Over the last ten years, India’s healthcare system has undergone significant changes. This industry has grown by 10% in the last few years alone. By 2022, India’s healthcare industry is expected to be worth $372 billion. The medical devices, or medical equipment, sector has seen remarkable growth as a result of this rapid development. This industry is important at every stage of the healthcare process, and it has aided in the improvement of healthcare access and affordability in the country.
But what is medical technology? Medical technology encompasses any technology that enhances and improves life, as well as relieves suffering, disability, and handicap. These medical equipment are used for diagnostic and/or therapeutic reasons only. Medical technology or medical equipment includes everything from wheelchairs and MRI devices to insulin injections and surgical tools, and it is an important part of the healthcare industry.
CONTRIBUTION BY THE GOVT.
Medical equipment production has increased in recent years. The government has enacted new policies to coincide with the expansion of the medical equipment industry. They must also establish a regulatory framework to ensure that the goods produced are of high quality. With the new policies in place, India will soon be known as a leading manufacturer of advanced medical technology.
THE ECONOMIC EXPANSION SYSTEM
There are a few main factors that contribute to India’s tremendous growth in the medical technology sector:
- Rapid technological advancement and new product creation: The availability of sophisticated medical technology has generated new markets and increased demand. Development in the orthopedic segment is being driven by new implant materials and advanced surgical techniques for joint replacement. New and dependable diagnostic technology has also compelled the medical profession to rely more heavily on diagnoses.
- India’s Development as a Medical Tourism Hub: The government is encouraging medical tourism, which is causing a business boom in the medical sector. As a result, India has emerged as a medical tourism hotspot for patients from all over the globe. International visitors who come to India for medical treatment expect high-quality care and world-class facilities, prompting private care providers to enhance their medical technological infrastructure.
- Increasing People’s Perception of Medical Technological Innovations: Metropolitan Indians are getting progressively mindful about the most recent clinical advances accessible to the new medical developments on the market and, as a result, they are demanding them. Industry participants are also holding seminars and workshops to raise public awareness about the available technology, which has increased demand for new medical technologies.
- With the influx of healthcare firms, competition is heating up: It is projected that India will need up to 1.75 million additional beds by 2025. It is also expected that the public sector would contribute just 15% to 20% to this market. To meet this increased demand, many healthcare providers are joining the healthcare delivery sector. For instance, the Medanta Group has developed Medicity in Gurgaon, and the Sahara Group intends to build a 1,500-bed multi-specialty tertiary care hospital in Aamby Valley City. Certain foreign healthcare companies, such as Malaysia’s Columbia Asia, are also entering the Indian market, rendering the private healthcare sector more competitive.
Sriya Life Sciences, an India-based has been in the pharmaceutical industry for the past 12 years and is dedicated to providing its customers with genuine and high-quality pharmaceutical products. They deal in all kinds of hospital and government supplies. They are accredited by an Indian Contract Manufacturing Company and offer a wide variety of pharmaceutical products.
Sriya Life Science is a third-party manufacturer, pharmaceutical exporter, bulk exporter, cargo bulk supplier, and medicine supplier with operations in Brazil, Cambodia, Venezuela, the Philippines, Nigeria, Seychelles, and Sudan.