Medical Devices - #SectorUpdates
The healthcare and medical device sectors in India have grown significantly in the last decade. The Indian medical devices market is among the top twenty in the world by market size, and fourth in Asia after Japan, China and South Korea. Currently, the Indian medical device market is estimated at USD 10 billion and it is expected that medical devices are expected to be double , that is about a USD 20 billion industry in India by 2025. The Indian Government’s newly introduced PLI scheme in medical device manufacturing aims to encourage domestic manufacturing, and it attracts significant investments, and reduce reliance on imports in this industry. Export of medical devices from India stood at USD 2.53 billion in FY21, and it is expected to rise to USD 10 billion by 2025. In India the State Government of Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh have been given sanction to develop Medical Devices Parks & build a robust ecosystem for medical device manufacturing in our nation.