Medical device manufacturers are under pressure from hospitals, healthcare facilities and other industries to be safer, more inventive, more economical and more efficient.

India is an important market for #outsourcing #manufacturing of medical devices. The sector has had enormous growth opportunities over the past decade, and future development trends point to even greater potential. Many joint ventures, partnerships and loan licensing processes have had an impact on the Indian medical device industry.
The Indian medical device industry is forecast to grow significantly over the next three years, at a CAGR of 15%, to reach $50 billion by 2025. 100% FDI is allowed in both Brownfield and Greenfield projects using the automated technique. The high inflow of foreign direct investment is a testament to the confidence that foreign investors have in the Indian market.

Foreign direct investment has reached $2.2 billion since April 2000; of this, $600 million has been received in the past five years. Singapore, the United States, Europe and Japan are major financial players. The majority of foreign direct investment has gone into implants, consumables and equipment.

Let's take a look at the initiatives taken by the Indian government
The Indian government has launched numerous measures over the past five years to encourage the development of a thriving medical device manufacturing ecosystem there.

1. The Medical Devices Regulations (MDR) 2017 Clinical research, production, import, sale and distribution of medical devices are all governed by the Medical Devices Regulations (MDR) 2017 regulations. According to international standards, the devices are divided into four groups.
2. Medical Device Parks Promotion Program: To provide shared infrastructure, create a positive industrial ecosystem and reduce production costs, the Government of India has approved the establishment of four Medical Device Parks.
3. The market is expected to be worth $50 billion by 2025.
4. India is the second largest manufacturer of PPE kits, with a daily production capacity of more than 10 shortages of PPE overalls.
5. India is the fourth largest market in Asia for medical devices and one of the twenty largest markets in the world for medical supplies.

Let's take a look at the What Is Production Linked Incentive (PLI) program?

The flagship program 'Make in India' has identified the medical device industry as a key sector, and the Indian government is committed to improving the business environment. To help India achieve its goal of dominating the global medical device manufacturing market, the Production Linked Incentive Scheme (PLI) to promote domestic production of medical devices and the Production Linked Incentive Scheme for Pharmaceuticals ( PLI 2.0) introduced.

Domestic companies also contribute to lower import costs. Under the PLI scheme, the government encouraged domestic companies and establishments to set up or expand manufacturing units to increase production in return for government incentives for incremental sales.
Drivers of growth

1. By 2028, India is expected to have a population of 1.45 billion, making it the most populous country in the world.

2. India's life expectancy is expected to increase from the 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 deaths and 50% of the disease burden.

4. Change in preferences: an increase in the prevalence of lifestyle problems, a change in attitudes towards preventive healthcare and an increase in health knowledge.

5. Growing middle class: Over the next decade, 73 million Indian households will become middle class, increasing their purchasing power for 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: About 20% of Indians have this type of protection. This number is expected to rise as prosperity and urbanization increase.

8. Due to relatively cheap healthcare costs in India, medical tourism is increasing. More than $2 billion is being invested in the Indian healthcare sector. The need for healthcare and medical equipment has increased due to medical tourism.

9. Government Support and Incentives: 100% Foreign Direct Investment approved in Greenfield and Brownfield projects, fewer entry barriers than in other sectors, and a diverse and active startup environment.

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