India medical tech market estimated at US$ 2.8 billion: UK Delegation

Kolkata, Mar 5 (UNI) Indian medical technology is poised to become a growth engine in the healthcare sector with the value of the industry in India estimated at 2.8 billion dollars.

Speaking at a seminar organised on ''Exploring Healthcare Opportunities for Partnership'' by British Deputy High Commission, Tarilian Consulting Ltd Managing Director Dr Sandeep Shah, also a member of the British delgation, said, ''India is a major growth market for medical technology industry which manufacture around 30,000 equipment including MRI, cardiac, biometric equipment pacemakers and so on. We are looking at joint ventures with Indian companies to start operations in Asian markets.'' The Chinese market was also growing at a fast pace and valued at US$ 3.5 billion.

The UK companies would provide low cost and affordable medical technology equipment which suit the Indian market, he said.

Speaking about the global scenario, he said globally the medical technology market targets to become US $ 450 billion by 2010 and US$ 1,400 billion by 2020.

Citing the example of Siemens, which has set up a medical technology R&D unit in Bangalore with an investment of US $ 12 billion.

UNI