Indian Medical Device Industry: Future Outlook

 

Indian Medical Device Industry: Future Outlook

The global Physiotherapy market is expected to reach 21.7 Billion by 2025. With increasing geriatric population, increased neurological, cardiovascular and musculoskeletal conditions India needs to play a major role in the contribution of the medical and physiotherapy devices industry. If fundamental support is given by the government along with increased participation from the private sector, this medical device industry will have a bright future.

Opportunities for this industry is very bright as by 2025 Indian medical device industry is expected to reach USD 25-30 billion. Indian market is currently growing at a CAGR of 15% which is significantly higher than the global industry growth of 4-6%. If all the challenges and difficulties faced by the industry are handled very well then the industry will have a good success. Currently this Industry in India is at a small scale l and has a lot of scope for development.

Change has to be made on many levels to make progression in this market. Not only financial support will help to raise this field but education, awareness about medical health and even distribution of the resources is very important.

Distribution of resources in medical device industry :

Distribution of resources in medical device industry

In 2014 there were 398 medical colleges in India. But all the medical colleges and hospitals are not well equipped with high-tech medical devices. Bridging of this gap will be helpful for development in this market. By 2025 there will be 2.9 million hospital beds. This drive will be encouraging for corporate hospitals, international industries and medical service providers. It is expected that in the coming years there are going to be 100000 laboratories having different medical equipment.

The distribution of the resources is uneven in the Indian society. Rural areas are less privileged than the urban areas. Unfortunately India’s maximum population resides in rural areas. So, even distribution among the whole geographical region will help to advance this field.

Also new formats in medical services like multi chain outpatient clinics, mother and child care centres, IVF centres and short stay surgery centres will be increasing demand from the medical device industry.

Innovation and technology in medical device industry :

For development of a new medical device a team from the engineering sector, instrumentation and technology sector and people working for the IT sector are required. If enough vocational education is given in these fields then more innovative devices can be made. This will help to bridge the gap between different industries. Along with this lot of support from the government and private sector should be given to innovation and research. Newer ideas originated on Indian land will always help to make a positive growth towards success.

Government support for medical device industry :

Government support for medical device industry

Medical device parks are state level facilities for the medical industry committed to set up dedicated parks for low cost domestic production. Objective of this project is to create an ecosystem for medical devices, increase the export and reduce the import. These parks have common facilities for manufacturing and testing set up, so cost of production is expected to be low making it affordable.

MADE-IN-INDIA: A Campaign towards progress

In 2014 under the program of Make in India, Indian medical instrument industry was given an independent status. This is to show Indian government support and growth to this industry. The next important step taken by Indian Government is the MADE-IN-INDIA Campaign. The purpose of this program is to make domestically produced, affordable and quality products as per the need of Indian market. This step is important for penetration of Medical device industry. This campaign will help to make awareness about India based medical devices and penetration of these devices will be increased. Medical devices according to the needs of Indian healthcare system will be developed. Personal interaction with the key stakeholders will be enhanced leading to more exchange of knowledge and technology.

Promoting skilled talents in medical device industry :

Promoting skilled talents in medical device industry

The ministry of skilled development and Entrepreneurship has formed to provide relevant skills and increase the employability. The sub department is working on finding the large unmet demands of the medical device industry and educating medical device technicians that will help in servicing and maintenance of the device. Many skill development and training programs are being carried out by the private and public sector to develop international quality medical devices and meet the desired regulatory equipment.

Some nurturing factors :

Some nurturing factors

There is a continuous rise in the value of Indian Population. According to a study till 2025 there will be 200million geriatric population living in India. While by 2050 geriatric population India will be 300million. This huge number will cause increased demand for medical devices.

According to the World Bank, per capita income in India is estimated to rise to USD 3,500 by 2020. This is the significant number that will add to the economy of the country. By 2030 there will be 40% urbanization in India as compared to 32% which is at present. By 2025 the population earning more than USD 5000 per annum will be increased to 450 million people which are 145 million at present.

There will be certain changes in the insurance rules that will help for more medical expenses and coverage.

There is an increase in health care spending both by the private and Public sector. This will make improvement in the health care and infrastructure cost sector.

To improve quality of device, 2 dedicated medical device labs are established in Gujarat and Uttar Pradesh according to the rules of Department of commerce.

Indian medical certification device is first indigenously developed quality assurance service for medical devices.

With growing public and government awareness, India’s medical field will achieve exponential growth. It is important to work on each and every factor necessary for the growth. To have a bright future, focusing on the present is important. To stand in global competition India needs to make progress from the present day. As a citizen it is our responsibility to make our share in future.

“Tomorrow will be better than today”

 

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