Medical Device Exports from India Soared by 25% in 2023
India’s medical device exports have demonstrated significant growth, with a 17% increase during the first nine months of the fiscal year 2022-23, rising from ₹17,557 crore to ₹20,511 crore. For the entire fiscal year 2022-23, exports reached approximately $3.8 billion.
Key Factors Contributing to Export Growth:
- Government Initiatives: Policies such as the ‘Make in India’ campaign and the National Medical Device Policy, 2023, have bolstered domestic manufacturing and export capabilities.
- Increased Manufacturing Capacity: The COVID-19 pandemic prompted a surge in the production of medical devices like ventilators and diagnostic kits, enhancing India’s export potential.
- Quality and Affordability: Indian medical devices are recognized for their cost-effectiveness and adherence to international quality standards, making them competitive in global markets.
Major Export Destinations:
The United States remains the primary market for Indian medical device exports, with other significant markets including Europe, Africa, and Southeast Asia.
Challenges and Opportunities:
- Import Dependence: Despite export growth, India imports 80-85% of its medical devices, amounting to $8.2 billion in 2023-24.
- Regulatory Environment: Navigating complex regulatory requirements in various countries poses challenges for exporters.
- Innovation and R&D: Investing in research and development is crucial to maintain competitiveness and meet evolving global standards.
