Medical instrumentation industry-Indian scenario
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The healthcare sector constitutes medical devices and equipment industry which promotes only 6% of Indian contribution with a value of US$ 2.5 billion. As predicted, the Indian medical device industry, fourth largest in Asia is showing a higher momentum and growth from $4.4 billion to $7 billion in the recent past.
Materials and methods
This study is based on a case approach focusing on various issues related to medical devices and instrumentation industry in Indian context.
Results and discussion
With the aid of Electronics and Instrumentation technologies, the medical devices segment consists of various processes as processing, conversion, control, sensing, display and sharing of information etc. This industry provides a wide range of 14, 000 + products based on the Global Medical Device Nomenclature (GMDN) and it includes wound closure pads to stents and IVD machines. As per the Price water house Coopers (PwC), this sector forecasted to grow to US$17 billion in 2021. The ensuring 100% FDI in medical devices boost the local companies with maximum capability. Nearly 1000 local firms primarily involved in medical device manufacturing that goes with technological intensive industry and producing high quality devices. These developments have given a high ray of hope for the growth of the sector in India.
The benefit of demographic dividend of young Indian minds with talent and experience in innovation, the Prime Minister's Make in India movement for creating a ecosystem for medical devices, the upskilling and implementation of disease management programs for medical device manufacturers has made the industry to go in for a rapid transformation in India. This will endorse the health insurance availability and provide better health care services Indian consumers.
Medical devices, Medical instrumentation, Indian domestic industry.