Domestic medical devices market is estimated to grow organically at 15 per cent to $8.6 billion by 2020 and industry estimates indicate a much larger potential to grow to $50 billion by 2025, says a report.
“The domestic medical devices industry is small, with a disproportionate reliance on imports and a complex regulatory environment. The market is estimated to grow organically at 15 per cent to $8.6 billion by 2020, significantly higher than global industry growth of 4-6 per cent,” a report by Deloitte and NATHealth said. The global medical devices and technology market is expected to grow to $520 billion by 2020 from an estimated $3.7 billion in 2014. Medical devices play a role not only in screening, diagnosing and treating patients but also in restoring patients to normal lives and in regularly monitoring health indicators to prevent diseases.