Medical Device Industry of India 2023

The Healthcare Industry of India is considered to be one of the nation’s largest sectors, both for revenue and employment. In recent years, over the last decade, the country has faced the rapidly growing market demand for medical devices/products and services. The population of India is growing at an average of 1.6% each year, with the population of older adults being over 100 million. The continuous rising of the economy, the rise in income of middle-class families, and the increased market penetration of medical insurance providers are fueling growth in the medical industry. Along with that, the recent demographic shift from chronic to lifestyle diseases has majorly impacted the Indian Medical Industry.