Along with the global medical device market, the Indian medical device market has also observed steady growth. GlobalData’s research reveals that India’s medical devices market accounted to around 25 per cent of the Asia-Pacific market in 2021.
India is a key market for medical device outsourcing. This industry has seen tremendous growth over the last few years. Several joint ventures, agreements, and loan licensing procedures have influenced the market and caught the eye of foreign manufacturers.
Key Growth Drivers of the Market
