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With Global Medical Device Manufacturing Industry changing its dynamics and the majority of the Global players shifting their manufacturing to a more suitable breeding ground it’s the best time to shift manufacturing to India.
Infringement of IPs, High costs of manufacturing, Language barriers, and Lower standards of quality are the key factors propelling Medical Device Developers to shift their manufacturing to South Asian Countries.
Medical Device Manufacturers in Asian Countries offer a higher level of trust and credibility in terms of product delivery and services.
The perception of India as a global manufacturing hub for medical devices has changed significantly. With the Government’s policies leading mission of strengthening the Healthcare backbone, Optimum manufacturing costs and numerous other factors compel Global Medical Device Manufacturers to prefer India as their Medical Device Manufacturing Destination.
Medical device developers working in the below-mentioned segments must consider shifting their manufacturing to India.
Most Significantly growing Medical Device Segments in 2022
In-Vitro Diagnostic Market
- Initial Standing – USD 98.21 Billion in 2021
- Predicted Standing – USD 113.1 Billion in 2026
- CAGR – 2.9%
Factors fueling growth
- The rise in In-Vitro Diagnostic Market in Asia is linked to the rising geriatric population, improved regulatory landscape, and alarming rate of chronic diseases.
- Rising numbers of people affected by Cancer, Diabetes, Nephrology, and Infectious Disease has also contributed to the growth in the IVD sector
- Post Covid-19 most of the population is focused on adopting preliminary testing and check procedures within the comfort of the home. This has also led to growth in the In-Vitro Diagnostic Industry
- The growing demand for Companion diagnostics like test kits and assays has also led to growth in the In Vitro Diagnostic Device Market.
Visit at here for In Vitro Diagnostic Device manufacturers
Point of Care Diagnostic Market
- Initial Standing: 36.37 billion in 2022
- Predicted Standing: 51.94 billion in 2022
- CAGR: 5.2%
Factors Fuelling Growth
- The rise in COVID-19 last year fuelled the growth in Point of Care Diagnostics
- Post Covid-19 demand for Point of Care Diagnostics for multiple applications has doubled as people are more focused on their safety
- The breakout of chronic and infectious diseases like HIV/AIDS, RSV, and many more have also fueled the growth of Point of Care Diagnostics
- Initial Standing – USD 27.91 Billion in 2020
- Predicted Standing – USD 74.3 Billion in 2026
- CAGR – 17.65%
Factors fuelling the growth of the Wearable Device Market
- Massive demand for on-the-go monitoring equipment
- Increase in the IoT and Connected devices with higher accessibility
- Preference for Sleek and compact healthcare devices
- The popularity of biosensor-based devices
- The popularity of smart Watches and small pocket-sized devices for continual health monitoring
Wearable Glucose Monitoring Devices
- Initial Standing – USD 15.94 billion
- Predicted Standing – USD 31.34 billion
- CAGR – 10.1%
Factors for growth of Wearable Glucose Monitoring Devices
- Around 422 million people worldwide are affected by diabetes
- The population belongs to low or middle-income countries
- Diabetes stands as one of the leading causes of death
Wearable Heart Monitoring Devices
- Initial Standing – USD 28.09 billion (2021)
- Final Standing – 43.33 billion (2028)
- CAGR – 6.4%
Factors Fuelling the Growth of Wearable Heart Monitoring Devices
- Around 1.28 billion adults suffer from hypertension all over the world, the majority from low or middle-income countries
- Around 17.9 million population died from CVD (cardiovascular diseases) in the year 2019
- The number of heart patients has risen due to reckless urbanization & unhealthy lifestyles
- This has eventually led to a significant boom in the wearable heart monitoring devices
Electrotherapy Device Market
- Initial Standing – USD 950 Million in 2020
- Final Standing – USD 1.30 Billion by 2028
- CAGR– 3.9%
Factors Fuelling the Growth of Electrotherapy Devices
- Aging population
- Increasing emphasis on Non-Pharmacological Solutions for pain and stress management
- Chronic and acute pain in joints & muscles
- Mild to severe side-effects of pain medication
- Faster impact and less waiting time as compared to conventional pain medication
Why do companies consider India for the manufacture of medical devices?
Technologically advanced landscape with a skilled workforce
India has a high volume of young technologically sound population and with this giant population, you can accelerate your project to the next level. Abundance in the workforce can help you accelerate your project to the next level.
Cost-optimized Designing, Engineering & Manufacturing
With maximum resources available at an optimized cost, you can reduce your manufacturing costs. While outsourcing your manufacturing you automatically minimize the burden of handling the manufacturing floor.
INR 5500 crores of investment in Medical Device Parks
The government of India has taken multiple initiatives to promote the development of equipped Medical Device Parks. These Medical Device Parks are breeding grounds for innovative health & Medical Device startups. These parks will also be a potential space for contract manufacturers and developers to establish their manufacturing facilities. Global MedTech OEMs on aligning with contract manufacturers and developers in Medical Device Parks can avail benefits of numerous favourable government schemes.
4th largest Medical Device Market in Asia
India is the 4th largest Medical Device Market in Asia. Setting up manufacturing in India you automatically open up the world’s largest market by default. As per the recent market updates, the industry will reach close to $50 Billion by 2025. Setting up a Medical Device Manufacturing unit in India you automatically get access to the world’s largest Medical Device Market.
The government of India has permitted 100% FDI in Medical device manufacturing. Both brownfield and Greenfield investments are possible in the medical device sector. It is the best time to set up manufacturing in India.