The innovations in medical technology are evolving at a very rapid pace driven by both scientific and economic interests. 

In the current scenario, most developments in medical technologies have been limited to secondary and tertiary domains of healthcare where the complexity of technology has increased exponentially.

On the other hand, governments of various countries and international agencies like WHO are backing the development of medical technology in the realm of public health.

Strong economic growth, increased burden of disease, higher public spending and private investments in healthcare, increased penetration of health insurance and emergence of new models of healthcare delivery are the key drivers of the  Indian Medical technology industry which is expected to grow from US$ 2.75 billion in 2008 to US$ 14 billion in 2020, says a FICCI-PwC report.

The  FICCI-PwC report on ‘Medical Technology in India: Enhancing Access to Healthcare through Innovation’ notes that success in medical technology innovation would be dependent on five pillars viz, powerful financial incentives, creating capacity for quality research, supportive regulatory system, demand and supply of  health services and a supportive investment community.

For the markets like India it will be wise to consider developing low cost solutions in coordination with local governments; in addition to high end medical technology and diagnostics.