Medical Devices - #SectorUpdates
In the past ten years, the Indian medical device industry has experienced substantial growth in India. The market’s need for medical equipment is increasing as there are more medical facilities available today in India. Under the Make in India program, the Indian medical device industry received the designation of “sunrise sector” and “independent industry” in 2014. In India, as of May 2021, the market for medical equipment is estimated to be worth $12 billion, which grew steadily with a compound annual growth rate (CAGR) of 15% during the previous three years. The industry is anticipated to experience tremendous growth by 2025 and is likely to reach $50 billion. The range of patient care today is quite vast including medical devices for prevention, diagnosis, and treatment. This category often encompasses all equipment created with medical applications in mind, including tools, implants, machines, software, and more. India ranks in the top 20 medical device markets worldwide and is the fourth-largest market for medical devices in Asia after Japan, China, and South Korea. The market for diagnostic imaging devices is anticipated to grow at a CAGR of 13.5% between 2020 and 2025. The value of India’s medical device exports was US$2.53 billion in FY21 and it is projected to reach US$ 10 billion by 2025.