BY KENTRON RESEARCH
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 a 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 2020.
Medical Device imported in FY19
Medical Device Growing Sector
It is device industry is one of the key focused sectors in ‘Make in India’ campaign out of 25 other sectors. The 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 devices; and control of conception will be regulated.
Manufacturing cluster in India as per Make in India
Indian market is a highly fragmented market and 65 per cent are from small players. As per the report, 70-80 per cent of the device manufacturing company has a turn over of more than 500 million INR.
Due to 100% Foreign Direct Investment (FDI), MNC growth in India is doubled. Recently, Govt of India has approved four more medical device parks to bring down the price and access to affordable healthcare in India. The National Medical device policy – 2017 is getting a great push in India with an aim to provide quality and affordable healthcare services by promoting manufacturing base in India.