India's Remarkable Surge: 16.15% Growth in Medical Device Exports
India has still 75% import dependency on medical devices. To encourage investments in manufacturing of medical devices, Indian Government announced incentivisation plans of US$ 4.9 billion in five years. This fund will be offered to manufacturers only if they invest in setups to manufacture key medical devices. The country’s medical device market stood at US$11 billion in 2020 and projected at US$50 billion in 2025. Government initiatives such as the Production linked incentives (PLI) scheme for medical devices 2020’ besides recent establishment of National Medical Devices Policy along with creation of Export Promotion Council for Medical Devices will also help to grab the export opportunities further. The path ahead is full of opportunities for India and similar success in line with Software space can be seen in this domain also.
India’s exports of medical devices have witnessed a significant growth of 16.15% during the fiscal year 2022-23, reaching Rs. 27,818 crores compared to Rs. 23,950 crores in the previous year. The data from the Association of Indian Medical Industry (AiMeD) reveals that the exports were primarily driven by electronics and equipment, followed by consumables and disposables.
The exports of medical devices in 2021-22 were 20% higher than the previous year, amounting to Rs. 19,803 crores. This growth trajectory continues, as the exports in 2019-20 and 2018-19 were valued at Rs. 18,510 crore and Rs. 17,118 crores, respectively.
The United States emerged as the top export destination, with medical device exports worth Rs. 5,571 crores during 2022-23. Germany ranked second with Rs. 1,468 crores, followed by China, the Netherlands, and Brazil. Electronics and equipment accounted for Rs. 10,669 crores of the total exports, followed by consumables, disposables, IVD reagents, implants, and surgical instruments.
Operon Strategist, as a leading medical device consultancy, provides comprehensive regulatory and export support for medical device manufacturers. Contact us to maximize your export potential and navigate the regulatory landscape with ease.
