Tremendous opportunities for Indian medical device manufacturers
The Indian medical devices market is expected to increase at a CAGR of 35.4% from 2020 to 2025, reaching Rs.352,450 crore (US$50 billion), according to a report by the India Brand Equity Foundation Report (IBEF). It was Rs.77,539 crore (US$11 billion) in 2020, said the report shared at the 13th CII Global MedTech Summit – Revamp and Re-invigorate the Sunrise Medical Devices Sector in India.
Following up on the potential, the Government has commenced various initiatives to strengthen the medical device manufacturing sector, with emphasis on R&D and 100% FDI for production of medical devices to boost the market, which attracted US$2.19 billion FDI in medical and surgical appliances from April 2000 to March 2021, the summit delegates were informed.
The medical device sector in India offers tremendous opportunity for Indian manufacturers, ancillary component manufacturers, distributors and suppliers to be a part of the growth story, summit organiser CII said in a release on 1 Sept 2021.
“The sector has support of various Ministries and Departments, who are converging their thoughts and are implementing ways and means of reducing the burden of regulatory compliance and identifying obsolete regulations and duplicate regulations to make the sector agile and easy to do business in.”
“Indeed, it is the right time to revamp and reinvigorate this sunrise medtech sector in India. Now is the time to focus and activate the triggers for further growth of medtech sector,” said CII.
It is with this view, that the CII National Medical Technology Forum (NMTF) was organized the 13th Global MedTech Summit on 2-3 September 2021. #health #manufacturing #investment #economy
