40 Gastbeitrag Internationale Märkte | India – Opportunities & Market Access for Medical Devices India – Opportunities & Market Access for Medical Devices The medical devices industry of India has been identified as one of the sunrise sectors of the Indian economy under the Make in India initiative of the Government of India & it has been growing at a very fast pace. Moreover, the recent approval of the National Medical Devices Policy 2023 has made the medical devices sector emerge as an essential & integral constituent of the Indian healthcare sector. It forms an important pillar in the healthcare delivery system. The Indian medical devices sector’s contribution has become even more prominent as India supported the domestic and global battle against COVID-19 pandemic through the large-scale production of medical devices & diagnostic kits, such as Ventilators, Rapid Antigen Test kits, Real-Time Reverse Transcription–Polymerase Chain Reaction (RT-PCR) kits, Infrared (IR) Thermometers, Personal Protective Equipment (PPE) Kits & N-95 masks. India is the 4th largest market for medical devices in Asia & among the top 20 markets globally. With the unwavering government support & ever-growing healthcare needs, the medical device industry in India is poised to become a whopping USD 50 Billion market by the end of this decade. » A deep dive into the sector The healthcare delivery system of India comprises of 4 broad pillars: medical devices, healthcare providers, pharmaceuticals & healthcare insurance industry. The medical devices comprise a multi-disciplinary sector, with the following broad classification: i. Electronic equipment ii. Implants iii. Consumables & Disposables iv. Surgical Instruments v. In-vitro diagnostic (IVD) reagents Further, there are categories of devices across 25 subcategories, including In Vitro Diagnostics (IVD) as per the CDSCO (Central Drugs Standard Control Organization – India’s national regulatory body for medical devices, pharmaceuticals & cosmetics). » Growth factors of the industry: Capitalizing upon the India Opportunity India is witnessing certain demographic & epidemiological trends which are likely to bolster the growth of medical devices industry in the coming years. » Firstly, India has recently surpassed China as the world’s most populous nation, thus making the demand for medical devices greater than ever before. » Secondly, the income levels are rising which will make 73 million households move into the middle-class in India by 2031, hence enhancing their purchasing power with respect to the health services they can avail. » Thirdly, with the increased life expectancy, India is expected to have 300 million senior citizens in 2050. An ageing population with a growing middle class & greater longevity will enhance the demand of medical devices in India. » Over the years, India has become a premier & attractive destination for travelers from across the globe to attain best-inclass clinical treatment, recharge & rejuvenate. The Medical Value Travel market in India is estimated to capture a sizeable USD 13 Billion by 2026. Hence, fourthly, the increase in foreign tourist arrival for medical purpose will increase the demand for medical equipment. » The disease burden in India has shifted in the recent past & the non-communicable diseases (NCDs) are responsible for the death of 5.8 million Indians every year. Hence, fifthly, lifestyle disorders including obesity, cardiovascular diseases & cancer » Pencil Ionization Chambers for CTDI, Quelle: © VacuTec Meßtechnik GmbH Nishant Chhabra Consultant – Healthcare & Medical Devices at Invest India E-Mail: nishant.chhabra@investindia.org.in
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