Driven by the country’s growing economy and population income, the Indian pharmaceutical market will increase significantly from approximately $21 billion in 2013 to $56 billion in 2020, at a compound annual growth rate (CAGR) of 15%, forecasts research and consulting firm, Research & Markets. According to the company’s report, ‘India Healthcare, Regulatory and Reimbursement Landscape Report 2019′, the medical device sector will also experience steady growth from $7.5 billion in 2013 to $15.3 billion in 2020, at a CAGR of 11%.
In 2012, the main segments were ophthalmic devices (38.3%), In-Vitro Diagnostics devices (9%), hospital supplies (8.9%) and cardiovascular devices (8.1%), the report states. The Director of Healthcare Industry Dynamics, Research & Markets, says: “India is an emerging healthcare market that has remained unsaturated due to the limited penetration of healthcare…
