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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




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