Since the announcement of Make in India in the year 2014, the medical device industry has grown significantly. The Indian medical device market is expected to reach $50bn by 2030, backed by growing demands and government’s commitments. There are more than 800 domestic medical device manufacturers with an average turnover of $6-7mn.
Despite the heavy import dependency, export of medical devices is expected to rise to $10bn by 2025. As the country hails to become self-sufficient in domestic manufacturing, new MedTech companies emerge as critical contributors. India has become 4th largest Asian medical devices market after Japan, China, and South Korea, and is among the top 20 medical devices markets globally.
Take a look at some of the recent developments in medical device sector from industry partners and government support:
MARCH 2023
THE UNION HEALTH MINISTRY DIRECTED STATE GOVERNMENTS TO SET-UP THEIR OWN MEDICAL DEVICE LABORATORIES.
KOZHNOSYS, AN INDIAN START-UP DEVELOPED FIRST-OF-ITS-KIND PORTABLE DEVICE- CANSCAN-THAT SCREENS BREAST CANCER IN ITS EARLY STAGES.
FEB. 2023
HUWEL LIFESCIENCES LAUNCHES SMALL POCT (POINT OF CARE TESTING) RT-PCR MACHINE FROM HYDERABAD’S MEDICAL DEVICE PARK.
OCT. 2022
GODREJ LAWKIM MOTORS BECAME INDIA’S FIRST NABL-ACCREDITED CALIBRATION PROVIDER FOR MEDICAL EQUIPMENTS.
AUG. 2022
GOVERNMENT PROMOTED DEVELOPMENT OF MEDICAL DEVICE PARKS AND GRANTED 400 CRORES FOR FOUR PARKS.
WIPRO GE HEALTHCARE PARTNERED WITH BOSTON SCIENTIFIC TO ADVANCE CARDIAC CARE IN THE COUNTRY.
JULY 2022
IIT DELHI DEVELOPED ISO-CERTIFIED NATIONAL CENTRE, MPRAGATI, TO SUPPORT MEDICAL DEVICE START-UPS.
SS INNOVATIONS LAUNCHED FIRST-EVER MADE-IN-INDIA SURGICAL ROBOTIC SYSTEM (SSI MANTRA). IT BECAME A KEY DIFFERENTIATOR TO WIDELY ADOPTED DA VINCI ROBOTIC SYSTEM.
JUNE 2022
OTHER INDIAN COUNCIL OF MEDICAL RESEARCH (ICMR) AND DEPARTMENT OF HEALTH RESEARCH (DHR) UNVEILED CENTRES OF EXCELLENCE (COE) AT SEVEN IIT CAMPUSES TO SUPPORT AYUSHMAN BHARAT & NATIONAL HEALTH SCHEME INITIATIVES.
APR 2022
WIPRO GE HEALTHCARE OPENED ITS MANUFACTURING FACILITY IN BANGALURU UNDER GOVERNMENT’S PRODUCTION LINKED INCENTIVE (PLI) SCHEME
NOV. 2021
CIPLA LAUNCHED COUNTRY’S FIRST PNEUMOTACH SPIROMETER-SPIROFY-FOR COPD AND ASTHMA
OCT. 2021
HINDUSTAN SYRINGES AND MEDICAL DEVICES ACHIEVED SUPPLYING 500 MILLION AD SYRINGES IN 2021 TO SUPPORT GOVERNMENT’S VACCINATION DRIVE AND AATMANIRBHAR BHARAT.
SEPT. 2021
MEDTRONIC SET-UP FIRST-IN-ASIAPACIFIC SURGICAL ROBOTICS EXPERIENCE CENTER (SREC) IN GURUGRAM FOR TRAINING AND EDUCATION OF CLINICIANS
OSIEMENS HEALTHINEERS ANNOUNCED MAKING MOLECULAR TESTING KITS IN GUJARAT FACILITY
The list of in-house, innovative achievements goes on.! Thanks to the stakeholders for supporting government’s mission of Aatmanirbhar Bharat as well as the Indian government for taking up so many initiatives and developing much-needed policies. Keep an eye for the next post for latest government initiatives to support the common vision of Make-in-India.
Keep an eye for the next post for latest government initiatives that support the common vision of Make-in-India. How can we help you? Our team of experts can serve you with regulatory compliances including preparing dossiers, performing gap analysis, implementing quality management system and so on. Visit our website alceonconsulting.com for services and inquiries.
References
https://www.investindia.gov.in/sector/medical-devices
https://www.livemint.com/news/india/set-up-labs-for-testing-medical-devices-govt-11678213035022.html
https://www.ibef.org/industry/medical-devices
https://www.ibef.org/industry/medical-devices
https://www.ibef.org/industry/medical-devices
