The Make In India initiative will be a long-term driver of local medical device manufacturing, Fitch Solutions has said. The scheme for the promotion of medical device parks will help develop the necessary infrastructure, providing 90 percent of the project cost in north-eastern and hilly states and 70 percent in other states.
In the short-term, diagnostic imaging will grow strongly throughout 2021 due to increased demand as a result of the Covid-19 pandemic, expanding by 40.8 percent in 2021 and returning to mid-single-digit growth from 2023, supported in the long-term by market advancements.
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