India’s AI centres to drive significant growth in medical devices market

GlobalData projects a 5% CAGR growth for the market by 2030.

The Indian government has announced plans to establish three artificial intelligence (AI) centres of excellence in educational institutions as part of its "Make AI for India" and "Make AI work for India" initiatives, Finance Minister Nirmala Sitharaman said during the Union Budget for 2023-24 presentation.

GlobalData's research revealed that this move is likely to have an unprecedented impact on the country's medical device sector, which is projected to grow at a compound annual rate of over 5% through 2030.

According to GlobalData, this could spark a breakthrough in patient care by powering a new generation of systems that provide clinicians with smart tools and devices when providing care.

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“AI is being widely implemented across the healthcare value chain, ranging from the management of chronic diseases such as diabetes and intelligent documentation in the form of electronic health records, to AI-assisted surgeries with surgical robots,” GlobalData Medical Devices Analyst Shreya Jain said.

“These applications are now transitioning from being present as an idea in a controlled test environment to becoming full-fledged production systems,” Jain added.

According to GlobalData, despite ethical and legal challenges, AI-enabled medical devices can aid medical professionals in accurately diagnosing, effectively treating, and enhancing the overall care of patients.