DOI: 10.21276/sajp.2018.7.6.3

Pages: 217-229

Medical device industry is the one of the leading industries globally. Medical devices have become need of today, more of a choice. It is blooming day by day not just in India but globally too. It undergoes stringent manufacturing processes and approved by various government bodies to provide quality products. It consists of stents, consumables, patient aids and implants. The market size of India medical device sector is USD 5.2 billion. USA is the global leader in this sector followed by Europe and China. It is expected to grow USD 409.5 billion with the CAGR 4.5% for the period of five years. Healthcare expenditure, increased prevalence of lifestyle-related diseases and aging population are the growth drivers of medical device industry. The major geographic markets of medical device industry are United States, Europe, China, Africa/ Middleeast& Asia-pacific. There are plenty of opportunities in the field of medical devices due to huge population and healthcare conditions. With the current usage of IoT, wearable devices have started to expand their market all over the world. We have alert mechanism which provides information just on one click. Key players of the market show their complete devotion towards the growth and development of the sector. GST provides an additional benefit to manufacturer by revising the tax regime.