Indian Medical technology industry is expected to grow from $2.75 billion in 2008 to $14 billion in 2020, says a Federation of Indian chambers of Commerce and Industry (FICCI) – Pricewaterhouse Coopers (PwC) report on medical technology in India which was released here on Monday.

The report titled ‘Medical technology in India: Enhancing access to healthcare through innovation’, notes that 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 will be the key drivers of the industry.

“The 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,” the report says.

According to a medical technology innovation scorecard for nine countries -- USA, UK, Germany, France, Japan, Israel, India, China and Brazil—developed by PwC in association with AdvaMed, trade association of medical device manufacturers, the epicenter of the innovation ecosystem is shifting towards emerging economies. These economies, especially India and China, will have a higher spending on R&D and they will also have the human capital needed for it.

The report suggests that increased government spending on healthcare, say from one percent of GDP to three percent of GDP and introducing medical device regulations can give a push to medical technology innovation. Encouraging research and assisting Indian companies to adhere to international standards can also help the Indian industries.