As one of the fastest developing industries , medical equipments manufacturing is driven by scientific advancements and government initiative to support such kind of healthcare programs . Additionally things like emerging technologies Including the Internet , machine learning, and artificial intelligence, have enabled medical device manufacturers to automate their product development and manufacturing processes. The medical equipments manufacturing industries are expected to be worth $430 billion by 2020. However, with the rapid evolution in the medical devices market, increasing production costs, tighter regulatory environment, very vast licensing processes and the need for high-value resources and expertise, medical device manufacturers are challenged to remain competitive.
How India has developed to be one of the most approached medical device manufacturing hub Throughout the world
The health care industry and medical equipments manufacturing industries part in India has rapidly progressed in the last few years . Today, the nation is well situated in the medical devices area for redistributed agreement plan, advancement, and assembling. The attention on configuration to-cost and presence of enough resources makes India as an suitable destination for manufacturing medical devices .
Here are five reasons why India is quick is an ideal place to manufacture clinical gears –
1 ) Skilled resources –
India has one of the world’s most broad base of engineers with demonstrated area skill, information on item lifecycle, recognition with developing plan and specialized apparatuses, just as the attention to current assembling difficulties alongside bespoke knowledge of technologies that could help them in operations . Somewhere between 2009 and 2016, the Indian clinical gear manufacturing industry developed at a very high CAGR of about 15.8%, which is higher than the worldwide development rate for this industry . Not only this around 750+ private players, the industry has seen the establishment of more than 250 tech startups as of now . Excellent communication and technological skills make Indian teams easy to work with.
2) Government initiatives and schemes offered to the medicle industry –
Government initiatives and schemes offered to the medical industry – Schemes like Make in India program are centered around boosting producing in the nation so that the country itself can become self reliant , not only this , this also aimed at increasing the exports which inturn will bring foreign exchange to the country .industries like clinical gear manufacturing industry is an essential recipient for this . Special projects and approaches have been set up that makes it simpler to collaborate with Indian manufacturers , changing the view of the administration from that of a controller to a facilitator. The nation’s tax system of Goods and Services Tax (GST) is likewise considered as a favorable step for medical devices manufacturing units . The Government of India has also approved medical device parks to be set up in the states of Telangana, Andhra Pradesh, Tamil Nadu, and Kerala to offer a plug and play framework to companies looking to set up manufacturing operations in India. Such dedicated hubs will also enable easy access to setup a medical devices manufacturing unit in india .
3 ) Cost friendly operations –
Assembling of clinical gadgets industries in India has generous cost points of interest because of lower raw material and labour cost . As compared to china the nominal wage cost for labour is $3 in India while it is $9 in China. Apart from this advancement in new technologies also helps to raise down the cost of production .
All these things have led India’s medical devices market as the fourth largest in Asia — after Japan, China and South Korea — at over $10 billion and is projected to grow to $50 billion by 2025.
Currently, India has 750-800 medical device manufacturers, with an average investment of Rs 170-200 million and an average turnover of Rs 450-500 million and is expected to grow at a very good rate in future