In a study by apex industry body Assocham, By 2018 – 19 the imports of medical devices and equipment in India is going to hit $4 billion mark from $2.3 billion, as the CAGR is clocking over 15%. Gujarat has the highest share of 18% with 316 factories in the field of medical and dental instruments and supplies sector across India, according to the sector specific analysis undertaken by Assocham. The growth is expected to move upward as government’s commitment to provide health across the rural areas of the country, aging population, improving medical tourism market, said the study.
READ ALSO: Medical Device Registration in India, Why Invest in India?
The secretary general of Assocham, D S Rawat said “Most of the medical devices are imported in India, and it is of vital importance to move forward on the development of domestic manufacturing. The key things which restricts the development like lack of ‘stable regulation for medical device, proper funding for medical devices’ needs to be addressed”.
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