As India seeks to strengthen its position as a global healthcare and medical technology hub, a new generation of companies is working to reduce the country’s dependence on imported medical equipment. Among them is Truevis Technologies, a med-tech venture focused on developing a comprehensive ‘Make in India’ ecosystem for advanced diagnostics, radiology, cancer care and critical medical technologies.
Headquartered in Mumbai, Truevis Technologies aims to improve the accessibility and affordability of high-end medical equipment through localised manufacturing, technology partnerships and indigenous component development. The company is focused on diagnostic imaging, radiotherapy, critical component manufacturing and medical technology services, with the broader objective of positioning India as a global supplier of advanced healthcare equipment.
At the heart of Truevis’ strategy is the belief that India can become a major manufacturing destination for medical devices, traditionally dominated by multi-national companies from the US, Europe and China. The company is working on localising the production of sophisticated healthcare equipment such as PET-CT scanners, CT scanners, MRI systems and linear accelerators used in cancer treatment.
“Truevis is focused on building a comprehensive ‘Make in India’ ecosystem for diagnostics, cancer care and critical component manufacturing,” says Vivek Tiwari, principal investor, Truevis Technologies. “Our vision is not only to serve India but also to create products that can compete globally and be exported to international markets.”
Unlike conventional distribution-led models, Truevis is pursuing a manufacturing-led approach. The company partners with global technology providers to acquire technical know-how and gradually increases local value addition through indigenous manufacturing. While some critical technologies continue to be sourced internationally, the long-term goal is to steadily enhance localisation and build proprietary capabilities.
This approach has the potential to significantly reduce costs. According to the company, localised manufacturing can lower equipment costs by 20-25 per cent through duty savings, lower production expenses and greater domestic sourcing. Such efficiencies could make advanced diagnostic systems substantially more affordable for healthcare providers, particularly in Tier II and III cities where access to high-end healthcare infrastructure remains limited.
Focus on critical components
A key differentiator for Truevis is its focus on critical component manufacturing. The company has initiated the development of India’s first dedicated superconducting magnet manufacturing facility, a key component used in MRI systems. Through collaborations with the Andhra Pradesh MedTech Zone (AMTZ), it aims to strengthen domestic capabilities in areas that have historically relied heavily on imports.
The company’s ambitions extend beyond diagnostics. Truevis is also developing capabilities in radiotherapy equipment, particularly linear accelerators used in radiation oncology. India faces a significant shortage of such machines today, amidst a rising cancer burden, creating a substantial opportunity for affordable indigenous alternatives.
Backing this vision is the entrepreneurial experience of Vivek Tiwari, founder, Medikabazaar, one of India’s largest B2B healthcare marketplaces. Through Medikabazaar, Tiwari has gained deep insights into the challenges healthcare institutions face in procuring, maintaining and financing medical equipment.
“Healthcare providers need reliable, affordable equipment backed by strong service support,” says Tiwari. “Our focus is not only on manufacturing but also on building robust after-sales service and maintenance capabilities, because these are life-critical systems, where downtime is simply not acceptable.”
To support its growth plans, the company has already invested about $3 million in developing three manufacturing facilities and is evaluating additional investments of around $15 million. Over the next two years, Truevis also plans a capital expenditure programme of nearly Rs100 crore, including a major facility in Visakhapatnam and further expansion across other regions of India.
The opportunity is significant. India’s medical device market, currently estimated at $15-16 billion, is projected to reach nearly $50 billion over the next five to six years, driven by rising healthcare demand, increasing investments in diagnostics and expanding healthcare infrastructure.
Looking ahead, Truevis aims to build a portfolio of five major products manufactured in India, while delivering meaningful cost advantages to customers. The company is also exploring export opportunities across the Middle East, Southeast Asia and Africa. As India accelerates its journey towards healthcare self-reliance, Truevis Technologies is positioning itself at the intersection of manufacturing, innovation and accessibility.