Market situation.
Healthcare industry: the Indian healthcare sector is expected to grow threefold, at a CAGR of $22% from 2016-2022, to reach $372 billion by 2022.
Medical Devices: India's current medical device market is worth $5.2 billion, ranking fourth in Asia, and is expected to grow to $50 billion by 2025. The Indian medical device market is largely dependent on imports, with imports accounting for up to 80%.
GOVERNMENT SPENDING: The Government of India plans to increase public health spending from 1.4% to 2.5% of GDP by 2025, with over $200 billion expected to be spent on healthcare infrastructure.In 2018, the Government of India launched the Pradhan Mantri Jan Arogya Yojana (PMJAY) program to provide annual more than 100 million households with $7,124.54 in health insurance coverage.
Employment Demand: India needs more than 150,000 doctors and 2.4 million nurses to meet the growing demand for health care, creating 40 million jobs in the Indian healthcare industry by 2020.
Medical equipment and instruments: medical electronic instruments, medical ultrasound instruments, medical X-ray equipment, medical optical instruments, clinical test and analysis instruments, dental equipment and materials, operating rooms, emergency rooms, treatment room equipment and apparatus, disposable medical supplies, medical dressings and sanitary materials, various types of surgical instruments, medical health care equipment and supplies, traditional Chinese medical instruments and rehabilitation apparatus, hemodialysis equipment, anesthesia Respiratory equipment, etc.
Home health care products and small health care instruments: home health care products, home small diagnostic, testing and treatment instruments, rehabilitation, physical therapy instruments and supplies, electronic medical instruments, dental appliances, hospital office supplies, sports medicine supplies.
Disposable consumables and consumer goods: disposable medical supplies, medical dressings and sanitary materials.