‘EAC International Consulting’ Report:
The global medical devices market find itself in a major transformation- shift of demand to markets such as India, digital transformation as well as explosive growth vs. sales collapse and hypercompetitive markets in the light of a global healthcare crisis. There are major trends that practitioners need to carefully assess to success in the future.
India make up an impressive 25% of the global medical devices market which is valued at 420 Bln. Eur in 2019. Future projections up untill 2023 indicated that this share will increase with a CAGR of 16% for India.
Foreign Players have significant opportunities incl. growth prospects and government incentive schemes to operate and settle in India as hub serving India and the APAC region. For Healthcare sector Indian Govt. intends to establish 4 medical parks in states of Andhra Pradesh, Telangana, Tamil Nadu, and Kerala and plans to provide incentives for production of prioritized devices with 457Mln EUR financial support from FY 2020-21 to 2024-25.