Medical Devices

June 2022
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3
Advantage India 4
Market Overview 6
Growth Drivers 12
Recent Trends 17
Export Scenario 23
Manufacturing Cluster 25
Major Investments 27
Key Industry Contacts 30
Appendix 32

2
Executive summary

▪ The Indian market for medical equipment is predicted to increase to

Medical Devices Market in India (2021-25, in US$ billion)
US$ 50 billion by 2025.
▪ As of May 2021, the medical devices market is estimated to be at
US$ 12 billion in India. 70 CAGR =
60 42.87%
▪ India is the 4th largest Asian medical devices market after Japan,
China, and South Korea, and among the top 20 medical devices
50
markets globally.
40
30
▪ India has an overall 75-80% import dependency on medical devices. 50
20
▪ Export of medical devices from India stood at US$ 2.53 billion in
10
FY21. 12
0
▪ The US, Germany, China, Brazil, Iran, etc. are a few key countries 2021 (Until May) 2025
that import Indian medical devices.
▪ Gujarat, Maharashtra, Karnataka, Haryana, Andhra Pradesh, Medical Devices Export Market in India (2021-25, in US$ billion)
Telangana and Tamil Nadu are the manufacturing hubs for medical
devices in India.
CAGR = 41%
▪ In BioAsia 2021, key stakeholders in the panel discussion on medical 10
technologies stated that India would become self-sufficient in domestic 8
medical devices manufacturing by 2025-26. 6
10
▪ The panel observed that the government is taking supportive 4
measures such as promoting indigenous manufacturing of high-tech 2
2.53
medical devices, production-linked incentive schemes (PLIs) on 0
medical devices, boosting new medical devices park, etc. to boost 2021 2025F
overall growth of the domestic medical devices market in India.

Source: Government Website, WHO and AMTZ Report ‘Medical Device - Manufacturing in India - A Sunrise 2017

3
Advantage India

4
Advantage India

3. POLICY SUPPORT
2. OPPORTUNITIES IN EXPORT
• 100% FDI is allowed in the medical devices sector In
• The Indian medical device export market is driven India. Categories such as equipment and instruments,
by 75-80% imports from countries such as the US, consumables and implants attract the most FDI.
China and Germany. • The Indian medical devices industry was granted the
• India and Russia have set the bilateral trade target status of an ‘independent industry’ in 2014, and given
at US$ 30 billion by 2025. Trade is expected to the title of ‘sunrise’ sector under the Make in India
increase by an additional US$ 5 billion per annum, scheme in 2014.
with opportunities in pharmaceuticals & medical • In October 2021, the government announced a plan to
devices, minerals, steel, and chemicals. draft a new drugs, cosmetics and medical devices bill
• Medical devices are a highly attractive export area to increase the acceptability of Indian medical devices
for US firms. in the global market.

1. INCREASING DEMAND 4. INCREASING INVESTMENT

• Rising number of medical • FDI inflow in the medical and
facilities will boost the demand surgical appliances sector stood
for medical devices in the at US$ 2.41 billion between April

•
market.
The medical technology sector
2 3 •
2000-March 2022.
In the Union Budget 2022-23,
in India is projected to reach Rs. 86,200 crore (US$ 11.3
US$ 50 billion by 2025. billion) was allocated as a
• Various government initiatives budget for the pharmaceutical
such as ‘Production Linked and healthcare sector.
Incentive (PLI) Scheme for
Medica Devices 2020’ and
1 4
establishing medical parks will
augment demand.

5
Market Overview

MARKET OVERVIEW

6
Medical devices market is split into 4 key categories in India

Under the medical device and IVD regulations, the Health Ministry of India has divided medical devices into the following four categories:

CLASS B (LOW MODERATE RISK) CLASS C (MODERATE HIGH RISK)

• Medical devices such as endoscopic forceps, vial • Medical devices such as anesthesia conduction filter,
adapters, suction cups and catheters, Sengstaken- introducer sheath, microcatheter, imaging catheter
Blakemore tube, feeding tubes, gastrointestinal colonic stents, pancreatic instruments, etc. are included
tubes, etc. are included in this category. in this category.

CLASS A (LOW RISK) CLASS D (HIGH RISK)

• Medical devices such as B C • Medical devices such as
surgical dressings, umbilical coronary stents, cardiac
occlusion devices, bolster catherisation kits,
sutures, alcohol swabs, cardiovascular,
nasopharyngeal catheters intravascular diagnostic
and Y-connectors as an
accessory to perfusion sets,
etc. are included in this
A D
catheters, occlusion
catheters, etc. are included
in this category.
category.

Source: Drugs Controller General (India) Directorate General of Health Services 2017 Notice

7
8

Growth in medical devices

Medical Devices Market in India (2021-25, in US$ billion)

CAGR = 42.87%
50
40
30
50
20
10
12
0
2021 (Until May) 2025F
▪ As of May 2021, the medical devices market is estimated to be at US$ 12 billion in India. India is the 4th largest Asian medical devices market
after Japan, China, and South Korea, and among the top 20 medical devices markets globally. However, it has the potential to surpass its
peers in terms of size and scale; this is based on the government's support the sector has received over the past several years.
▪ India’s medical devices market is projected to reach US$ 50 billion by 2025.
▪ Between 2020-25, diagnostic imaging is likely to expand at a CAGR of 13.5%.
▪ The medical devices sector in India comprises large multinationals, and small and midsized companies. This sector, which is growing faster amid
the pandemic, offers great opportunities for domestic players, particularly engineering MSMEs, to further penetrate the global markets.
▪ The Government of India (GOI) has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and
development (R&D) and 100% FDI for medical devices to boost the market.
▪ India added significant production capacity for various critical care items such as PPE kits, surgical gloves, sanitisers and N95 masks, and
emerged as a significant destination for manufacturing of healthcare products and services.

Source: Government Website, News Articles

8
List of medical devices manufacturers… (1/3)
The Indian medical devices market comprises more than 800 manufacturers, of which 65% companies have a turnover of <Rs. 10 crore (US$ 1.5
million), 25% companies have a turnover of Rs. 10-50 crore (US$ 1.5-6 million), and 2% companies have a turnover of >Rs. 500 crore (US$ 73 million).

List of Medical Devices Manufacturers in India

3M Corporation ATLAS Surgical Chemical Resources (Chereso) GE Healthcare

3S Corporation B Braun Coral Laboratories Ltd. Genex Pharma

Adonis Medical Systems Pvt.

Banuline Pharma Pvt. Ltd. Cura Healthcare Pvt. Ltd. Gepach International
Ltd.

Aligens International Bayer AG Danaher Corp. GOLDEN Nimbus INDIA Pvt. Ltd.

Deluxe Scientific Surgico Pvt.

Ananta Medicare Ltd. Bigtec Labs GRIPORTHO Surgicals Pvt. Ltd.
Ltd.

Anchor Plus LLP Becton Dickinson India Dynamic Ortho Industries GST Corporation Ltd.

Antila Life Sciences Pvt. Ltd. Biocon East African India Overseas Gujarat HEALTH Care

Appaswami Associates BIO Polymer Systems Ethinext Pharma Harsoria Healthcare Pvt. Ltd..

Arommac Industries Biotrol Laboratories Pvt. Ltd. Eucare Pharmaceuticals Pvt. Ltd. Hexagon Nutrition Pvt. Ltd.

Hindustan Syringes & Medical

Arrow Medical Devices, Boston Scientific Corp. Fab Pharmaceuticals Pvt. Ltd.
Devices Ltd.
Flagship Biotech International
Arthon Implants Pvt. Ltd. Cachet Pharmaceuticals Pvt. Ltd. Hiral Labs Ltd.
Pvt. Ltd.
Hi-tech Medicare Devices Pvt.
ASOJ Soft Caps Pvt. Ltd. Caremax Healthcare GANGAR Electronics
Ltd.

Source: Company Websites

9
List of medical devices manufacturers… (2/3)

List of Medical Devices Manufacturers in India

Hospi Line Equipment Pvt. Palakkad Surgical Industries Pvt.
MEDI Tech Devices Pvt. Ltd. Mrk Healthcare Pvt. Ltd.
Ltd. Ltd.

Impact Labs Pvt. Ltd. Medicare Hygiene Ltd. Nandu Chemical Industries Paramount Surgimed Ltd.

Jk Medirise Meditek India Nature’s Global Service Perfint Healthcare

Johnson & Johnson Medived Nebula Surgical Pvt. Ltd. Pharmacrest Company Pvt. Ltd.

Nice Neotech Medical Systems

Johnson & Smit Co. Medsource Ozone Biomedicals Pharmexcil
Pvt. Ltd.

Kanam latex Industries Pvt. Ltd. Medtronic Nipro Corp Philips Healthcare

Kenoor Organics Pvt. Ltd. MEHTA Tubes Ltd. NIRAJ Industries (P) Ltd. Prasad Meditech

Lamar Healthcare Pvt. Ltd. Meril Life Sciences Nosch Labs Pvt. Ltd. Preci Turn Pvt. Ltd.

Nulife Global Medical Devices

Livealth Biopharma Pvt. Ltd. Metal Gems Precision Coatings Pvt. Ltd.
Pvt. Ltd.
MAESTROS Electronics &
Premium Serums & Vaccines
Telecommunications Systems Microtrack Surgicals OM Surgical
Pvt. Ltd.
Ltd.

Magnatek Enterprises Miracalus Pharma Pvt. Ltd. Opto Circuits Proactive Health Inc.

Magnus Analytics Morepen Laboratories Ltd. Ortho Care Prognosys HEALTH Care

Source: Company Websites

10
List of medical devices manufacturers… (3/3)

List of Medical Devices Manufacturers in India

Sai Krishna
Wellmed International Industries
Prognosys Medical Systems Pharmaceuticals/Kings Global Swiss Parenterals Pvt. Ltd.
Pvt. Ltd.
Biotech Ltd.
Terrace Pharmaceuticals Pvt. West-coast Pharmaceutical
Raajratna Metal Industries Ltd. Samay Surgical
Ltd. Works Ltd.
Thea-Tex Healthcare (India) Pvt. Xcellance Medical Technologies
Roche Skanray
Ltd. Pvt. Ltd..,
Yashica Pharmaceuticals Pvt.
Radiant Pharma Schiller Trivitron Healthcare
Ltd.

Remi Laboratories Sceptre Medical India Pvt. Ltd.. Udaipur Health Care Pvt. Ltd. Zenova BIO Nutrition Pvt. Ltd.

Unilab Chemicals and

Relysis SGPHARMA Pvt. Ltd. -
Pharmaceuticals Pvt. Ltd.
United Poly ENGINEERING Pvt.
RHR Medicare Pvt. Ltd. SHAILI Endoscopy -
Ltd..

Rishabh Exim Shaimil Laboratories Vaansari Marketing Services -

Ruby Surgical & Allied Products

Smith & Nephew Vascular Concepts -
Pvt. Ltd.
Saboori Collezione International
Siemens Verve Human Care Laboratories -
Pvt. Ltd.
Saboori Collezione International
SON'S & Daughter's Vinod Medical Systems Pvt. Ltd. -
Pvt. Ltd.

Sahjanand Medical Technologies Swipha Exports Pvt. Ltd. Vins Bioproducts Ltd. -

Source: Company Websites

11
Growth Drivers

GROWTH DRIVERS

12
100% FDIs and various government initiatives boost demand
…(1/2)

1
100% FDI
▪ 100% FDI under the automatic route for both brownfield and greenfield setups in the sector is expected to boost the industry. Strong
FDI inflows also reflect confidence among global players on the Indian medical devices market.
▪ Over the last five years (2015-20), India received US$ 600 million, with key investments from countries such as Singapore, the US,
Europe and Japan.
▪ Categories such as equipment and instruments, consumables and implants have attracted the most FDIs.
▪ From April 2000-March 2022, FDI inflow in the medical and surgical appliances sector stood at US$ 2.41 billion.

2
Incentive Schemes
▪ To boost domestic manufacturing of medical devices and attract huge investments in India, the Department Of Pharmaceuticals
launched a PLI scheme for domestic manufacturing of medical devices, with a total outlay of funds worth Rs. 3,420 crore (US$ 468.78
million) for the period FY21-28.
▪ The government also approved applications for nine eligible projects that are expected to lead to a total committed investment of ~Rs.
729.63 crore (US$ 100.01 million) by the companies Siemens Healthcare Private Limited, Allengers Medical Systems Limited (AMSL),
Allengers OEM Private Limited (AOPL), Wipro GE Healthcare Private Limited, Nipro India Corporation Private Limited, Sahajanand
Medical Technologies Private Limited, Innvolution Healthcare Private Limited, and Integris Health Private Limited, and generate
~2,304 jobs.
▪ In September 2021, the Ministry of Health and Family Welfare stated that the government has decided to form a committee to prepare
the ‘New Drugs, Cosmetics and Medical Devices Bill’ to frame new drugs, cosmetics and medical devices.
▪ In March 2021, the PLI Scheme for pharmaceuticals worth Rs. 15,000 crores (US$ 1.96 billion) was launched. This scheme aims to
enhance India’s manufacturing capabilities by increasing investment and production in the pharmaceutical and medical devices
sectors and contribute to the availability of a wider range of affordable medicines for consumers.
Source: Government Website, News Articles

13
100% FDIs and various government initiatives boost demand
…(2/2)

3
Introduction of Medical Parks
▪ The medical device parks are expected to reduce manufacturing costs as these will be equipped with the necessary infrastructure
where companies can plug and play.
▪ A vast medical device park is planned to open in Noida, bringing in a total investment of Rs. 5,250 crores (US$ 705.38 million) by
the government, and employ 20,000 people.
▪ In September 2021, the government sanctioned a proposal worth Rs. 5,000 crore (US$ 674.36 million) to build a medical devices
park in Himachal Pradesh’s industrial township Nalagarh in the Solan district.
▪ In September 2021, the government approved the construction of a medical devices park near the Noida International Airport at
Jewar in Sector 28.
▪ In September 2021, the government announced a scheme worth Rs. 400 crore (US$ 53.95 million) to promote medical device
parks until FY25. The scheme is expected to reduce the cost of manufacturing medical equipment, making it more affordable in
the domestic market.
▪ In July 2021, the government announced that they would build a medical park in Uttar Pradesh, which is expected to generate an
estimated Rs. 500 crore (US$ 67.13 million) worth of business in the state.

4
Commercialisation in the medical devices and diagnostics space
▪ In November 2021, the Indian Council of Medical Research (ICMR) collaborated with Indian Institutes of Technology (IITs) to
establish ‘ICMR at IITs’ by setting up Centres of Excellence (CoE) for Make-in-India product development and commercialisation
in the medical devices and diagnostics space.
▪ The ICMR-DHR CoEs at IITs will create a pipeline of innovative medical devices and start-ups that will incentivise and motivate
local manufacturing in India and provide holistic support to the technologies/products nearing commercialisation.

Source: Government Website, News Articles

14
Growing number of hospitals & medical device rules to drive
demand…(1/2)

1
Introduction of Medical Device (Amendment) Rules 2020
▪ In 2017, the Central Drugs Standard Control Organisation (CDSCO) published the ‘Medical Devices Rules 2017’, which came into
effect in 2018 and comprised regulatory structures that were required to obtain registration and licence by importers and
manufacturers of medical devices.
▪ In February 2020, two new amendments were introduced, i.e., a new chapter for registration of medical devices by their respective
manufacturers and importers, and exemption of the 37 categories of already regulated or notified medical devices from the
requirement of registration introduced by the new chapter.

2
National Medical Devices Promotion Council
▪ In January 2020, the government set up a National Medical Devices Promotion Council to promote local manufacturing of high-
end medical devices and attract investments in the sector.
▪ The council would be headed by the secretary of the Department for Promotion of Industry & Internal Trade (DPIIT).

Source: Government Website, News Articles

15
Growing number of hospitals & medical device rules to drive
demand…(2/2)

3
Revised Public Procurement Order (PPO)
▪ On March 25, 2021, the Department of Pharmaceuticals released a revised notice on the Public Procurement Order (PPO)
incorporating 19 medical devices in the revised guidelines of the PPO, which is expected to improve domestic medical devices
manufacturing (and strengthen ‘Make in India’) and reduce import bills by ~Rs. 4,000 crore (US$ 538.62 million).

4
Introduction of ‘Health and Wellness ATMs’
▪ To expand the primary healthcare Industry and clinical centers in the country, in July 2021, the government of Uttar Pradesh
announced to introduce automatic medicine dispensing machines. The state health department has been initiated to design an
action plan and install ‘Health ATMs’, which are walk-in medical kiosks with combined medical devices for fundamentals, basic
laboratory testing, emergency offerings, cardiology, neurology, pulmonary testing, gynaecology, etc., operated by a medical
assistant in all 75 districts of Uttar Pradesh.

Source: Government Website, News Articles

16
Recent Trends

RECENT TRENDS AND STRATEGIES

17
Notable trends in the medical devices sector…(1/5)

1
Big Data
▪ Numerous companies have been utilising predictive analytics models by gathering key patient vital signs, along with other
observations from devices, to make decisions about the overall health of patients

▪ For example, in 2019, Medtronic and IBM created a mobile personal assistant application that provides real-time glucose insights for
individuals with diabetes. This management system helps understand the links between glucose readings, lifestyle choices and drug
administration and thereby, aids patients to make an informed decision about their medication

2
New Devices
▪ In July 2022, Godrej Appliances launched the new InsuliCool product range – Godrej InsuliCool and Godrej InsuliCool+, which are
innovative cooling solutions especially designed for insulin storage, in order to address the challenge faced by diabetic patients with
respect to insulin storage at recommended temperatures.
▪ In November 2021, Cipla launched ‘Spirofy’, India's first pneumotach based portable, wireless spirometer.
▪ In October 2021, Andhra Medical College announced the pilot test for a artificial technology platform to monitor lung condition. The
artificial intelligence platform is expected to increase the accuracy of identifying the next appropriate intervention in the treatment.
▪ In July 2021, Abbott announced that it has launched a pea-sized, life-saving device for babies with hole-in-the-heart malformations.
The company has launched the device in India with emphasis on centres having an active neonatal intensive care unit (NICU).
▪ In June 2021, Medtronic India Private Limited announced the launch of Micra AV - a miniaturised, fully self-contained pacemaker that
delivers advanced pacing technology to atrioventricular (AV) block patients via a minimally invasive approach.

Source: Government Website, News Articles

18
Notable trends in the medical devices sector…(2/5)

3
Robotics
▪ In July 2022, the Rajiv Gandhi Cancer Institute and Research Center (RGCI) in New Delhi received its first-ever Made-in-India
Surgical Robotic System, the SSI-Mantra, which was developed by med-tech startup SS Innovations.
▪ Medtronic has launched a Surgical Robot Experience Center (SREC) in Gurugram, Haryana, the first of its kind in South Asia. The
SREC will be focused on the education and training of surgeons in robot-assisted surgery.
▪ Selective Compliance Articulated Robot Arm (SCARA) robots can be easily mounted on a tabletop and fit well in small confined
spaces; this is typical of a medical device manufacturing facility.
▪ In February 2021, Siemens Healthineers introduced Corindus, a robotic system, to drive cardiovascular interventions with robotic
assistance in India.

4
Start-ups
▪ The medical devices market is evolving at a fast pace on the back of constant innovations and research that are making medical
devices affordable and accessible. Several Indian start-ups and SMEs have entered the medical devices market and are
contributing with innovative solutions. With the entry of start-ups in this sector, new investments are being observed in the market.
▪ Indian Institute of Technology (IIT) Delhi has developed a national centre for medical technology development in an effort to help
medical device startups produce their goods in a facility that has received ISO certification and secure the necessary certifications.
▪ In November 2021, SAGENOME, a Kochi-based biotechnology startup, developed a test kit ‘COVIGENE’ for genomic analysis to
help predict chances of developing severe diseases, if infected.
▪ In November 2021, Serene Envirotech Pvt. Ltd., a Mumbai-based startup, launched a portable molecular hydrogen generating
machine ‘udazH’ for personal use. The molecular hydrogen inhaler comes with a dual-use technology that lets two users
simultaneuosly use the machine.

Note: AiMeD: Association of Indian Manufacturers of Medical Devices, PPE: Personal Protective Equipment, RT PCR: Reverse Transcription Polymerase Chain Reaction
Source: Government Website, News Articles

19
Notable trends in the medical devices sector…(3/5)

5
Wearables
▪ Wearables such as glucose monitors, exercise trackers and wearables for mental health are becoming popular among consumers
in India because of their ease of usage
▪ In July 2022, Ultrahuman announced its latest wearable: the Ultrahuman Ring, which can track users’ metabolism, measure
movement, sleep and other body dynamics in real-time.
▪ India's wearable market grew 93.8% YoY in the July–September 2021 quarter, shipping 23.8 million units. Noise maintained its lead
for the sixth straight quarter with a 26% market share in the third quarter, followed by Boat (23.1%), Fire-Boltt (15.3%), Realme
(7.3%) and Amazfit (4.8%).

6
Educational Programmes
▪ To fulfill the demand for trained professionals, several educational institutions are offering/introducing courses to provide training
and research in the medical devices field.
▪ National Institute of Pharmaceutical Education and Research introduced a course - Master in Techology in medical devices
▪ IIT Hyderabad is offering Bachelor in Techology in biomedical engineering that will train students to design medical devices,
develop 3D images and create bio-sensors on a chip.
▪ In June 2021, Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct
technique of using inhalers.

Note: AiMeD: Association of Indian Manufacturers of Medical Devices, PPE: Personal Protective Equipment, RT PCR: Reverse Transcription Polymerase Chain Reaction
Source: Government Website, News Articles

20
Notable trends in the medical devices sector…(4/5)

7
COVID-19
▪ According to AiMeD, before the outbreak of COVID-19, there were only 20 firms manufacturing 62 lakhs PPE kits per year,
but within 2-3 months, the number of manufacturers listed with AiMeD increased to 140 with 25.55 crore annual capacity.
▪ In September 2021, Welspun India received the US Food and Drug Administration (FDA) 510 (k) clearance for its 3-ply
surgical masks.
▪ In June 2021, the National Anti-profiteering Authority (NAA) directed tax officials to ensure rate cut on Goods and Services
Tax (GST) for COVID-19-related medical supplies to offer consumers tax relief on supplies.
▪ In June 2021, medical devices manufacturer Meril announced that it has received approval from the Indian Council of Medical
Research (ICMR) for its COVID-19 self-use rapid antigen test kit.
▪ In April 2021, due to the unusual spike in covid infections and an increased number of patients requiring hospitalisation, the
government allowed faster custom clearance for up to three months to import medical devices including nebulisers, oxygen
concentrators, oxygen canisters, cryogenic cylinders, oxygen generators and ventilators.
▪ Similarly, the number of Indian firms manufacturing ventilators increased from 8 to 17, mask manufacturers from 30 to 108,
swab manufacturers from zero to five, sanitiser manufacturers from 35 to 49, and RT PCR kit manufacturers from zero to
eight
▪ Hindustan Syringes and Medical Devices Ltd., the world's largest manufacturer of auto-disable syringes that are used for
vaccination, planned to scale up production to 1 billion syringes a year (from 700 million) in the first-half of 2021, to push
COVID-19 vaccination. In March 2021, the company announced its plan to produce 8,200 syringes per minute—40% more
than its current capacity of 5,900 syringes per minute.
▪ In April 2021, Hindustan Syringes and Medical Devices (HMD) announced to invest >Rs. 100 crore (US$ 13.47
million) to increase its syringe production capacity from 2.5 billion to >3 billion syringes by the next quarter.
▪ In October 2021, HMD achieved a milestone by supplying 500 million 0.5 ml AD syringes to the government to
accelerate the vaccination drive and contribute to India’s Atmanirbhar (self-reliance) mission.
▪ The company further plans to achieve annual capacity of 3.5 billion syringes by March 2022.

Note: AiMeD: Association of Indian Manufacturers of Medical Devices, PPE: Personal Protective Equipment, RT PCR: Reverse Transcription Polymerase Chain Reaction
Source: Government Website, News Articles

21
Notable trends in the medical devices sector…(5/5)

8
Initial public offering (IPO)
▪ In September 2021, Sahajanand Medical Tech filed its Draft Red Herring Prospectus (DRHP) with SEBI for its Initial Public Offering
(IPO) worth Rs. 1,500 crore (US$ 202.31 million).

▪ In June 2021, Skanray Technologies filed its draft red herring prospectus (DRHP) with SEBI for its initial public offering (IPO) worth
Rs. 400 crore (US$ 53.70 million). The IPO is expected to include sale of secondary share, wherein its promoters and Ascent
Capital (an existing private equity investor) are expected to sell a part of their stake.

Note: AiMeD: Association of Indian Manufacturers of Medical Devices, PPE: Personal Protective Equipment, RT PCR: Reverse Transcription Polymerase Chain Reaction
Source: Government Website, News Articles

22
Export Scenario

RECENT TRENDS AND STRATEGIES

23
Export scenario of medical devices in India

Medical Devices Export Market in India (2021-25, in US$ billion) Key Export Countries

The US France
CAGR 41%
10 Germany Singapore
8
6 China Turkey
10
4
2 Brazil The Netherlands
2.53
0
2021 2025F Iran Belgium

▪ India has a 75-80% import dependency on medical devices, with exports of US$ 2.53 billion in FY21, which is expected to increase at a CARG of
41% to reach US$ 10 billion by 2025.
▪ To increase the export of medical devices in the country, the Ministry of Health and Family Welfare (MOHFW) and Central Drugs Standard Control
Organisation (CDSCO) implemented the following initiatives:
• The entities are re-visiting and implementing the Schedule MIII, which is a draft guidance on good manufacturing practices and facility
requirements.
• System for export labelling.
• Clinical evaluation and adverse reporting clarification.
• State licencing authority to extend free sales certificate validity from 2 years to 5 years to allow exports.
• Create a list of manufacturers with export licencing and make this list easily accessible to different regulatory authorities worldwide.
▪ The Medical Devices Virtual Expo 2021 showcased Indian products and enabled direct interaction between Indian suppliers and buyers/importers
from participating countries. Also, 300 foreign buyers from the healthcare sector participated in this event.

Source: Government Website, News Articles

24
Manufacturing Clusters

RECENT TRENDS AND STRATEGIES

25
Manufacturing cluster for medical devices

Gujarat Haryana
Category: Pharmaceuticals Category: Low-end Medical
Location: Ahmedabad, Vapi Industrial Consumables
Corridors Location: Chandigarh, Ballabhgarh,
Key Players: 3M Co., Bayer AG, Meril Faridabad, Manesar
Life Sciences and Sahjanand Medical Key Players: Boston Scientific Corp.,
Technologies Becton Dickinson India and Hindustan
Syringes

Andhra Pradesh, Telangana

Maharashtra
Category: Medical Electronics
Category: Pharmaceuticals
Location: Hyderabad,
Location: Mumbai, Pune, Nagpur
Visakhapatnam, Sultana
Key Players: Johnson & Johnson,
Key Players: B Braun, Medtronic,
Smith & Nephew, Philips Healthcare,
Relysis and Sahajanand Medical
Siemens, Nipro Corp., Danaher Corp.
Technologies
and Remi Laboratories

Karnataka
Category: Insulin pen, Stents & Tamil Nadu
Implants, Medical Electronics Category: Medical Electronics
Location: Bangalore, Mangalore Location: HLL Medical Park, Chennai
Key Players: GE Healthcare, Biocon, Key Players: Roche, Trivitron Healthcare,
Medived, Skanray, Bigtec Labs and Perfint Healthcare, Opto Circuits, Schiller
Vascular Concepts and Appaswami Associates

Source: WHO and AMTZ Report ‘Medical Device - Manufacturing in India - A Sunrise 2017’, Government Website

26
Major investments in medical device sector… (1/3)

Key Highlights

▪ As of March 2021, 40 companies signed up to establish their facilities in the Medical Devices Park of Sultanpur, Telangana. In total, the park
received a commitment of >Rs. 1,200 crores (US$ 165 million) with a potential to generate 6,500 jobs.
▪ By 2022, the Gautam Budh Nagar, Noida, is expected to have Northern India’s first medical tools and system manufacturing park. The park is
likely to be developed in Sector 28 of the Yamuna Expressway Industrial Development Authority (YEIDA) Space by the Yamuna Expressway
Authority. In March 2021, YEIDA is expected to introduce a mission scheme worth ~Rs. 5,000 crore (US$ 685.35 million), of which Rs. 100
crore (US$ 13.71 million) is likely to be funded by the central authorities.
▪ In September 2021, the government approved a medical devices park in Oragadam (Tamil Nadu) that is expected to attract an estimated
investment of Rs. 3,500 crore (US$ 472.05 million) and offer direct and indirect employment to ~10,000 people.
▪ In January 2021, the Tamil Nadu government proposed to build a medical devices park (spanning 350 acres) near Oragadam in
Kancheepuram district. The proposed cost for developing this project is Rs. 430 crore (US$ 58.92 million).
▪ Hyderabad is emerging as a medical devices hub. Establishment of the country's largest medical devices park in Sultanpur (near Hyderabad)
in 2017 has attracted >40 companies to set up units so far (as of 2020).
▪ To further incentivise investments in the manufacturing of medical devices, in May 2020, the Central Government of India announced
incentivisation plans of at least Rs. 3,420 crore (US$ 469.19 million) over a period of five years, and these funds will be offered to
manufacturers only if they invest in set-ups to produce key medical devices.
▪ In May 2020, AiMeD (an Umbrella Association of Indian Manufacturers of Medical Devices) invited Japanese investors who were interested in
setting-up a manufacturing base for medical devices (including medical electronics & IVD) in India. As a part of the initiative, India is targeting
1,200 technical collaborations with Indian investors for JPY 600 billion (US$ 5,746.7 million) and above, 200 joint ventures with foreign
investors for JPY 200 billion (US$ 1,903.8 million) and above, and 50 MNCs for JPY 200 billion (US$ $ 1,903.8 million) and above.
▪ Metal Component Engineering Limited (“MCE” or the “Group”), based in Singapore, invested in MedTel, an India-based company, and
formed a strategic partnership with its healthcare unit, GainHealth.

Source: News Articles

27
Major investments in medical device sector… (2/3)

▪ In April 2021, the company announced that it has established a medical devices manufacturing plant in
Visakhapatnam.
▪ In March 2021, Transasia Bio-Medical Ltd., a Mumbai-based in-vitro diagnostic company, announced plans to invest
Rs. 150 crore (US$ 21 million) to set up a manufacturing unit at the Medical Devices Park in Sultanpur, Telangana.
▪ The company plans to manufacture state-of-the-art high-technology analysers in the unit to address biochemistry,
immunology, hematology, and molecular testing, in addition to COVID-19, HIV, dengue, and TB testing for domestic
and export markets.

▪ In February 2021, Sunway Group, a Mumbai-based medium-sized pharmaceuticals company, signed a deal to acquire
Inor Medical Products Ltd. (manufacture and seller of orthopaedic implants and instruments).
▪ As part of the contract, Sunway has also agreed to acquire Inor Medical's facility based in Valsad, Gujarat. The deal
value of the transaction was not disclosed.

▪ In March 2019, Sahajanand Medical Technologies (SMT), a manufacturer of coronary stents, announced an investment
worth Rs. 250 crore (US$ 34 million) to establish a stent manufacturing facility in Telangana.
▪ This facility will be Asia’s largest stent manufacturing facility with a capacity to produce one million stents and two million
balloon catheters per year.
▪ The facility is expected to be ready by 2020 and will generate employment for 1,200-2,000 people.

Source: Transasisa Bio-medical Ltd. Website, News Articles

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Major investments in medical device sector… (3/3)

▪ In November 2021, Medtronic India Private Limited launched the Arctic Front Cardiac Cryoablation Catheter System for
treatment of Atrial Fibrillation (AF).
▪ In April 2021, Medtronic inaugurated a Medtronic Engineering and Innovation Centre (MEIC) in Hyderabad to leverage
India's large pool of diverse and qualified talent to accelerate its innovative work in the medical technology space in the
country.
▪ In August 2020, Medtronic, a global manufacturer of medical devices, announced an investment worth Rs. 1,200 crore
(US$ 163 million) to expand its R&D centre for medical device software and engineering solutions facility in Hyderabad,
Telangana.
▪ The facility will be Medtronic’s largest R&D facility, outside of the US, generating ~1,000 jobs in the next five years. The
investment is planned over the next five years and is aimed at making Hyderabad the hub for medical devices in India.

▪ In September 2021, Siemens Healthineers announced that molecular testing kits will be manufactured in its Vadodara,
Gujarat, unit.
▪ In September 2021, Siemens Healthineers extended its collaboration with SyntheticMR, with a new license agreement
for distribution of the company’s (SyntheticMR) products.
▪ In October 2020, Siemens Healthineers, a global medical technology company, announced plans to invest Rs. 1,300
crore (US$ 177 million) over the next five years in Bengaluru, Karnataka, to make India one of its four key digital
innovation hubs worldwide.

▪ Japan-headquartered Omron Healthcare, which established its Indian arm in 2010, is drawing growth plans for India that
may include setting up a manufacturing unit in India and expanding its retail footprint.
▪ By the end of 2021, the company plans to have 10 retail outlets in India and plans to create a centre in Warangal as part
of its expansion into Southern India, where it anticipates a potential contribution of 40% of its sales in FY 2020. The
company expects a Rs. 220 crore (US$ 30 million) turnover in India during that period.
▪ In October 2021, the company announced to strengthen its telehealth and remote patient monitoring operations to boost
digital experience for its customers. In line with this, OMRON introduced innovative features in its app such as ‘Health
Gift’ option and BP Diary for its users.

Source: News Articles

29
Key Industry Contacts

30
Key industry contacts

Agency Contact Information

901-902, Narain Manzil, 23, Barakhamba Road,

New Delhi - 110001
Association of Medical Device industry (AIMED) Tele: 91-129-4289000 / 4061151
E-mail: [email protected]
Website: www.aimedindia.com

B-17, Infocity, Sector-34,

Gurgaon, Haryana 122001
Medical Technology Association of India
Tel: 91-124 4382629
E-mail: [email protected]
Website: https://mtaiindia.org/

C-123, Phase-1, Okhla Industrial Area, New

Delhi - 110020
Association of Diagnostics Manufacturers of India Tel: 91-11-41727222 / 41084222
E-mail: [email protected]/
[email protected]/ Website: www.admin-
india.org

Source: Transasisa Bio-medical Ltd. Website, News Articles

31
Appendix

32
Glossary

▪ AiMeD: Association of Indian Manufacturers of Medical Devices

▪ CAGR: Compound Annual Growth Rate

▪ CSDCO: Central Drugs Standard Control Organisation

▪ FDI: Foreign Direct Investment

▪ GOI: Government of India

▪ Rs.: Indian Rupee

▪ JPY: Japanese Yen

▪ Ltd: Limited

▪ MOHFW: Indian Ministry of Health and Family Welfare

▪ PLI: Production Linked Incentives Scheme

▪ Pvt Ltd: Private Limited

▪ R&D: Research and Development

▪ SCARA: Selective Compliance Articulated Robot Arm

▪ US$ : US Dollar

▪ Wherever applicable, numbers have been rounded off to the nearest whole number

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Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$
2004-05 44.95 2005 44.11
2005-06 44.28 2006 45.33
2006-07 45.29 2007 41.29
2007-08 40.24 2008 43.42
2008-09 45.91 2009 48.35
2009-10 47.42 2010 45.74
2010-11 45.58 2011 46.67
2011-12 47.95 2012 53.49
2012-13 54.45 2013 58.63
2013-14 60.50 2014 61.03
2014-15 61.15 2015 64.15
2015-16 65.46 2016 67.21
2016-17 67.09 2017 65.12
2017-18 64.45 2018 68.36
2018-19 69.89 2019 69.89
2019-20 70.49 2020 74.18
2020-21 73.20 2021 74.84
2021-22 74.42 2022* 75.82

Note: *- As on May 2022

Source: Foreign Exchange Dealers’ Association of India

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