By 2016, the Indian medical device industry is expected to grow from $ 4.4 billion to $ 7 billion addressed by a US – India business body in a government meeting. The US – India business school (USIBC) also stressed the importance of separate regulations for medical devices. READ ALSO: Current regulations of medical devices. This request of having specific regulations for medical devices had been in the hot topic nowadays. Currently, India is the fourth largest medical device industry in Asia and with the annual growth rate of 10.15 per cent it has the potential to grow to $7 billion.
Senior Vice President and President for Neuromodulation at Boston Scientific, Maulik Nanavaty said, “India is trying to make huge developments on innovation in different sectors and it would have a strong potential in medical device sector too. The engineering talent, IT innovation and Make in India campagain will lead to new innovations in the medical device industries”. READ ALSO: Why Invest in India?. Amy Hariani, USIBC Director and Legal Policy Council said “the medical device industry is undergoing a major and fast transformation in India which is critical segment of the healthcare industry in the country and it will grow to a higher level as availability of health insurance and the increase in demand for better services in healthcare.
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