The medical device industry in India is extremely dynamic. It is growing massively.Being one of the fourth largest market for medical devices in Asia, India has established various policies that address concerns over affordability, accessibility, quality and self-sustainability of healthcare system by setting measures for the medical device market (also recognized as the Sunrise Sector by the government.) which is expected to increase at 37% CAGR and also reach $50 bn by 2025. Surprisingly, more than 6000 types of medical devices are available in India to empower the healthcare industry to provide prompt, safe and quality treatment. Specifically, under the Make In India program, medical device industry is considered a priority sector. The government schemes advocate the domestic manufacturing of medical equipment and thus support the idea of making India a global manufacturing hub.
Key Growth FactorsIn Medical Device Industry India
Medical Parks
To create a strong ecosystem for medical device industry, medical parks are essential. Appropriate infrastructure facilities help to reduce production cost and facilitate optimisation of resources. The Department of Pharmaceuticals has launched a scheme for the promotion of parks.
Medical Tourism
This sub-sector has witnessed tremendous growth during recent years. The phenomenon is expected to grow considerably in the coming decade. The contributing factors include cost-effective accommodations, favourable healthcare infrastructure, supportive healthcare service quality, medical fees, etc. The rise in medical tourism means rise in healthcare and medical equipment demands.
Health Insurance
The number of people who have a comprehensive health insurance cover is expected to increase especially due to rising incomes and growing urbanisation. This change is contributing to the growing demand of medical devices.
Disposable Income
An increase in disposable income has made more and more people capable of affording medical care. 8% of Indian people is expected to earn more than $12,000 per annum by 2026, according to the statistics. It is clear that the Indian medical device industry is on the verge of experiencing drastic growth.
Changing Preferences
This is a reality. People are being more aware about the importance of health and wellness; their attitude towards preventive healthcare and knowledge about different types of critical diseases has expanded too.
Technologies
The current technology trends in the medical device industry have provided significant push to its growth. Some of the fastest-growing fields in medical device industry include Robotics, Big Data, Telemedicine, Start-ups, Virtual Reality, etc.
Medinnova Takes Pride In Being A Part Of This Phenomenal Growth.
Medinnova is one of the leading refurbished medical equipment suppliers in India providing large number of high-quality refurbished medical equipment from top brands, along with their parts. It also offers comprehensive maintenance and service support which is prompt, customized and quality-driven. The company has been helping tens of thousands of hospitals, clinics and surgical centers all over the India in meeting their medical device requirements regularly or on an urgent basis and thus contributing to the healthcare.
Why Medinnova?
Human excellence, process excellence and technology optimisation are key drivers of Medinnova’s exemplary growth. We are a medical equipment company in India trusted by our esteemed customers because of our capability, willingness and commitment to bring value in what we do every day. The greatest gift we can give to the healthcare world is our team’s 24/7 availability to provide reliable medical equipment support and thus prevent interrupted healthcare. To discover how we achieve this, call on +91 95121 06062 or send an email to sales@medinnovasystems.com.