Factors Driving Innovation in the Medical Devices Sector of India

Written by Sudhriti M

19 May 2024

Innovative medical devices enhance the quality of healthcare delivered by providing real-time diagnosis and accurately treating medical conditions. This in turn reduces the overall healthcare cost and hospital stays. In India, there has been a positive shift in attitude towards healthcare and wellness. Nowadays, people are more aware of preventive healthcare and advanced medical technologies. With increase in demand for high quality and advanced medical devices, the medical devices sector of India is rapidly growing. Innovation in the medical devices sector is of utmost importance to deliver medical devices equipped with advanced technologies. The Indian medical devices sector is dynamic and evolving. In this blog, we will highlight the factors driving innovation in the medical devices sector of India.

Landscape of the medical devices sector of India

The Indian medical devices sector is considered the sunrise sector. The industry is expected to touch USD 50 billion by 2030. Increased demand for high-end devices, innovation, research, infrastructural development, and supportive government policies have propelled the growth of this sector.

To succeed in the Indian market, medical device companies need to identify the specific requirements of the Indian patients. Medical devices being sold in India need to be advanced and innovative as well as affordable. Innovation in the medical devices sector in India is required to develop products that deliver high-quality healthcare at low costs. Indian medical devices sector caters not only to domestic demands but also exports to countries in South-East Asia, Africa, etc. Focus on improved patient care is one of the primary factors driving innovation in the medical devices sector of India. Indian medical devices sector needs high-end, affordable, and sustainable medical devices without any compromise on the quality.

Top 16 factors driving innovation in the medical devices sector of India

  1. Increase in domestic demand: Medical devices can provide real time diagnosis. They can be used to prevent, treat, and monitor patients. Medical devices help reduce hospital stay and healthcare cost. In India, awareness of the impact of the medical devices on the healthcare industry is increasing. Awareness of importance of preventive healthcare and patient empowerment are driving the domestic demand for innovative and high-quality healthcare devices.
  2. Increase in disposable income: There has been a rise in middle class with increasing disposable income who are willing to invest in high quality medical devices. An increased group of individuals are investing in healthcare schemes. 
  3. Rapid economic development: Rapid economic development has made the Indian medical devices sector an emerging market. Thus, the medical devices sector of India is witnessing a growing demand for advanced devices. The economic development has led to the expansion of healthcare infrastructure. This is promoting innovation in the medical devices sector.
  4. Indian companies are focussing on innovation: Indian medical device companies are developing innovative products to cater to patient specific needs. High quality medical devices with innovative and latest technology are the priority for Indian medical devices sector.
  5. Aging population: India is witnessing an increase in life expectancy. This has led to an increase in aging population, thereby leading to a rise in age-related diseases. Older adults often require more medical devices for the management and treatment of various age-related health issues than young individuals. The increasing elderly population in India is driving innovation in the medical devices sector of India.
  6. Chronic disease: With increase in ageing population, there has been a rise in chronic disease prevalence in India. Chronic diseases, such as cardiovascular diseases, diabetes, cancer, orthopaedic, respiratory, and neurological disorders, are on the rise in India. Medical devices play a crucial role in diagnosis, monitoring, preventing, and treating chronic diseases. The growing prevalence of chronic diseases has fuelled the demand for medical devices in India.
  7. Advancement in medical device technological: Advances in medical device technologies have revolutionized the healthcare industry. In India, patients are actively seeking innovative medical devices that can help them improve their quality of life. Novel devices, such as minimally invasive surgeries, robotic-assisted procedures, smart implants, and wearable devices, have improved patient outcomes. This is further driving innovation in the medical devices sector of India.
  8. Increased funding for Indian medical devices sector: The government and private entities are allocating significant funds for the enhancement of the Indian medical devices sector. By increasing the fundings for medical devices sector of India, healthcare infrastructure, patient care, and accessibility to medical devices are being improved.
  9. Regulatory guidelines and standards: Stringent regulations ensure safe, effective, and high quality medical devices enter the Indian medical devices sector. These regulations promote the need for developing high quality medical devices. 
  10. Supportive government schemes and policy: The Indian government has implemented various schemes and policies to boost the medical devices sector of India. The government has incentivised research and development of the healthcare sector. Initiatives, such as “Make in India” and “Production Linked Incentive scheme”, promote domestic manufacturing of high-quality medical devices.
  11. Infrastructural development: The Indian government is setting up four dedicated medical device parks. The parks will support medical device manufacturing in India. This will foster research and innovation in the medical device industry.
  12. COVID-19 pandemic: The COVID-19 pandemic has highlighted the potential of the Indian medical devices sector. India manufactured and globally distributed medical devices, such as ventilator, PPE kits, and N-95 masks. India’s role in the global intervention against the COVID-19 pandemic has placed medical devices sector of India in the limelight. This has encouraged development and innovation in the medical devices sector of India.
  13. Talent pool: India has a pool of skilled workforce. The expertise and knowledge of the talented workforce are the main factors driving innovation in the medical devices sector of India.
  14. Collaboration: Partnership and collaboration of medical device companies with research institutes and healthcare providers boost innovation of medical devices. The collaboration helps manufacturers understand the needs and requirement of the patients. The partnership channels the available resources to fulfil the demands of the healthcare sector.  Thus, companies can leverage the expertise of scientists to cater to the patient specific needs.
  15. Cost advantages: Owing to cheap labour and cost-effective manufacturing, the Indian medical devices sector has cost advantages.
  16. Medical tourism: With low medical fees, favourable healthcare services and infrastructure, and cost-effective accommodations, medical tourism is booming in India. This has led to the increase in demand for advanced and high quality medical devices. Thus, medical tourism is driving innovation in the medical devices sector.

Indian medical devices sector is dynamic and evolving

With the increased demand for high-end and affordable medical devices in India, the Indian medical devices sector is rapidly evolving. Innovation in the medical devices sector of India is focused on meeting the need for advanced, high-quality, and affordable devices. Medical device companies, researchers, and policymakers are taking a holistic approach to cater to patient-specific needs. The aim is to make innovative medical devices with the latest technology accessible and affordable. If you are planning to enter the Indian medical device market, compliance with the CDSCO regulatory guidelines is mandatory. With over 27 years of experience in the Indian regulatory guidelines, Pharmadocx Consultants is uniquely positioned to help you. We have expertise in document preparation and license application for CDSCO medical device registration. Drop your requirements at [email protected] or call/Whatsapp on 9996859227 and we will get back to you.

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