New Delhi, Aug. 29 -- The domestic medical technology (MedTech) sector is projected to grow three times of the global growth, according to a report by Confederation of Indian Industry (CII), in collaboration with Boston Consulting Group (BCG).

Valued at approximately USD 16 billion, India's MedTech industry currently accounts for only around 2 per cent of the approximately USD 680 billion global market, as per the report.

With the government's Viksit Bharat 2047 vision, the sector has been identified as a strategic pillar in the "Make in India" agenda, with aspirations to reduce import dependency to below 50 per cent and increase India's share of the global market to 10-12 per cent.

The report notes that India has made significant stri...