There will be a good number of impression seen with the expansion of the medical device space in India, growth of about $10.4 billion to $17.6 billion from the year 2014 to 2020 can be expected to bring a salient Annual Growth Rate(CAGR) of 9.4 percent, by the report of research and consulting firm Global Data. The report says even though the market will not be the same at growth as the pharmaceutical sector, it will be going through significant changes, followed by increasing patient awareness of advanced features in medical technology, and the growing up of population. You could find the Indian Healthcare market in – Indian Healthcare Market Overview.
“India’s medical device market is the rapidly growing market from several other markets, the country’s strong economic growth, improving standards and huge population is the reason for the medical device market growth” says the Global Data’s Senior Industry Analyst Adam Dion. He strong belief is that purchasing power inside the country has risen gradually in the last couple of decades because of high and consistent economic growth and increased job vacancies. Learn More: Indonesia Medical Device Market, Philippines Healthcare market.
Adding to that “the Indian medical devices sector is seeing a profit from the medical tourism market, which attracts the attention by the low cost of the treatments,” he said. With respect to current opportunities within the medical device arena, the huge part is taken up by the ophthalmic devices in market share. In the year 2014, the sales of the devices were evaluated at approximately $3 billion, that have grown at a CAGR of 7.3 % from $1.98 billion in the year 2008.