India Aims To Boost Medical Device Industry With New Initiative
While India’s medical device industry has grown at a steady 14%–15% annually for most of the last decade, it only accounts for 1.5% of the global market. Now the country’s federal government has created a far-reaching policy with the goal of spiking growth to over 20% for the next decade.
Dubbed as a “Sunrise Sector,” the medical device industry was deemed so crucial that this new aim for a 20% annual growth rate for medical devices was approved during a cabinet meeting1 with the prime minister.