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Medical Product manufacturers - Industry Experts

Till the u201870s Indian healthcare products sector was dominated by MNCs who accounted for 90% of the market share. After the Indian Patent Act-1970 came into force, coupled with Drug Price Control Order, Indian medical product manufacturers started increasing. To gain valuable industry knowledge for contract manufacturing or factory setup, you can rely on Industry Experts (https://www.industryexperts.co.in) to guide you through the entire process. If you are looking for cost efficiency, modern production facilities then India is the country of choice for you. Low cost affordable labour etc,

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Medical Product manufacturers - Industry Experts

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  1. HealthcareProductsIndustryinIndiaisonanUpwardSwing Theglobalmarketforsmarthealthcarewasvaluedat$153billionin2021.Theindustryisexpectedtogrowat13%CAGRintheperiod2022-2030. Tillthe‘70sIndianhealthcareproductssectorwasdominatedbyMNCswhoaccountedfor90%ofthemarketshare.AftertheIndianPatentAct-1970cameintoforce,coupledwithDrugPriceControlOrder,Indianmedical productmanufacturersstartedincreasing. WiththeoverallIndianhealthcaresectorscheduledtocross$370billionby2022,it’snosurprisethatthemedicaldevicesmarketisalsogrowingatanimpressiverate.Indiaisamongthetop20countriesinmedicaldevices.Theindustryissettogrowby37%CAGRtotouchthemagical$50billionmarkby2025. AmidstnumerousinitiativesforresearchanddevelopmenttakenbytheGovernmentofIndiatoaddimpetustothissector,allowing100%FDIinmedicaldeviceshasbeenabigboonfortheindustry.Bothdiagnosticimagingandthewearablemarketissetforsignificantgrowthinthenext3years. • Healthcare products manufacturershavemultiplereasonstosmile.Someofthefavourablemarkettrendsare: • -SupportiveGovernmentPolicies:ApartfromtheFDIdrive,theIndiangovernmenthasbeenprovidingincentivesforIndianmanufacturersthrough‘MakeinIndia’ and‘AtmanirbharBharat’ projects. • GrowingDomesticMarket:LifeexpectancyinIndiahasgrownappreciablyinthelastfewdecades.Hence,Indiawithitsvastpopulationrepresentsagreatdomesticmarketformedicalequipment. • IncreaseInInsurancePenetration:Ruralandsemi-urbanpopulationsarecomingunderthepurviewofmedicalinsurance,thusincreasingthedemandforhealthcareproducts.

  2. BetterMedicalInfrastructure:AdvancedmedicalinfrastructurehasmadeIndiaamedicaltourismdestinationaswell.Thehealthcareproductsindustryisgainingfromthistoo.BetterMedicalInfrastructure:AdvancedmedicalinfrastructurehasmadeIndiaamedicaltourismdestinationaswell.Thehealthcareproductsindustryisgainingfromthistoo. • LargeCorporationsEnteringTheMarket:Withcash-richcorporategiantsexpandingtheirpresenceacrossthesector,theentirehealthcareindustryisbenefitingfromincreasedcompetition. • AdoptionofNewTechnologies:ModerntechniquesandtechnologyaretransformingtheshapeoftheIndianhealthcareindustry.AdvancedmedicalproductsaregettingmanufacturedinIndiathatcaterstothegrowingdemandinthemarket. • Togainvaluableindustryknowledgeforcontractmanufacturingorfactorysetup,youcanrelyonIndustryExperts(https://www.industryexperts.co.in)toguideyouthroughtheentireprocess.

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