* 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.
* Diagnostic equipment market to reach to US$ 6 billion by 2027, up from US$ 4 billion in CY23.
* 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.
* In November 2023, six strategies have been formulated as part of National Medical Policy to maximize the sector's potential, along with a detailed action plan for their execution.
* 100% FDI is allowed in the medical devices sector In India. Categories such as equipment and instruments, consumables and implants attract the most FDI.
* In May 2023, Export Promotion Council for Medical Devices was established under the Department of pharmaceuticals, with its headquarters in Noida.
*FDI inflow in the medical and surgical appliances sector stood at US$ 3.28 billion between April 2000 - March 2024.
*In the Union Budget 2024-25, Rs. 89,287 crore (US$ 10.73 billion) was allocated as a budget for the healthcare sector.
*In March 2024, 27 new Bulk Drug Park projects and 13 Manufacturing Plants were inaugurated for Medical Devices under the PLI Scheme.
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