MPO Staff03.04.22
India's medical devices market is primed for solid growth over the next three years.
Globaldata estimates the market in that country will expand 7 percent annually through 2025, driven by initiatives such as Atmanirbhar Bharat Abhiyaan, a production-linked incentive scheme, and promotion of medical devices parks.
“By endorsing startup ecosystem, increasing exports, attracting more medical tourism and developing local manufacturing competences, India can further strengthen its medical devices manufacturing system and become self-reliant,” said Pratibha Thammanabhatla, a medical devices analyst at GlobalData.
GlobalData’s research indicates that India’s medical devices market accounted for roughly 25 percent of the Asia-Pacific sector in 2021. India's market is expected to grow faster than any other country in the region over the next several years.
To boost the domestic manufacturing capabilities and transform healthcare sector, India is building medical device parks, offering tax reliefs and incentives to local manufacturers. This is an opportunity for several local and foreign investors planning to venture into this space.
“Boosting local manufacturing will further increase the accessibility and affordability of medical devices even in areas with limited/no access currently. This will also allow foreign firms to choose India as their manufacturing destination and make India a global medical device manufacturing hub,” Thammanabhatla said.
Globaldata estimates the market in that country will expand 7 percent annually through 2025, driven by initiatives such as Atmanirbhar Bharat Abhiyaan, a production-linked incentive scheme, and promotion of medical devices parks.
“By endorsing startup ecosystem, increasing exports, attracting more medical tourism and developing local manufacturing competences, India can further strengthen its medical devices manufacturing system and become self-reliant,” said Pratibha Thammanabhatla, a medical devices analyst at GlobalData.
GlobalData’s research indicates that India’s medical devices market accounted for roughly 25 percent of the Asia-Pacific sector in 2021. India's market is expected to grow faster than any other country in the region over the next several years.
To boost the domestic manufacturing capabilities and transform healthcare sector, India is building medical device parks, offering tax reliefs and incentives to local manufacturers. This is an opportunity for several local and foreign investors planning to venture into this space.
“Boosting local manufacturing will further increase the accessibility and affordability of medical devices even in areas with limited/no access currently. This will also allow foreign firms to choose India as their manufacturing destination and make India a global medical device manufacturing hub,” Thammanabhatla said.