Over the span of years, there has been acceleration in the development of new medical devices due to rapidly expanding scientific and engineering knowledge. Strong engineering skills, supplement with knowledge of medicine and biology helps in the development of better and effective medical devices.
Incorporation of medical devices for treatment endows great benefits to health care system by providing faster and effective treatment options. Medical devices play a critical role in the lives and health of millions of people worldwide. Deep brain stimulation implant for Parkinson’s disease to knee replacing implants for osteoarthritis, these remarkable products lead to increased longevity and improved quality of life. From everyday household product items (e.g. thermometer) to complex implants, responsibility lies on regulators to ensure safety and efficacy.
The U.S. is the largest consumer of medical device market in the world: $156 billion. By 2023, it is likely to grow to $208 billion. The market is likely to grow at a compound annual growth rate (CAGR) of 22.91% during the estimate period from 2021 to 2030. The factors driving the growth of the market include the increasing cost of drug manufacturing, constantly evolving regulations, and growing technology adoption in the pharmaceutical industry.
India is Asia's fourth largest medical device market and one of the top 20 worldwide. The market for medical devices in India is expected to grow at a 35.4% compound annual growth rate (CAGR), with the overall market valued at $12 billion in 2021-22 and $50 billion by 2025. Imports, on the other hand, currently supply the bulk of the country's medical device market, accounting for 80% of overall sales. The major players in the Indian market are Hindustan Syringes & Medical Devices, Opto Circuits (India), Wipro GE Healthcare, 3M India, Medtronic, Johnson & Johnson, Novartis AG, Becton- Dickinson and Company, Abbott, Bausch & Lomb, Baxter, Zimmer Biomet India, Edwards Lifesciences, St. Jude Medical, Stryker, Boston Scientific, BPL Healthcare, Trivitron Healthcare, Accurex Biomedical, Biopore Surgicals etc.
The high reliance on imports presents an appealing opportunity for domestic manufacturers. The 2017 Medical Devices Rules came into effect on January 1 2018, making it the most significant year in terms of regulatory changes for medical device companies. It is a matter of pleasure that IGMPI provides an opportunity to move hand in hand with this emerging industry by bestowing programme such as PG Diploma in Medical Devices Management. Structure of this programme has been designed in such a way that all industry expectations are met expediently.
Working professionals can get similar benefits from the Executive Diploma programme in Medical Device Management.
