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Medical Devices

Medical device, an arena of modern healthcare industry, is any instrument, apparatus or appliance used specifically for diagnosis, prevention, alleviation of diseases or wellness purposes.

In the last 3 years, the medical devices industry has begun to experience and realize the benefits of Big Data Analytics, Artificial Intelligence, Augmented Reality and other advanced digital technologies. The medical device industry in India is presently valued at USD 5.2 Billion and is growing at 15.8% CAGR (Compound annual growth rate). R&D spending in the medical devices industry is expected to grow at a CAGR of 5.6% and reach $36.4B by 2021.

Currently, India is the 4th largest medical devices market in Asia and is poised to grow to USD 5 billion by 2019 as industry estimates. India has about 750–800 medical device manufacturers in the country contributing 4-5% to the estimated USD 96.7 billion Indian health care industry.

Today, India’s medical device sector is dominated by multi-national companies, which is evident from the fact that about 80% of the sales are generated by imported medical devices. As per an analysis, patent applications in India by applicants of Indian origin in the medical device sector accounted to only 17% minority share. Most of the foreign companies file patents in India for marketing medical devices in India.

The demand for medical devices is predicted to rise to meet the demands of a growing population. India’s population is set to become the world’s most populous nation by 2028. With socio-economic changes such as rapid urbanization, demographic and lifestyle changes, the society is more prone to lifestyle-related ailments, including diabetes, obesity, stroke and cancer.