Advantage India
Increasing
Demand
* Rising number of medical facilities will boost the demand for medical devices in the market.
* Various government initiatives such as ‘Production Linked Incentive (PLI) Scheme for Medical Devices 2020’ and establishing medical parks will augment demand.
* The medical devices sector in India is projected to reach US$ 50 billion by 2030.
Opportunities
in Export
* The Indian medical device market is driven by 70-80% imports from countries such as the US, China and Germany.
* India and Russia have set the bilateral trade target at US$ 30 billion by 2025. Trade is expected to increase by an additional US$ 5 billion per annum, with opportunities in pharmaceuticals & medical devices, minerals, steel, and chemicals.
* Medical devices are a highly attractive export area for US firms.
Policy
Support
* In July 2022, the government tabled a draft for the new Drugs, Medical Devices and Cosmetics Bill 2022, to assure and offer thorough legal protections to ensure that the medical items sold in India are reliable, efficient, and up to required standards.
* In November 2021, the Indian Council of Medical Research (ICMR) collaborated with Indian Institutes of Technology (IITs) to establish ‘ICMR at IITs’ by setting up Centres of Excellence (CoE) for Make-in-India product development and commercialisation in the medical devices space.
Increasing
Investments
* This sector has attracted significant investments over the years.
* In FY20, foreign investments in the medical devices sector increased 98% YoY to Rs. 2,196 crore (US$ 301.01 million), as against Rs. 1,108 crore (US$ 151.87 million) in FY19.
* FDI inflow in the medical and surgical appliances sector stood at US$ 2.76 billion between April 2000-December 2022.
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