Research On Global Markets
Syndicated Market Research Report
Medical Devices and equipment play an essential role in helping doctors examine and monitor patients. Further, they can help in improving the living standards of the patients using medical devices to monitor changes in the case of chronic diseases. According to the Indian Medical Device Industry Research Report published by Research on Global Markets, the market is estimated to expand at a 15.27% CAGR till 2023. Various government initiatives have been working on promoting the growth of the medical devices market in the country. One such initiative taken by the government to boost the market is the Make in India Plan. The mega plan is to eventually establish India as a manufacturing hub for medical devices of international standards that can cater to the domestic and the overseas market. This initiative was mainly taken to cut down on the reliance of the country on imports and lower costs. The pan that is being considered for the medical devices market is very much similar to the incentive package for the electronics industry that helped boost the local production of smartphones. The government has decided to provide a 25% subsidy for the medical devices market in India to see similar growth results in this industry. India is the fourth largest medical devices market in Asia, right after Japan, China and South Korea. The government is trying to get rid of all the roadblocks so that India can catch up with the rest of the world in the existing competition. Additionally, India allows 100% foreign direct investment in the medical devices market. But the investors have been cautious, citing an unpredictable regulatory environment. Almost 70% of the medical devices sold in India are imported. The excessive dependence on import of high-tech devices from developed countries is one of the factors that has been hindering the growth of the domestic medical devices market. The rising investments in R&D of new generation medical devices by the medical technology companies and the consent of the regulatory authorities for their approval are expected to boost the Medical Devices Market in India.
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