According to the report, the global medical devices and technology market is expected to grow to $520 billion (nearly Rs 34.62 lakh crore) by 2020.
Domestic medical devices market is estimated to grow organically at 15% to $8.6 billion (nearly Rs 57,263.1 crore) by 2020 and industry estimates indicate a much larger potential to grow to $50 billion (nearly Rs 3.33 lakh crore) by 2025, says a report.
"The domestic medical devices industry is small, with a disproportionate reliance on imports and a complex regulatory environment. The market is estimated to grow organically at 15% to $8.6 billion (nearly Rs 57,263.1 crore) by 2020, significantly higher than global industry growth of 4-6 %," a report by Deloitte and NATHealth said.
The global medical devices and technology market is expected to grow to $520 billion (nearly Rs 34.62 lakh crore) by 2020 from an estimated $3.7 billion (nearly Rs 24,636.45 crore) in 2014.
Medical devices play a role not only in screening, diagnosing and treating patients but also in restoring patients to normal lives and in regularly monitoring health indicators to prevent diseases.
With technological advancements, the role of medical devices is now expanding to improve the quality of care at each stage of the healthcare continuum.
The industry is largely dependent on imports with most local manufacturers producing products in the lower end of the technology value chain, the report said.
The country's healthcare industry is on a high growth trajectory having evolved significantly in the last decade.
From the current levels, the industry is expected to reach $45 billion (nearly Rs 2.99 lakh crore) by 2018 and over $280 billion (nearly Rs 18.64 lakh crore) by 2025. In this scenario, augmenting healthcare infrastructure due to increased demand and improved access is expected to provide the requisite industry growth.
The current per capita spend on medical devices in India is significantly low at $3 (nearly Rs 199.5), compared to other economies such as $7 (nearly Rs 465.5) in China, $21 (nearly Rs 1,396.5) in Brazil and $42 (nearly Rs 2,793) in Russia.
The Government of India's 'Make in India' initiative presents a platform for the sector to revisit the operating model, identify key imperatives for growth and explore possibilities for creating a step change in the medical devices sector, the report said.
The Central government has in recent years, implemented several policy measures to address the challenges of medical devices industry. Some of these include Draft Drugs and Cosmetics Amendments Bill (2015), 100% foreign direct investment (FDI) in medical devices under automatic route and 'Make in India' initiative for promoting indigenous manufacturing.
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