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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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