Healthcare sector is a key contributor to the growth of the Indian economy, regarding both employment and revenue. A medical device is any apparatus, appliance, or instrument required for the diagnosis, prevention, alleviation of diseases or for any other wellness purpose. Easy availability and accessibility of quality medical devices is the backbone of developed healthcare sector. As per the India Brand Equity Foundation (IBEF), in 2019, India was the fourth largest medical devices industry in Asia-Pacific region after Japan, China and South Korea.

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Indian medical device industry comprises both international and domestic market players. Accurex Bio-medical, Danaher Corp., GE Healthcare, Narang Medical, Philips Healthcare, Roche Diagnostics, and Schiller Healthcare among others are the key players operating in the Indian medical device industry. As per the Invest India, National Investment Promotion and Facilitation Agency of India, nearly 65.0% domestic manufacturers of medical devices operate in the consumables segment and cater the local consumption with limited exports of manufactured devices.

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In March 2020, the Government of India had announced a package of $1.89 billion to set up bulk drugs and medical devices parks in the country. Allocation of such huge funds to increase the production of drugs/APIs and medical devices, is giving a further boost to pharma manufacturing in India and attracting further investments in the sector.

Further, in March 2020, State Implementing Agency (SIA) had implemented Production Linked Incentive (PLI) Scheme to provide financial assistance for common infrastructure facilities for 4 Medical Device parks. The target for PLI Scheme is to assist about 25-30 manufacturers under the category of cancer care/radiotherapy medical devices; radiology & imaging medical devices and nuclear imaging devices; anesthetics & cardio-respiratory medical devices; and aII the implants including implantable electronic devices. As per the scheme incentive, incremental sales of 5% over the base year 2019-20 will be provided on the segments of medical devices identified.

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