This paper is published in Volume-8, Issue-4, 2022
Area
Healthcare Industry
Author
Ashim Kumar Ghosh
Org/Univ
Total Marketing Solutions, Pune, Maharashtra, India
Pub. Date
27 July, 2022
Paper ID
V8I4-1207
Publisher
Keywords
Indian Medical Technology Industry, Indian Healthcare Industry, Medical Devices, Market Size, Growth Drivers, Recent Trends, Government Initiatives

Citationsacebook

IEEE
Ashim Kumar Ghosh. The medical technology industry in India: Present scenario and way forward, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Ashim Kumar Ghosh (2022). The medical technology industry in India: Present scenario and way forward. International Journal of Advance Research, Ideas and Innovations in Technology, 8(4) www.IJARIIT.com.

MLA
Ashim Kumar Ghosh. "The medical technology industry in India: Present scenario and way forward." International Journal of Advance Research, Ideas and Innovations in Technology 8.4 (2022). www.IJARIIT.com.

Abstract

Medical technology, a segment under the large umbrella of the healthcare system in India is growing significantly over the last decade at a CAGR of 12-15%. Today India is counted among the top 20 global medical devices market and is the 4th largest market in Asia. This article attempts to assess the present scenario of the medical technology industry in India in terms of market sizing and structure, the key growth drivers, government initiatives to support the growth of the Med Tech industry, recent trends, changing market dynamics and the way forward to achieve the growth projection. To check the reality of the growth story we have performed a systematic review of articles and published data related to the Medical Technology industry in India. Our review shows that the industry is in the right direction and the market is expected to grow at a 37% CAGR and increase from US$ 10.36 billion in 2020 to reach US$ 50 billion in 2025.