New ICMR-DHR policy to boost India’s domestic medical device market : GlobalData

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Research from GlobalData reveals that the Indian medical device market, which accounted for 28% of the Asia-Pacific market in 2021, is expected to grow at a compound annual growth rate of 7% through 2030.

Indian Council of Medical Research (ICMR) and Department of Health Research (DHR) new policy on biomedical innovation and entrepreneurship is expected to boost India’s medical device market by endorsing government initiatives such as Make -in-India, Start-Up -India and Atmanirbhar Bharat, says GlobalData

Research from GlobalData reveals that the Indian medical device market, which accounted for 28% of the Asia-Pacific market in 2021, is expected to grow at a compound annual growth rate of 7% through 2030.

Anusha Kaushik, Medical Devices Analyst, GlobalData comments, “Most medical devices in India are imported and expensive. The policy aims to establish collaboration between different healthcare professionals and technologists in medical institutions to design, develop, manufacture and supply innovative products across the country. This is expected to reduce import dependency to some extent and provide access to affordable and quality health care in India.

Under this policy, various centers will be established for product development and marketing. This will create an atmosphere focused on innovation and innovators can occupy various positions such as non-executive director, scientific advisor or consultant in a company. They can license technologies to companies or become a licensor, which will result in commercialization, revenue generation and benefit individuals.

Kaushik concludes, “The new ICMR-DHR policies provide a decent opportunity for domestic players trying to enter the market. This is expected to make India a manufacturing destination and reduce the share of imported devices.

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