With the increasing demand for medical facilities in India, the market for medical devices is growing rapidly. The medical devices Industry in India is one of the largest in Asia and is amongst the top 20 players in the world. It can be said that this industry is highly capital intensive, and there is immense scope as far as a skilled workforce and Research & Development are concerned. The Government has devised a few schemes to promote the market of medical devices in India. As per the Indian Brand Equity Foundation (IBEF) report, the market of medical devices in India is expected to grow at a Compound Annual growth rate (GAGR) of 37% to reach US$ 50 billion in 2025, from US$ 10.36 billion in Year 2020. This sector comprises large multinationals to small and mid-sized companies.
In 2020, the Government of India initiated The Production Linked Incentives Scheme (PLI) to boost the medical Devices industry. The primary aim of scheme is to provide financial benefits to boost domestic manufacturing and attract significant investments in the medical device sector. The scheme’s tenure is from the financial year 2020-21 to the financial year 2027-28.