Adhesives & Sealants Headlines / Coatings / End User News / Finished Adhesives and Sealants / Info for Electronics / Market Trends

Medical Electronics Market in India Poised for Rapid Growth

The medical electronics market in India was valued at $6.5 billion in 2013, and is likely to grow at a compound annual growth rate of 16% to reach $11.7 billion by 2017, according to Frost & Sullivan. However, indigenous manufacturing in medical electronics is still lacking in India. The government has provided assistance in the form of tax and duty exemptions to boost local manufacturing of medical electronics. The National Policy on Electronics has medical electronics as one of the thrust areas and provides for financial incentives for medical electronics manufacturing not only for new units but also for units relocating from outside India. The Drugs and Cosmetics (Amendment) Bill, 2013 is now considering recognizing medical devices as separate from pharmaceutical products in the regulatory structure. A strong framework that provides for medical devices standards in India is an imperative to boost domestic manufacturing, bring in reliability, and better time to market new technologies in medical electronics.

India’s burgeoning population, higher middle-class incomes and increasing awareness about the benefits of healthcare delivery system have catalyzed growth of the medical electronics market. In addition, a rise in lifestyle diseases, increasing urbanization and healthcare facilities’ expansions have reportedly increased the demand for medical care, boosting medical electronics industry volumes. Government schemes to provide basic healthcare facilities in rural and remote areas have also played a key role in driving the adoption of medical equipment that are ultimately boosting the medical electronic industry.
 
Total healthcare expenditure in India is nearly 4% of the GDP, which is less than half of countries like Australia, Brazil, the UK, and the U.S. Government expenditure on healthcare reportedly remains around 1.2% of GDP. This is again less than one-third of spend as a percentage of GDP in countries like the U.S., UK and Australia. With a population of nearly 1.25 billion, an increased spending on healthcare is not an option, but an imperative for India. The government plans to increase public spending on healthcare to 2.5% of GDP in its 12th Five Year Plan.
 
With higher spends on healthcare, increasing lifestyle and non-communicable diseases in India, focus is on providing access to affordable and preventive healthcare. Technology, especially a convergence of medical electronics, IT, and telecom, is a key driver to achieve these objectives.

For more information, visit www.frost.com.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

ASI April 2014 Photo Gallery

Our April 2014 issue is now available!

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

Adhesives & Sealants Industry Magazine

ASI Sept 2014 cover

2014 September

Our September issue features articles focusing on high-tech applications and raw materials, as well as a preview of the ASC Fall Convention and Expo. Check it out today!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

ASI 2014 Buyers GuideASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40 google+ icon ASI 30px