India's Leading Healthcare & Pharma Companies 2023

India’s Leading Healthcare & Pharma Companies 2023 | 49 [ OVERVIEW OF INDIA MEDICAL DEVICES SECTOR ] Exports development of medical devices, FY20-22 (Mn USD) Source: EEPC India, Ministry of Commerce pandemic has turned out to be a success story, as from a miniscule domestic production capacity in March 2020, India evolved to become theworld’s second largest manufacturer of PPE kits with a production capacity of more than 1 Mn PPE kits per day by December 2020. Current ly, there are 750-800 medical devices manufacturers in India with around 65% of them operating in the consumables segment.Mostof themanufacturers in the sector aremainly fromMSME category and finished products are generally less technologically advanced. HealthTech start-up ecosystem: The start-up ecosystem is also gradually evolving with over 250 MedTech star t -ups engaged in research, development and product ion. Further to boost the medical devices production in the country, the government has initiated 6 medical devices clusters one each in the states of Gujarat, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Haryana. In addition, four medical device parks, one each in Uttar Pradesh, Himachal Pradesh, Madhya Pradesh, and Tamil Nadu with a total financial outlay of INR 4 bn are being built to facilitate standard testing and infrastructure faci l i t ies for medical devices manufacturing. MEDICAL DEVICES TRADE SCENARIO Though the Indi an medi ca l devices industry is mostly import dependent, exports are rising gradually, grew at ~10% CAGR during FY’18-22. Consumables, di sposables , and elect roni c equipment accounts for ~87% of total exports for FY’22 Dun & Bradstreet