The Medical Technology sector in India stands at over USD 4.9 billion and has grown at a CAGR of 17%. The sector is at a crucial juncture. On one hand is the need for integration of new technology with local manufacturing impetus and on the other hand there are pressures on pricing and rationalization of the supply chain for both local manufacturers and importers. For the sustained growth of this industry, the key role of the Government is to bring in supportive policy changes and a distinct regulatory pathway that will help unlock industry growth.With a per capita medical device consumption of only 3 USD, the Indian market is severely underpenetrated. Also, despite India consisting of one sixth of the world’s population, its domestic medical devices market represents only 1.7% of the global market.
