Medical Device market in India is valued at $ 5.2 billion and growing at 15.38% CAGR. India is already known as the global centre for skill and producing low-cost device with global market potential. As per KPMG, India is the top five global medical device markets by 2030 with revenue of more than $ 40 billion.
As per reports, India has more than 700+ medical device manufacturers with a valuation of Rs 450 – 500 million. Diagnostic imaging is one of the largest segment in India with more than USD 1.18 bn (INR 7,650 crores) in 2015 and will grow to USD 2.47 bn (INR 15,561 Crores) in 20201.
Medical Device imported in FY19
Source: Association of Indian Medical Device Industry
Medical Device Growing Sector
Source: Make in India
The medical device industry in India is a completely import driven and is receiving a huge boost from the Government of India. In fact, the ministry of health and family welfare recently notified all medical devices manufacturers under the Drugs and Cosmetics Act, 1940, to regulate them as per the provisions of that Act and the Medical Devices Rules, 2017. The notification states that diagnosis, prevention, monitoring, treatment or alleviation of any disease or disorder; diagnosis, monitoring, treatment, alleviation or assistance for, any injury or disability; investigation, replacement or modification or support of the anatomy or of a physiological process; supporting or sustaining life; disinfection of medical devices; and control of conception will be regulated.
Medical device manufacturing cluster in India
As per report, 70-80 percent of medical device manufacturer
have a turn of more than 500 million INR.