Indian medical device industry: Current state and growth opportunities
The Indian medical device market has traditionally been import-driven, despite the availability of inexpensive labor and local manufacturing advantages. Economic market potential, in the form of a large population with multiple disease conditions, has attracted foreign device manufacturers but indigenous companies are yet to witness substantial growth. Even foreign manufacturers, who have an established presence here, have scope for further expanding their market share capture. However, several challenges specific to the Indian market have prevented companies from maximizing their potential. This point-of-view describes existing challenges and provides detailed recommendations to overcome them. Adopting the prescribed recommendations will help capitalize on growth opportunities by indigenous and foreign device manufacturers alike.
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