said, “India’s Medical Device industry, currently valued at USD 11 billion, is growing at a staggering CAGR of 18-20 per cent. At the forefront of this growth are initiatives like the PLI scheme and Atma Nirbhar Bharat, driving innovation and international collaborations.”

Organised by Informa Markets in India, the event brought together a multitude of industry stakeholders, spanning biomedical engineers, pathologists, radiologists, hospital consultants, medical device distributors, clinicians, procurement managers, R&D professionals, and regulatory representatives.

The event was inaugurated in the presence of luminaries such as Istvan Szabo, Ambassador of Hungary, Jagnnath Sami, High Commissioner of the Republic of Fiji,  Dr Girdhar Gyani, Director General of the Association of Healthcare Providers India, Siddhartha Bhattacharya, Secretary General of the Healthcare Federation of India — NATHEALTH, Abhinav Thakur, MD, Accurex Biomedical , Peter Hall, President, Middle East, India, Turkiye and Africa, Informa Markets.

Dr Gyani said, “Healthcare is now a significant priority for the government. Currently, India has around 1.5 beds per thousand population, but the aim is to reach 3 beds per thousand. This disparity in healthcare infrastructure across states presents a substantial investment opportunity. From 2014 to 2024, the number of MBBS seats has doubled from 50,000 to 100,000, indicating a growing influx of healthcare professionals. However, until the demand for postgraduate doctors, nurses, and paramedics is met, healthcare technology and information technology will drive the sector. India remains a vast and promising market for healthcare advancements.”

Peter Hall, President, Middle East, India, Türkiye and Africa, Informa Markets felt that with the rising disposable incomes and increased government expenditure worldwide, public health systems are enhancing their capabilities and infrastructure to develop robust healthcare risk management systems, pharmaceutical products, medical equipment and supplies, and hospital services.

“Additionally, with the global population aged 65 years and above expected to increase by 16% by 2050, there is a pressing need to enhance well-being and extend human longevity.”

While Istvan Szabo, Ambassador of Hungary, Delhi, gave insight into his country’s healthcare sector, exporting 80-90 per cent of its production, making Hungary the 20th largest pharmaceutical exporter globally.

At the India Health exhibition, 4 Hungarian companies, specializing in diagnostics, oncotherapy, nuclear medicine, and incubator manufacturing, showcase their solutions for the Indian market.

At the same time, Abhinav Thakur, MD, Acurex Biomedical and Former Secretary for the Association of Diagnostic Manufacturers of India (ADMI), said “In Vitro diagnostics industry is an USD 80 billion global market, with India contributing USD1.5 billion, making it the fourth largest in Asia after Japan, China, and South Korea.”

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