India’s medical devices sector, driven by innovation and government incentives, is rapidly expanding, aiming for significant global market growth. This emphasises the driving forces behind the sector’s expansion.
Key Statistics:
- $50 Bn: This represents the expected market size by 2030, including significant growth potential.
- CAGR of 16.4% : This refers to the Compound Annual Growth Rate, highlighting the rapid pace of expansion.
- $3.3 Bn: This is the value of medical devices exported in 2022-23, showcasing the sector’s contribution to exports.
- $2.5 Bn: This represents the share of Indian MedTech players in FY 2023, indicating their growing market share.
Call to Action:
Connect with Sector Expert: This encourages users to seek more information and potential investment opportunities.
Overall, it aims to:
- Showcase the growth and potential of the Indian medical devices sector.
- Highlight the government’s support and incentives for the sector.
- Encourage investors and businesses to explore opportunities in the sector.
key Points:
- Growth and Importance: The medical devices sector is a vital segment of India’s healthcare infrastructure, playing a crucial role in patient care through innovative solutions.
- Market Size: The current market size is $11 billion, representing 1.5% of the global market.
- Growth Projections: The sector is projected to reach a market size of $10 billion by 2025.
- Government Initiatives: The Indian government has introduced various policies and initiatives to promote the growth of the medical devices sector.
- Production-Linked Incentive Scheme: This scheme aims to incentivize domestic manufacturing and attract foreign investment.
- Reduced Import Dependency: India has reduced its import dependency on medical devices for the first time in 2023.
- Focus on Self-Reliance: The government is promoting self-reliance in the sector, with initiatives like the inauguration of greenfield plants for cancer-care equipment.
- Global Recognition: India’s role in the global medical devices market is increasing, with global companies expanding their R&D and manufacturing operations in the country.
- Technological Advancements: The adoption of advanced technologies like 3D printing is evident in the establishment of 3D bioprinting facilities for artificial organ development.
Why Invest in Medical Devices
- Growing Demand Drivers:
- India has a large and growing population, leading to a higher demand for healthcare services.
- Rising life expectancy means people are living longer and require more medical care.
- Shifting disease burden, with an increase in chronic diseases, necessitates the use of medical devices for diagnosis and treatment.
- Changing preferences towards preventive healthcare increase the demand for diagnostic and screening devices.
- Vibrant Ecosystems:
- The development of medical device parks provides a conducive environment for the industry.
- These parks offer common infrastructure and testing facilities, reducing operational costs and streamlining processes for businesses.
- Attractive Investment Opportunities:
- 100% Foreign Direct Investment (FDI) is permitted under the automatic route for the manufacturing of medical devices. This makes it easier for foreign investors to enter the Indian market.
Overall, it highlights the compelling reasons for investing in India’s medical devices sector. The growing demand, coupled with a supportive ecosystem and favourable investment policies, presents significant opportunities for businesses.
Policy Archive
- National Medical Devices Policy,2023:
- This policy aims to accelerate the growth of the Indian medical devices sector.
- It emphasizes a patient-centric approach to meet evolving healthcare needs.
- Operational Guidelines of the Scheme for Human Resource Development in Medical Device Sector:
- This document outlines a scheme to educate and train around 5,400 students over three years.
- The goal is to bridge the gap between academia and industry, providing a skilled workforce for the sector and fostering research and development.
- Public Procurement (Preference to Make in India), Order:
- This order encourages the procurement of goods and services within India.
- It aims to boost domestic manufacturing, enhance income, and generate employment.
Incentives & Schemes
- Guidelines of the Scheme Promotion of Medical Devices Parks:
- This scheme likely provides guidelines and support for the establishment of medical devices parks.
- Scheme for Promotion of Research and innovation in Pharma MedTech sector (PRIP):
- This scheme likely focuses on encouraging research and innovation in the pharmaceutical and medical technology sectors.
- Guidelines for the Scheme for Assistance to Medical Device Clusters for Common Facilities:
- This scheme likely provides assistance to medical device clusters to develop shared infrastructure and facilities.
Featured Success Stories
Inspiring Tales of Achievement and Triumph
Company Spotlight: Anika Sterilis India
Achievement: Invest India played a crucial role in helping Anika Sterilis India establish a fully automated COVID-19 breath analyser manufacturing facility in Andhra Pradesh within a record time of 108 days.
Invest India’s Support:
Invest India compiled information on incentives and conducted state benchmarking to identify the most suitable location for the facility.
They also facilitated one-on-one meetings with state governments to streamline the establishment process.
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