The medical technology industry is an inevitable part of the overall healthcare sector. The overall industry is forecast to reach an annual size of 500 billion U.S. dollars within the next couple of years. The healthcare and medical device sectors have grown significantly in the last decade. There is a huge gap in the current demand and supply of medical devices in India and this provides a significant opportunity for manufacturing devices in India. At present, many medical device manufacturers (domestic and international) are chasing this massive under penetration of medical devices in India as a significant growth opportunity.
The initial economic shock of COVID presented an opportunity for medical device companies. For many industry insiders, the main impact of the pandemic on the MedTech sector has been the acceleration of trends that were already well underway in the preceding years.