Business

India’s medical devices market expected to reach $50 billion by 2025


Published : 11 Feb 2022 08:25 PM

The Indian pharmaceutical industry’s year-on-year revenue growth is back on track, as per top healthcare consulting firms in India.

While the global pharmaceutical market stood at $1 trillion in 2021 and will reach $1.57 trillion in 2023, the domestic industry was estimated at $42 billion in the same year.

India is the largest provider of generic drugs globally and caters to over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicines in the U.K.

The Medical Devices industry in India is presently valued at $11 billion and contributes 4-5% to the $132.84 billion Indian health care industry. As per industry estimates, the Indian medical devices market will grow to $50 billion by 2025.

Currently, India is counted among the top 20 global medical devices market across the world and is the fourth largest in Asia, after Japan, China and South Korea. The estimated market size of the consumer and durable segment is $1.404 billion.

Ayushman Bharat is the largest government funded healthcare program in the world. Technology is playing a key role of equaliser in taking preventive healthcare to second and third wave of demography across geography and class.

By 2022, the diagnostics market is expected to grow at a CAGR of 20.4% to reach $32 billion from $ 5 billion in 2012.

100% FDI is allowed under the automatic route of greenfield projects. For investments in brownfield projects upto 100% FDI is permitted under the government route.