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EEPC INDIA Figure1: Major markets in global medical devices industry in 2015

RIVEN by factors such as in- 3.0%
creasing number of patients with
Dlifestyle diseases, easier access to 4.0%
medical services in developing countries,
especially India and China, and extensive 45.0%
R&D in terms of innovation and tech-
nology, the global medical devices in-
dustry is poised for significant growth in 21.0%
the coming years. As per a recent report,
globally the medical devices industry
sales is expected to reach $595 billion by
2024 growing at a CAGR of 5.6 percent
between 2017 and 2024.1
The global devices market is categorised
mainly into seven segments, which in-
clude:
• Diagnostic imaging
• Orthopaedic and prosthetic devices
• Patient aids 27.0%
• Consumables
• Dental products America Asia Middle East and Africa
• IV diagnostics Western Europe Estern Europe
• Others
While diagnostic imaging constitutes vices market. Korea, and India.
the largest segment of the global mar- Both North and South America to- The production of medical devices is
ket, it is also expected to exhibit slowest gether constitute the largest market for largely led by the US. During 2017, the
growth in the coming years. In vitro fer- the industry, followed by Western Eu- country had nine of the top 15 medical
tilisation (IVF) is expected to emerge as rope. In recent years, the Asia-Pacific devices producers globally,2 while Eu-
the number one device area in 2024 and has also emerged as a major market led rope continued to remain the traditional
neurology will be the fastest growing de- by countries such as Japan, China, South market for medical devices.

GLOBAL TRADE SCENARIO IN MEDICAL DEVICES SECTOR

LOBALLY both exports and im- Figure5: Trade balance of top five exporters vis-à-vis India
ports of medical devices have 331.18
Ggrown at a CAGR of 3.7 percent 279.9 298.76 302.22 326.01
and 3.9 percent respectively between 281.51 284.19 271.57 274.32 203.73
2014 and 2018.
The USA, Germany, China, the Neth-
erlands, and Ireland remain the top five
exporters globally, and all of them have
exhibited a healthy growth between 2014
and 2018. Together the top five constitute
48.3 percent of the total global exports.
India is ranked 31st among the global ex- 2014 2015 2016 2017 2018
porters and contributes around 0.47 per- Source: ITC Trade Map Export Import

AUGUST 2019 l INDIAN ENGINEERING EXPORTS l 7