Medical and Healthcare Products Manufacturers | Industry Experts

1
Healthcare Products Industry in India is on
an Upward Swing The global market for
smart healthcare was valued at 153 billion
in 2021. The industry is expected to grow at
13 CAGR in the period 2022-2030. Till the
70s Indian healthcare products sector was
dominated by MNCs who accounted for 90 of the
market share. After the Indian Patent Act-1970
came into force, coupled with Drug
Price Control Order, Indian medical
product manufacturers started increasing. With
the overall Indian healthcare sector scheduled to
cross 370 billion by 2022, its no surprise that
the medical devices market is also growing at an
impressive rate. India is among the top 20
countries in medical devices. The industry is set
to grow by 37 CAGR to touch the magical 50
billion mark by 2025. Amidst numerous
initiatives for research and development taken by
the Government of India to add impetus to this
sector, allowing 100 FDI in medical devices has
been a big boon for the industry. Both diagnostic
imaging and the wearable market is set for
significant growth in the next 3 years.

• Healthcare products manufacturers have
  multiple reasons to smile. Some of the
  favourable market trends are
• - Supportive Government Policies Apart from
  the FDI drive, the Indian government has
  been providing incentives for Indian
  manufacturers through Make in India and
  Atmanirbhar Bharat projects.
• Growing Domestic Market Life expectancy in India
  has grown appreciably in the last few decades.
  Hence, India with its vast population
  represents a great domestic market for medical
  equipment.
• Increase In Insurance Penetration Rural and
  semi-urban populations are coming under the
  purview of medical insurance, thus
  increasing the demand for healthcare products.

2

• Better Medical Infrastructure Advanced
  medical infrastructure has made India a
  medical tourism destination as well. The
  healthcare products industry is gaining from
  this too.
• Large Corporations Entering The Market With
  cash-rich corporate giants expanding their
  presence across the sector, the entire
  healthcare industry is benefiting from
  increased competition.
• Adoption of New Technologies Modern
  techniques and technology are transforming
  the shape of the Indian healthcare
  industry. Advanced medical products are
  getting manufactured in India that caters to the
  growing demand in the market.
• To gain valuable industry knowledge for
  contract manufacturing or factory setup, you
  can rely on Industry Experts
  (https//www.industryexperts.co.in) to guide
  you through the entire process.