The Union Government in the evening hours of Wednesday announced the much awaited framework for the medical devices sector, the National Medical Devices Policy, 2023, after it had asked for proposals on the draft policy issued last year. Under the policy, the government has proposed six strategic areas which it says will enable the medical devices industry to grow exponentially in the coming years.
Recognized as one of the sunrise sectors under the Make In India scheme, the medical device industry is valued at USD 11 billion and is growing at a Compound Annual Growth Rate (CAGR) of 15 per cent, according to a 2022 India Brand Equity Foundation (IBEF) report. The report also states the industry in India is growing 2.5 times faster than the global growth rate and that India is the fourth largest medical device market in Asia after Japan, China and South Korea.
