Medical equipment and supplies serve one of the most important roles in healthcare. Medical
Equipment manufacturing is one of the fastest-growing businesses, because of technological
developments, a growing elderly population, longer life expectancy, and government backing for
healthcare access programs.
It would be impossible to provide effective medical attention to various medical problems and
issues without Medical Equipment Manufacturers in India. As a result, any medical practice
requires medical equipment. It would be hard to register the correct amounts of any medicine or
vaccine and execute successful surgery without them. They're also important for determining the
cause of illnesses and avoiding the spread of infectious diseases.
Medical Equipment Manufacturers have also been able to automate their product development
and manufacturing processes because of developing technologies such as the Internet of Things,
Machine Learning, and Artificial Intelligence. Medical Equipment Manufacturers, on the other
hand, are challenged to remain competitive due to the rapid evolution of the medical device
market, rising production costs, a strict regulatory environment, and the requirement for
valuable information and expertise.
To do so, Medical Device Industries turn to established contract manufacturing organizations to
outsource a large number of their manufacturing processes. They provide significant cost
savings, as well as access to advanced infrastructure, enormous manufacturing capabilities, and
quick time-to-market. The global Medical Device Contract Manufacturing Market is predicted to
increase from $55 billion in 2019 to $91.3 billion in 2024, according to industry projections.
The predominant illness burden has moved from communicable to non-communicable diseases
in recent years. It urges the development of new medical technology capable of detecting and
treating illness patterns that are changing over time. The demand for ever-improving capabilities
for new device development, as well as the significant capital expenditure of in-house Medical
Device Manufacturing with limited returns on investment, are further drivers driving the rising
outsourcing of manufacturing services.
India is one of the few countries in the world with a top 20 global market for medical devices.
India's market is predicted to increase at a rapid pace, with annual growth of 35.4 percent. It is
expected to grow into an industry of USD 50 billion by the end of 2025.
The following are the factors that have contributed to the expansion of the Medical Equipment
Industry in India:
Initiatives by the Government and Support for the Medical Technology Industry
The Medical Equipment Industry in India is a major beneficiary of initiatives like the Make in
India program, which aims to stimulate manufacturing in the country. Special initiatives and
policies have been implemented to make partnering with Indian manufacturing simpler,
transforming the government's role from that of a regulator to that of a facilitator. The country's
Goods and Services Tax (GST) structure is also beneficial to the Medical Equipment
Manufacturing Industry.
Operational Efficiency
Medical Equipment Manufacturing in India has significant cost advantages due to cheaper raw
materials and labor prices. With its advancement in the deployment of new engineering
technologies, India is also well positioned to effectively utilize complicated, interconnected, miniaturized, and advanced materials that necessitate sophisticated manufacturing processes.
Intellectual Property Rights and Data Security Sensitivity
Indian engineering companies have established themselves as trusted outsourcing partners with a
global presence, thanks to robust contracts specifying data protection and security. System
utilized in medical device manufacture are audited on a regular basis, and operating standards are
matched with international criteria. To detect data theft and cyber-attacks, the majority of these
companies have powerful, multilayer security systems in place.
Machine learning, Augmented Reality, Virtual Reality, Autonomous Robotics, and other smart
manufacturing technologies are becoming more popular. Manufacturing plants are rapidly
changing, with more productive, inventive, and safer work environments. By utilizing proactive maintenance plans to improve equipment efficiency and testing proof-of-concept to determine
the ideal mix of technology processes and human interventions, productivity can be increased.
Codex Solutions - A Leading Medical Equipment Manufacturer in India
At Codex, we strive to develop the best possible solutions to the healthcare industry's inherent
problems. To provide the best potential outcomes for the patient, our various medical devices are
designed to be durable, easy to use, and composed of high-quality materials. At Codex Solutions,
we seek to form strategic collaborations with our clients and connect our objectives with theirs.
Our one-of-a-kind approach enables us to provide value by combining our expertise, integrity,
and excellence.
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