Sangareddy (Telangana): Urban Development Minister of Telangana KT Rama Rao (KTR), on Saturday inaugurated the ‘Medical Devices Park’ in Sultanpur area of Patancheru.
The park will just not be limited to manufacturing medical devices but will also aim at creating an ecosystem for innovation, research and development and incubation facilities to support entrepreneurship.
Addressing the gathering during the event, Minister Rao said, “The global medical devices and technology market is expected to grow to USD 520 billion by 2020 from an estimated USD 335 billion in 2014.
The India medical devices market grew at a 10% CAGR in the past five years, reaching a value of USD 3.7 billion in 2014. From 2014 levels, if the industry continues on its organic growth trajectory, it is expected to reach USD 8.6 billion in size by 2020, growing at a CAGR of around 15% against the expected global industry growth of 4-6%.
Talking about medical devices on a global platform, he said, “The medical devices industry in India is still small, with a disproportionate reliance on imports and a complex regulatory environment. The per capita spend on medical devices in India is the lowest among BRIC countries at USD 3 (USD 7 in China, USD 21 in Brazil and USD 42 in Russia). It is significantly behind developed economies like the USA (USD 340). We believe, this current under penetration of medical devices in India represents a sizeable growth opportunity. With high quality low cost talent pool, rapidly growing economy, and also, its huge domestic market, there can be no better destination for Medical Devices Industry than India.”
Several senior officials and ministers of the state accompanied him during the launch programme. Many industrialists and entrepreneurs also attended the launch.