Indian Healthcare Equipment - Making a Mark on the International Canvas

The Indian healthcare system has been built on a robust foundation since ancient times. There is historical evidence that during the times of the Buddha, in the 6th century BC, there were hospitals in India. Even Ashoka The Great had built top-class hospitals during his reign. 

Cut to the modern era, India has taken giant strides in radically minimizing threats from polio, smallpox, and guinea worms. There’s also been phenomenal improvement in mortality rates, immunization, and life expectancy. 

Massive technological advancements in Artificial Intelligence, Machine Learning, Robotic Process Automation (RPA), etc., have significantly impacted the growth trajectory of this sector. 

India is among the top 20 countries in medical equipment in the world. From the current estimated worth of around $10.36 billion, the industry is on course to grow at 37% CAGR to reach the $50 billion mark by 2050. 

Foreign Direct Investment in the medical and surgical equipment sector crossed $2.3 million between Apr 2000- Dec 2021. 

The diagnostic imaging sector is scheduled to grow at a CAGR of more than 13% between 2020-2025. 

Despite appreciable growth in the number of healthcare manufacturing companies, India is still about 75% import dependent. Export is expected to touch $10 billion by 2025. 

To boost the production of critical medical devices, the government of India introduced an incentive plan of nearly $5 billion to be utilized by 2025.

If you are considering partnering with a medical device contract manufacturer, do factor in the following points before finalizing:

Industry Experts have the market knowledge and resources to help you select the best medical device manufacturer from among some of the best healthcare product companies with a broad spectrum of equipment to suit your needs.