The current market size of the medical devices industry in India is estimated at $11 billion, represents a sunrise sector of the Indian economy. The Medical Device industry is the highest among all the sectors in the healthcare market and presently, various categories of devices starting from consumables to implantable medical devices are being manufactured in India.
The Indian MedTech industry consists of both large multinationals as well as small and medium enterprises (SMEs), with the current market size of $11 billion & a CAGR of 15% over the last 3 years and represents a sunrise sector of the Indian economy. The industry is currently the 4th largest Asian medical devices market after Japan, China, and South Korea and among the top 20 global medical devices markets in the world.
The Medical Device industry is about to begin the ascent of its growth, boosted by the departmental Production Linked Incentive Scheme for Medical Devices, along with the establishment of four “Medical Device Parks” across the country. The Department of Pharmaceuticals is also bringing out an India Medical Devices Policy, which is presently at Inter- ministerial consultations stage.