Innovation Imaging Technologies: One of Asias Fastest Growing Medical Device Company

  Gaurav Agarwal,   Managing Director

Gaurav Agarwal

Managing Director

In India, the MedTech sector is growing at a compound annual growth rate of 12 percent. (CAGR). In contrast, the global MedTech market is growing at a 4.1 percent annual rate. By 2025, India is expected to be ranked third in the global market. The pandemic has increased the risk of cardiovascular disease and resulted in an unprecedented increase in angioplasty and Cath labs. The market for angioplasty and the Cath lab has more than doubled in the last two and a half years and it is expected to grow significantly further in the future.

With this growth trajectory at hand, IITPL, founded in 2016, is one of Asia's fastest growing medical device companies, with promoters having held leadership positions in Philips, Abbott, and J&J. IITPL has been successfully combining innovative engineering capabilities towards software development, which are commercially viable in India and Southeast Asia. The promoters come from a variety of engineering backgrounds. IITPL has devised one of the most advanced Cath Lab in the country.

There are only nine Cath Lab manufacturers worldwide, and IITPL is proud to be only one of the fourth Cath Lab manufacturers in Asia. Today, angioplasty is the treatment of choice for treating cardiovascular disease, wherein, IITPL’s Cath Lab has played a pivotal role in ensuring seamless operations are carried
out. Patients no longer have to travel hundreds of kilometers outside of the city for treatment, but could now be treated in their city, as IITPL has been spreading its wings to cater to patients across varied geographies.

IITPL's Cath labs are differentiated by three distinct features - First is its extremely low radiation dose, which is critical for cardiologists who spend their time inside cath labs. The second distinguishing factor is that it has one of the best image quality in the market despite using a very low dose. And lastly it is the most aesthetically pleasing Cath Labs in the world. IITPL is an X-Ray focused customer-centric company. The company strongly believes in the hedgehog concept, as the market expects IITPL to be present in every segment of the cath lab. The firm has cath labs in approximately 125 cities across the country, with 18 of those cities being the first to set up cathlabs. In February 2023, IITPL will launch its most advanced Cathlab, which will offer the same or more advanced features as the big multinational companies' top-end Cath lab variants. It will compete with the best in the world while costing 30 to 35 percent less. The team that has contributed to IITPL's success is strong and experienced. All four directors are directly or indirectly involved in the company's commercial operations.

We can attract, train & retain high quality human assets due to a very empowering & engaging culture that rewards & celebrates disruptive growth & performance

The medical device industry is expected to grow five fold in the next five years representing an unprecedented opportunity.A side from the opportunity, there's a lot of pride in serving the country by producing products that were previously manufactured in Germany, the United States, or Japan. Now is India's time for medical devices, and every young entrepreneur and biomedical engineer should view this as an opportunity to serve the country. The country is now constructing the most advanced medical equipment, such as CT scanners, MRI machines, cath labs, and linear accelerators.

Going forward, “We are planning to launch a slew of new products in the next 18 to 24 months, some of which may include flat panels, C arms, mammography units, and other innovative products. All of this, however, will eventually add up to our goal of becoming India's leading X-Ray manufacturer by 2026", concludes Gaurav Agarwal, Managing Director of Innovation Imaging Technologies.