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Innovation will be the growth engine for the US $ 220 billion
global market for Medical Device Industry. It is expected that by 2015, the
Medical Devices Industry in Asia Pacific will grow at almost double that of rest
of the world. China has become the world’s third largest Medical Device market
following United States and Japan and is expected to be world’s second largest
market in 3-6 years. While Indian Healthcare Industry has a
steady growth and is expected to grow at CAGR of 10-12 % in next five years,
Indian Medical Device Market is likely to cross US $ 5 billion by 2012 with a
CAGR of over 20 %. Alongwith the growth, as per Shri Dinesh
Trivedi, Hon’ble Minister of State for Health and Family Welfare, “Indian
Medical Device Industry needs to develop products indigenously at affordable
costs.” A large scientific talent and medical expertise as |
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well as growth drivers like growing awareness about health, increasing old age
population, changing disease pattern will help Indian Medical Device Industry
not only achieve the growth but keep accelerating the growth for few decades.
However, it is also required to be supported by much needed regulatory reforms.
The present regulatory control over Medical Devices is being exercised in the
country under the provision of the Drugs and Cosmetics Act. It is expected that
a new bill is likely to be introduced soon to ensure standards, safety, quality
and effectiveness of Medical Devices . As per Dr Surinder Singh, Drugs
Controller General of India, the proposed law to regulate medical devices would
be specific to India to cater to the country’s socio-economic conditions.
This issue, under Cover Story, highlights the Global as well as Indian Market
dynamics for the Medical Device Industry.
Injection moulding technology is playing an increasingly important role in the
health sector. With innovative product developments, it has captured for itself
a large market with huge growth potential. Injection moulded plastics components
are part and parcel of Medical Devices and Disposables Products. Along with
ongoing progress in process engineering, the development of new types of
materials is opening up additional fields of application. To gain a foothold in
medical technology, it is essential to be not only innovative and engage in
high-quality and cost-effective production, but also master the guidelines that
additionally apply in the field of Medical Technology. A detailed article
covering all the critical issues important for successfully using this
technology is highlighted in this issue.
As always, this issue also includes the regular features like Global Trends,
Industry News, Events, “Did You Know” etc.
D.L. Pandya
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