Medical Devices - #SectorUpdates
India ranks among the top 20 markets for medical devices worldwide, and It is the fourth-largest market for medical devices in Asia. Large global corporations and small and medium-sized businesses (SMEs) are both present in India’s medical device industry, which is expanding at an unprecedented rate. Over the past three years, the market for medical devices has been expanding consistently at a CAGR of 15%. The market for medical equipment in India is predicted to increase significantly over the next several years, reaching $50 billion by 2025. Due to the relatively low cost of medical care in India, it is experiencing a 22-25% growth annually. This sector contributes over $2 billion to the healthcare market in India. There is an increased demand for healthcare and medical devices in India now after the pandemic. India is the second-largest producer of PPE Kits, having a daily production capacity of more than 10 lakh PPE coveralls.