The country's medical technology sector, which has been identified as a sunrise sector with high government focus on development, is expected to touch $9.6 billion in 2022, a report.
The global medical technology market is also expected to reach $495 billion in the next three years, from the present $400 billion, PwC said in its report.
With the successful adoption of Medical Device Rules this year, the report said the Indian medical technology industry is finally seems to be coming of age and ready for the next phase of evolution.
"The domestic MedTech (medical technology) industry, estimated at $5.7 billion in 2017, is expected to grow to $7.8 billion in 2020 and $9.6 billion in 2022," the report said.
India has one of the lowest per capita spend of $4 on medical devices, much lower than global average of $66.3, which suggest huge potential for growth, it added.
Medical technology has been recognised as a sunrise sector by the government and 100 percent foreign direct investment (FDI) investment has been allowed in this sector through the automatic route.
While the industry still remains largely import dependent, PwC expects new policy initiatives like 'Make in India' and support to FDI investments to help boost domestic manufacturing and export competitiveness of this industry.
The report said the government-industry collaboration has extended beyond medical device rules to include initiatives linked to standardisation.
Few other initiatives by the government include approval for two dedicated medical device testing labs for promoting research and development and approval to set up dedicated medical technology parks to promote manufacturing.
Going further, the PwC report noted that the industry seeks to continue exploring avenues for building more trust-based collaboration with the government.
The report pointed out that the government needs to further help promote development of this sector by considering initiatives such as having a separate Medical Device Act, Medical Device Regulator, Medical Device Department and Medical Device Export Promotion Council.
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