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The medical devices market in India is expected to grow at a compound annual growth rate of 7% between 2021 and 2025. Initiatives such as Atmanirbhar Bharat Abhiyaan, production linked incentive scheme and promotion of medical devices parks scheme are expected to provide further impetus, according to GlobalData, a leading data and analytics company.
GlobalData’s research reveals that India’s medical devices market, accounting to around 25% of the Asia-Pacific market in 2021, is expected to grow at a faster rate than any other country in the region during the forecast period.
Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “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.”
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.
Thammanabhatla concludes: “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.”
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