Looking at the speed at which India is taking long strides in the healthcare landscape at large, one derives a great sense of satisfaction that the nation is benefitting from factors like medical devices and modern technology.
Diagnostic equipment market comprises of organizations which are involved in the manufacturing and marketing of equipment such as computed tomography (CT) scanners, magnetic resonance imaging systems (MRI), X-rays, nuclear imaging (SPECT/PET), mammography devices, cardiovascular monitoring and diagnostic devices, ultrasound devices, and accessories.
Digitization and the proliferation of IoT-enabled devices present a great opportunity for growth in India. According to the Government’s Make In India website, the medical devices industry in India is presently valued at $ 5.2 billion and contributes 4-5 per cent to the $ 96.7 billion Indian healthcare industry. Currently, India has about 750–800 medical device manufacturers in the country, with an average investment of Rs 170–200 million and an average turnover of Rs 450–500 million.
According to industry estimates, the medical devices market will grow to $50 billion by 2025. At present, India is counted among the top 20 global medical devices market and is the fourth largest medical devices market in Asia after Japan, China and South Korea.
The growth of the medical device market is attributed to many factors including the burgeoning middle class, improved healthcare infrastructure, increased healthcare spending, etc. In addition, the Government’s initiatives like bringing 100 per cent FDI, Make in India concept and building medical device parks, etc., have also given a push to this industry.