Medical Device Sector Exponential Growth Ahead
Medical Device Market Size, Demand and Investments by Government to boost Growth Twitter Handle: @shuchi_nahar Indian medical devices market stood at Rs. 77,539 crore (US$ 11 billion) in 2020. The market is expected to increase at a CAGR of 35.4% from 2020 to 2025, reaching Rs. 352,450 crore (US$ 50 billion). Moreover, it is growing at a faster annual rate of 15% than 10-12% growth was seen in the Healthcare sector in its entirety. A rise in the number of hospitals and the increased requirement for healthcare facilities creates a need for sophisticated devices and equipment, which can provide accurate treatment to individuals. The Medical Equipment industry is quite wide with > 14,000 different products types, as per the Global Medical Device Nomenclature (GMDN). The products range from wound closure pads to stents and IVD machines of medical devices. Further, it can be reasonably said that Medical Electronics is an area, where Electronics and Information Communication Technolog