India’s Healthtech Sector: Key Players and Investment Trends in Medical Devices
India’s healthtech sector is experiencing rapid growth, driven by technological advancements and increased investment in medical devices.
Key Players in India’s Healthtech Sector:
- Wysa: An AI-driven mental health platform that received FDA breakthrough device designation in FY 2023. Wysa has expanded its services to markets in the UK and the US.
- Qure.ai: Specializes in AI-based radiology assistance solutions, holding 13 US FDA approvals. Qure.ai has received funding from the UK government and is implementing its technology across 25 NHS trusts.
- MediBuddy: Initially offering digital claims assistance, MediBuddy has evolved into a comprehensive consumer health services platform, reflecting the sector’s trend towards integrated healthcare solutions.
Investment Trends in Medical Devices:
- Foreign Direct Investment (FDI): FDI in India’s medical device sector reached $3.4 million in the first three quarters of FY23, up from $1.9 million in FY22, marking the highest level since FY17.
- Private Equity Investments: The medical devices sector has seen approximately 59 private equity transactions since 2017, with deal activity increasing 3.3 times compared to pre-COVID-19 levels.
- Government Initiatives: The Indian government has launched Production Linked Incentive (PLI) schemes for medical devices, offering financial incentives worth $400 million to boost domestic production. Additionally, new medical device parks are being developed in states like Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, and Tamil Nadu to create a robust manufacturing ecosystem.
