The industry of Indian medical devices has seen tremendous growth in the past few years. India has one of the fastest-growing businesses of medical devices. The large population base and awareness of health among the citizens offers a great and valuable opportunity for the medical devices segment. The current development trends show that there is great potential in forecasted years. Numerous joint ventures, agreements, and loan licensing procedures are some of the reasons that have influenced the market. Another reason for the growth is steps taken by the government to develop the market by regulating it to bring out more transparency and also by allowing foreign investments in the industry. NPCS have done detailed research with the team of expertise of the current scenario and anticipated forecasted growth for five years, of Indian medical devices and disposables. This is a brief article from the report of NPCS to help you get a detailed picture of the industry.
Related Projects;- Medical Devices & Disposables Industry in India
- If you see the market factors of this industry increasing population, aging and income base and changing disease prevalence and growing awareness among the middle class to focus on early detection and disease prevention. Whereas, the non- market factor such as the development of infrastructure, favorable regulations, and government initiatives to improve healthcare access through insurance schemes are some other factors that are the reason for the growth of the healthcare sector.
Related Project:- Surgical, Medical Plastics, Medical Disposables, Disposable Medical Products used in Hospitals
- Globally the size of the medical devices sector is anticipated to reach the US $400 billion this year. The market share of India’s medical devices was at US $6.3 billion in the year 2013, the contribution of approx. 7 to 8 percent of overall healthcare spent in India opposed to 18 percent contributed to pharmaceuticals. Despite these figures, the sector of India’s medical device is anticipated to have unprecedented success during the next decade. By the year 2025, the medical device industry is experienced to be worth the US $50billion. This will be attributed to the country’s increasing middle class, the increase in the number of hospitals, and consequently, the higher demand for sophisticated medical devices and better healthcare.
- In India, the recently tabled billed ‘The ‘The Drugs and Cosmetics Amendment Bill, 2013’ has recognized the uniqueness of equipment, medical devices, and diagnostic products. Due to this disengagement of medical devices from drugs, there is going to be a very significant reduction in the long timelines for the approvals or licenses for medical devices. This will be a great support in helping the local manufacturers significantly and compete on a global scale.
Related Projects:- Healthcare and Medical Businesses
- As per the report by NPCS, by 2022, In India, the medical waste per day is supposed to generate almost about 775.5 tones from the current level of 550.9 tones daily. The increasing volume of medical waste, increasing focus on the management of medical waste, and astringent framework to manage these wastes very safely and in an ecofriendly way are some major factors that are driving the medical waste management industry. There are a lot of factors that are restraining, driving, and generating opportunities for the world management market of medical waste.
Related Videos:- Medical Devices & Disposables Industry in India
Conclusion
The report by NPCS “Medical Devices & Disposables Industry in India; Market Analysis, Trends & Opportunities, Growth Drivers, SWOT Analysis” the report will give you all the valuable data; to understand the present status of the industry, an in-depth financial comparison of major competitors, and forecasts of key parameters which helps to anticipate the industry performance. To bring this valuable report to you NPCS has used reliable sources of information and databases. The report has largely covered Indian markets, present analysis, outlook, and forecast for five years. All the data and details provided by the team of NPCS have been cross-validated through interactions with the industry players.