The Indian medical electronics market is pegged to reach $11.7 billion in 2017, says a new report. The medical electronics market in 2013 was valued at $6.5 billion and the increase by 2017 will be at a 16% CAGR.
The growth has been attributed to tax and duty exemptions in manufacturing from the Government and financial incentives from the National Policy on Electronics.
Trends In the Medical Electronics Market in India
The industry will see a shift towards developing miniaturised, multi-functional, ultra-low power and portable medical devices said the report by Frost & Sullivan.
Miniaturisation of devices through System on Chip (SoC), wireless integrated circuits and connected IT infrastructure will dominate the Indian market.
The wearable devices market will also see a rise in popularity in India, aimed at improving efficiency across Tier 2 and Tier 3 cities and rural India.
Low-cost healthcare startups in India have been slowly increaing their presence and attracting funding too. Recently, low-cost ventilator startup OneBreath secured $3 mn in funding from Ventureast Tenet fund. Low-cost ophthalmology devices company Forus Health too raised $8 mn in Series B funding.
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