New Delhi, Aug 11 (KNN) The market size of the Indian medical devices sector is likely to reach USD 50 billion in the coming years from the current USD 11 billion, Union Minister Mansukh Mandaviya said on Thursday.

Addressing a curtain raiser of India MedTech Expo 2023, to be held in Gandhinagar from August 17-19, the minister said that India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals and medical devices sectors.

He further emphasised that to make healthcare affordable, the government is targeting to increase the share of generic medicines to 50-60 per cent from the current level of 14 per cent alongside localisation of medical devices.

“The medical device sector is considered one of the sunrise sectors in the country. While earlier, we used to think in silos, Prime Minister Modi’s holistic thinking has put India on the path of being the global hub for manufacturing medical devices and producing innovative medical technologies,” Mandaviya said.

As per reports, over 230 delegates from 50 countries from ASEAN, Africa, CIS, Middle East, OCEANA are expected to participate in the three-day event.

Over 400 exhibitors, including MSMEs, domestic and international manufacturers, start-ups, regulatory bodies, state governments and central ministries and departments are likely to participate in the event.  (KNN Bureau)