Project Report For Medical Equipment Manufacturing
Project report for Medical Equipment Manufacturing is as follows.
In the recent decade, the healthcare and medical device industries have developed considerably. In India, there is a considerable gap between existing demand and supply for medical equipment, which presents a big potential for device production.
Many medical device makers (both local and foreign) are currently pursuing India’s enormous under-penetration of medical equipment as a potential development opportunity.
The worldwide need for medical equipment is likely to be driven by the spontaneous development of serious diseases like the ongoing Coronavirus outbreak. Ever since introduction of COVID-19 in many nations, demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has grown substantially. This need is likely to persist in order to battle the pandemic and to reduce the danger of infection emergence and transmission.
Medical equipment manufacturers are converting their manufacturing lines to make medical products that are in high demand to battle the coronavirus, like hand sanitizers, surgical masks, personal protective equipment, ventilators, and so on.
Market potential & Strategy
India is one of the top 20 medical equipment markets in the world. In 2020, India’s medical equipment industry was worth US$ 11 billion, and by 2024, it is anticipated to be worth US$ 65 billion.
Large multinationals as well as small & medium businesses make up India’s medical equipment industry.
To enhance the industry, the Government of India (GOI) has launched a number of measures aimed at strengthening the medical equipment industry, with a focus on research & development and 100 percent FDI for medical devices. FDI inflows into the medical and surgical equipments industry totaled US$ 2.19 billion from April 2000 to March 2021.
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