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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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According to a market research studies, the Indian medical devices market was valued at INR 338.62 Bn in 2017, driven by rapid development in healthcare infrastructure in the country, and rise in the number of lifestyle related diseases like hypertension, diabetes, asthma, etc. Moreover, the Indian government, in partnerships with several private organizations, have undertaken a number of initiatives to improve the condition of public health within the country. These initiatives from both public and private enterprises are driving the growth of the healthcare sector, which in turn is favouring the medical devices market in India. Advancement in the healthcare sector has yielded huge success in the treatment and elimination of certain illnesses and diseases in India. Over the years, the healthcare industry has witnessed the development of several medical devices that aid both patients and the medical professionals in providing efficient health care services. The sector has been recognized as the "Sunshine Sector" under the Make in India initiative undertaken by the Indian government in 2014. The main objectives of this initiative are to promote and increase foreign direct investment (FDI) and domestic investment in manufacturing of medical devices in India. Indian government’s promotion of FDI has helped upgrade the technology used in this sector, which in turn has raised the standards and quality of healthcare. Moreover, career opportunities in this industry is also looking bright as all major players are intent on offering career planning programmes, development and training programmes, benefits to employees, which bodes well not only for the healthcare sector but also for the overall economy. Notwithstanding the impressive outlook on this sector, there are certain underlying challenges that can hurt the industry going forward. Challenges in the form of regulatory reforms with respect to foreign investments can cause significant hindrance to the progress of this industry. Our related post: Inconsistent regulatory changes causing unrest in the Medical Devices Market in India Why are domestic players of Medical Devices Market in India unhappy after GST? What registration process does the Medical Devices Market in India follow? |
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