India's healthcare system is developing rapidly and continues to expand its coverage, services and expenditure in the public as well as private sectors. India's medical device market is currently the fourth largest in Asia with 700 medical device makers, and ranks among the top 20 in the world, as per data from India Semiconductor Association.
The Government of India has allocated Rs 3,000 crore (US$ 482.32 million) in the 12th Five-Year Plan (2012–17) for development of the medical device sector. With medical devices to be brought under the ambit of the Drugs and Cosmetics (Amendment) Bill, 2013, the Government is looking to strengthen its infrastructure to oversee this sector.
Moreover, 100 per cent FDI is permitted for health and medical services under the automatic route. Also, the Department of Health Research has decided to set up a Medical Technology Assessment Board to evaluate all kinds of Medical Technologies.
India has proved to be a land of opportunities for people in medical devices industry. The country has become the most sought after destinations for high-end diagnostic services. The coming years will see a rise in the share of the organized players in the diagnostic services market. The favourable demographic virtues offer an attractive market for healthcare providers and investors in India.
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