Medical innovations all but hinge upon the humble looking plastics. The Indian Medicare industry is branching out on all fronts thanks to our services being more affordable, the higher level of health consciousness amongst us and the ever increasing number of medical institutions in the country. As of today, our country’s population is close to 1.15 billion. All of these need to be accommodated in the hospitals. In order to do that, we need about 2 million beds, that too, within the next decade. Our healthcare industry is worth 400 billion US dollars. A lot of which, includes deriving utility out of medical equipment. The potential here for money making is huge.
Global Surgical Equipment Market was valued at $9,783.8 million in 2016 and is expected to reach $15,737.1 million by 2023 supported by a CAGR of 7.0% during the forecast period 2017 to 2023.
If the experts are to be believed, our healthcare sector is looking at a lot of growth in the coming years. The numbers are expected to be doubled up within the next decade. This would include diagnostics, hospital services and pharmaceuticals as well.
Money spent on various healthcare services which includes diagnostics, the occupancy at a hospital or just plain consulting is also expected to grow In the coming years.
The part of our government which presides over medicine and health are also in plans to set up a separate branch which would deal with licensing of medical devices. Our domestic market for medical devices industry is estimated to have a much increased revenue number within the next 4 years. In its entirety, the market amounts to aroung 150 billion. The demand is huge and much of it is fulfilled via imports. Many devices such as catheter and stent are imported.
Other medical accessories and stuff consumed by this sector are also growing in terms of demand as well as revenue. Disposable medical items are those which can only be used once. So, these are needed in humongous quantities. Hundreds of them are used on a regular basis. These include blood bags, injection syringes, IV fluids, gloves and many more. These are being exported to different parts of the world.
The global demand for surgical gowns continues to be on a high, owing to the increasing number of surgeries being carried out on a daily basis in hospitals across the globe.
