20 June 2018

Growth of global medical firms in India

Growth of global medical firms in India

As per the reports given by Satnam Singh a correspondent of Plastics News, a number of western companies had sent their representatives to the recent Medtec India trade show in New Delhi.

Medical devices are majorly imported in India

The reports say that the medical plastics market in India is giving opportunity to the global players who are exploring. There are many global companies that are showing interest in the Indian market due to its sheer size. There is a record which is showing positive trends every year in the Indian health-care sector, but its domestic medical-device manufacturing base is not able to keep up with the demand. Hence, the Indian medical-device industry is largely dependent on imports.

According to a study from the Indian health ministry, the global plastics market is approximated to be 386 billion pounds annually and market share of plastics in the health-care sector is around 1 percent i.e. 4 billion pounds annually out of which commodity plastics like PP, PVC, PE contribute 74 percent. The Indian health-care sector estimated to be $38 billion yearly and is forecast to reach $77 billion by 2013. The demand is likely to grow at a CAGR of 15 percent, in the next 15 years. In India, the health-care industry is accounted for 5.1 percent of the country’s gross domestic product in 2006 and the amount spent on private health care had reached to $33.6 billion in 2010. Health-care is expected to employ 9 million people in 2012 in India and the spending could contribute 8 percent of GDP.

SMC Medical Manufacturing Pvt. Ltd is a Wis.-based medical-device maker in Bangalore established in 2011. As per the reports, according to Balakrishna Menon, 85% of the Indian medical-device market is largely based on imports. He said that the company in India is planning to manufacture plastic medical devices for cardiovascular, respiratory and orthopedic systems in India and have started producing a couple of devices for cardiovascular systems in the Bangalore plant. He also said that the company has also plans to serve the U.S. and Europe from the Bangalore plant.

According to the report, Harald Herrmann the Mikron Automation regional sales manager said that Biel, Switzerland-based Mikron Group has plants in Switzerland, Germany, the U.S., Singapore and China, now wants to focus on emerging markets of Asia namely India and China.

As per the reports and in accordance to FLG Automation AG of Karben, Germany is exploring the Indian medical market for assembly lines for dialysis and filter technology.

The report says that, the Indian medical-device market is growing slowly and is in an emerging stage, not comparable to China, according to Pawan Urs M. a regional sales manager for quick-disconnect maker Colder Products Co. of St. Paul, Minn.

Source : Plasticnews.com

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