Indian Medical Devices Industry and Its Future | Business Opportunity in Medical Industry | Corpbiz
To understand all the scenarios related to the medical industry one should know the market share India has in this particular sector globally,, Encouragement of health-related innovation The current market size for medical devices in India is estimated to reach $11 billion, making it a promising area of the Indian economy. Large global corporations and small and medium-sized enterprises (SMEs) coexist in India’s medical devices industry, which is growing at an unprecedented rate.
The Indian Medical Devices Industry is poised for tremendous growth, with a market size of $50 billion predicted by 2025, growing at a CAGR of 15% over the previous three years. The automated mechanism allows for 100 percent foreign direct investment in both brownfield and Greenfield projects. Strong FDI inflows show international investors’ trust in the Indian market. India has a 75-80% import dependency on medical devices. Exports stood at (US$ 2.51 billion) in 2019-20 and are expected to rise to US$ 10 billion by 2025.
To increase the export of medical devices in the country, the Indian Ministry of Health and Family Welfare (MOHFW) and Central Drugs Standard Control Organisation (CDSCO) implemented the following initiatives: re-examination and implementation of Schedule MIII (draft guidance on good manufacturing practices and facility requirements), a system for export labeling, clinical evaluation, and adverse reporting clarification, state licensing authority to extend free sales certificate validity from 2 years to 5 years to allow exports, create a list of manufacturers with export licensing for easy access by regulatory authorities worldwide.
Despite present market issues, India’s advantages in areas such as cheaper labor costs, a high level of technical competence, and government financing for R&D investment to speed new product development have made India one of the most attractive outsourced manufacturing locations.
The industry is likely to expand more in the future years as more multinational corporations seek to tailor their goods to satisfy country-specific requirements. The newly announced Drugs and Cosmetics Amendment Bill, 2013′ is intended to recognize medical devices, equipment, consumables, and diagnostic commodities as different. The separation of medical devices and drugs will result in a considerable decrease in the time it takes to approve or license medical devices.
The Indian #medical #device industry is predicted to grow at an unparalleled rate over the next decade. The #industry is expected to be worth $50 billion by 2025. This is due to the country’s rising middle class, as well as a growth in the number of hospitals and, as a result, a greater need for sophisticated medical gadgets and improved healthcare.
Let’s discuss in detail the key growth drivers for this industry…
India’s population is predicted to reach 1.45 billion by 2028, making it the most populous country on the planet.
Life expectancy in India is expected to climb to 70 years by 2025, up from 67.5 years now.
Noncommunicable diseases (NCDs) account for half of the illness burden and 60 percent of all fatalities in India.
Preferences Shift: Increased health information, a shift in attitudes toward preventative healthcare, and an increase in the prevalence of lifestyle problems are all contributing factors.
73 million Indian families will reach the middle class during the next 10 years, boosting their purchasing power, including in the field of medical devices.
Increased Disposable Income: By 2026, 8% of Indians will earn more than $12,000 per year.
Health Insurance: About 20% of Indians are covered by health insurance. With increased affluence and urbanization, this number is anticipated to rise.
Medical Tourism is on the rise in India, because of the relatively low cost of medical care. It contributes more than $2 billion to India’s healthcare market. Medical tourism has increased the demand for healthcare and medical devices.
Infrastructure Development: India is planning four medical device parks.
Policy Support and Incentives: 100% FDI authorized in Greenfield and brownfield projects, lower entry hurdles than other industries, and a varied and vibrant start-up ecosystem.
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