“Make in India for the World”: A Leap for The Indian Medical Devices Sector

The medical devices industry is an indispensable and integral constituent of the growing Indian industry. The mankind is immensely benefited, right from its inception till date, by the use of medical devices and life, without medical devices, is unimaginable and inconceivable. The wide range of medical devices play a vital role in catalysing not only the economy of the country, but also making the life-style of human beings comfortable and sophisticated.

The current market size of medical devices industry in India is $11 bn and the industry is poised for significant growth in the next five years. Presently, India is counted among the top 20 global medical devices market in the world and is the 4th largest market in Asia after Japan, China, and South Korea. The medical devices industry is identified as a sunrise sector of India under the Make in India campaign of 2014. Socio economic factors such as increase in healthcare spending, increase in doctor density, growing middle class, and under-served population are aiding the growth of the market.

Such homegrown players show us the tremendous growth of the medical devices industry in India and indicate even greater potential for the country in the coming years. Their continuous strive for excellence marks the emergence of India as the most desirable production hub and an attractive low-cost destination for leading medical devices OEMs.