Opportunities in Indian Medical Devices Manufacturing | CDSCO For Medical Devices | Corpbiz

Medical #device #manufacturers are under pressure from hospitals, #healthcare #facilities, and other sectors to be more secure, inventive, economical, and efficient.
India is a key market for #outsourcing#medical equipment manufacturing. The industry has had tremendous growth opportunities over the past 10 years, and future development trends indicate even more potential. Many joint ventures, partnerships, and loan licensing procedures have had an impact on the Indian medical device industry. 
The Indian medical device industry is predicted to grow significantly over the next three years, with a CAGR of 15%, to reach $50 billion by 2025. 100% FDI is permitted in both Brownfield and Greenfield projects using the automated technique. High FDI inflows are evidence of the confidence foreign investors have in the Indian market. 
FDI has reached $2.2 billion since April 2000; of this, $600 million has come in the last five years. Singapore, the United States, Europe, and Japan are major financial players. The majority of FDI has gone into implants, consumables, and equipment. 
Let's see Indian Government Initiatives 
The Indian government has launched numerous measures over the past five years to encourage the development of a thriving ecosystem for the production of medical devices there. 
1. The 2017 Medical Devices Regulations (MDR) Clinical research, medical device production, importation, sales, and distribution are all governed by the Medical Devices Regulations (MDR) 2017 regulations. Following international standards, the devices are separated into four groups. 
2. Medical Device Parks Promotion Scheme: To provide shared infrastructure, create a positive industrial ecosystem, and reduce production costs, the Indian government has approved the creation of four medical device parks. 
3. The market is anticipated to be worth $50 billion by 2025. 
4. India is the second-biggest manufacturer of PPE Kits, with a daily production capacity of more than 10 lacks in PPE coveralls. 
5. India is the fourth largest market in Asia for medical equipment and one of the top 20 markets worldwide for medical items. 
Let's have a look at the What Is Production Linked Incentive (PLI) Scheme?
The flagship “Make in India” program has identified the medical device industry as a key sector, and the Indian government is committed to improving the business climate. To assist India in achieving its objective of dominating the global medical device manufacturing market, the Production Linked Incentive Scheme (PLI) Encouraging Domestic Manufacture of Medical Devices and the Production Linked Incentive Scheme for Pharmaceuticals (PLI 2.0) were introduced.
Domestic businesses also contribute to lower import costs. According to the PLI scheme, the government encouraged domestic companies and establishments to establish or expand manufacturing units to increase production, in exchange for government incentives on incremental sales. 
Drivers Of Growth 
1. By 2028, India is anticipated to have a population of 1.45 billion, making it the most populous nation on Earth. 
2. India’s life expectancy is expected to increase from its current 67.5 years to 70 years by 2025. 
3. Change in Disease Burden: In India, non-communicable diseases (NCDs) account for 60% of all fatalities and 50% of the disease burden. 
4. Preferences Change: a rise in the prevalence of lifestyle problems, a change in attitudes towards preventative healthcare, and an increase in health knowledge. 
5. Increasing Middle Class: Throughout the next ten years, 73 million Indian households will become middle-class, increasing their purchasing power across a variety of goods, including medical equipment. 
6. Growing Disposable Income: 8% of Indians will earn more than $12,000 annually by 2026. 
7. Health insurance: Around 20% of Indians have this type of protection. This number is expected to rise with rising wealth and urbanization. 
8. Due to India’s comparatively inexpensive cost of healthcare, medical tourism is on the rise. More than $2 billion is invested in India’s healthcare industry. The need for healthcare and medical equipment has increased due to medical tourism. 
9. Governmental Support and Incentives: 100% FDI approved in Greenfield and Brownfield projects, fewer entry barriers than other industries, and a diverse and active start-up environment. 
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