The Indian medical devices industry comprises four segments – consumables and implants, diagnostic imaging, instruments and appliances, and patient aids and, others. The global medical devices market is projected to grow from $495 billion in 2022 to $718.92 billion by 2029 at a CAGR of 5.5%. India is the 4th largest market of medical devices in Asia. The size of the Indian market is estimated to be around $12 billion with the sector comprising large multinationals and small and midsized companies.
Start-ups in healthcare and health-tech space are taking forward the work done by the Government in the space. Ambulance and triage services in India are undergoing a huge change in terms of technology, equipment and trained personnel. Many start-ups are helping manage casualties in the critical golden hour, a period when immediate primary medical care can help stabilise the patient to remain viable for detailed treatment later. The patient, in most cases, is responsive during the golden hour, and primary medical aid can help him get through the time taken to reach a hospital and access proper medical care.