India's Leading Healthcare & Pharma Companies 2023

48 | India’s Leading Healthcare & Pharma Companies 2023 OVERVIEW OF INDIA MEDICAL DEVICES SECTOR M edical devices are an important pillar in the hea l thcare de l i very system. It is a sunrise sector in India with its market size estimated at approx. USD 11 bn India stands amongst the 4 th largest. Asian medical devices market after Japan, China, and South Korea and amongst the top 20 markets globally. Medical devices can be broadly classified into five segments ƒ Electronic equipment like pacemakers, drug-releasing pumps, hearing aids ƒ Implants l ike knee & hip implants, art i f icial joints, dental fixtures ƒ Consumables & disposables which include needles & syringes ƒ Surgical instruments l ike forceps, biopsy guns, drains ƒ In-Vitro Diagnostic reagents like blood glucose monitor, pregnancy self-test kits H i gh impo r t dependence : India is import dependent with approx. 86% of the demand met through imports. Technologically advanced medical devices like cancer diagnostic devices, medical imaging tools, ultrasonic scans, and PCR technologies are heavily import dependent. Domestic production gradually pickingmomentum: With growing demand f rom the domes t i c healthcare industry, rise inmedical tourism and the conducive policy measures including Production Linked Incent ive schemes by the government, the domestic production of medical devices has shown robust growth in the recent years. India’s performance on PPE kits production during the Dun & Bradstreet