The medical devices market consists of a wide range of tools and equipment that help clinical practitioners efficiently deliver quality healthcare and save human lives. Medical Devices includes Diagnostic Imaging, IV Diagnostics, Consumables, Patient Aids, Tools and Procedures, Ortho and Prosthetic, Dental Products and other devices such as Patient Monitors, Oxygenators, ECG etc. Medical devices are essential for accurate and timely diagnosis, safe and effective prevention, quality treatment as well as rehabilitation. Constant innovation, technological advancement and the use of medical devices and equipment form an essential part of healthcare delivery in India.
Due to the technological revolution, the medical devices sector have upgraded their goals and techniques. Now, they focus more on improving delivery, user experience and bringing down healthcare costs. Especially in India, innovation of medical devices has helped doctors, health organizations and patients to achieve better health outcomes. Here is how, medical devices has positively affected Indian Healthcare:
Real time Diagnosis and point of care devices
Real time diagnostic tools have emerged to play an important role in fighting infectious diseases, better treatment of communicable illnesses, rapid detection of ongoing disease and health related problems, obtaining accurate results etc. Portable / point-of-care devices are other significant categories that have allowed improved diagnostic mechanisms at primary healthcare level, which has led to home care, and improved health outcomes and patient satisfaction.
Reduction of healthcare costs
New age surgical technology has made it possible for doctors to treat highly complex and vital cases and to reduce the length of prolonged hospital stays. This has greatly helped to reduce treatment costs. Continuous flow and advancements of medical devices and equipment is important for reducing healthcare costs in India which will eventually make healthcare services more affordable and will reach among all the masses of India.
Remote Patient monitoring and chronic disease management
Rise of chronic diseases and the proportion of ageing population is going to create a great trouble for the healthcare of India. So to tackle this major problem, there should be more demand for medical devices and tools that can monitor patients continuously, more effectively and reduce the need to visit clinics and hospitals. The emerging trend of our times is an increasing interest in IT-driven healthcare services and wearable medical devices. Such tools will alert doctors to significant changes in vital signs in a patient using cloud-based platforms. Such advances in health screening tools have made it possible for patients to monitor their health at home and reduced the need for hospital visits and blew off the pressure on overburdened health centers.
Increasing local manufacturing
Appropriate measures to improve the quality and availability of medical devices and supplies are the most critical need of the hour in healthcare in India today. It involves improving regulatory mechanisms, quality testing and promoting market creativity. GST on medical devices is currently 12%. Customs duty, on the other hand, is very low. This tax policy has a negative impact on domestic development and promotes imports more. Imports account for 75% of the country’s industrial sales of medical devices, while local producers still produce products at the bottom of the value chain. The initiative’ Make in India ‘ provides a forum for the industry to evaluate the operating model, recognize key growth imperatives, and explore opportunities to create a step change in the medical devices market. This in turn makes it possible for Indian manufacturers to provide affordable options for essential equipment such as CT scans, catheters, dialysis equipment and much more.
The Indian demand for medical devices is expected to increase by 2025 to USD 50 billion. After Japan, China and South Korea, India is actually the fourth largest market for medical devices in Asia. So, it is important for the Indian healthcare sector to guard and encourage constant innovation and advancements of medical devices and equipment so that the clinical practitioners can deliver quality healthcare effectively and save crucial lives.