Healthcare is a multidimensional sector that covers a wide range of services and industries starting from health infrastructure, medical education, research and development, pharmaceuticals to medical tourism. India has made a significant progress in the health sector in terms of skilled professionals, labor, and medical tourism. India has skilled medical professionals offering medical services like organ transplant at the cost-competitive rates attracting patients with critical health conditions from the Arab world. Apart from this India has a huge market for medical instruments worth around 3 billion USD. Thus health infrastructure, especially the hospital equipment and supplies, can be one of the key areas of convergence in healthcare for India and the Arab world.
The medical device industry is subject to various factors like country’s GDP, health expenditure, public spending on the healthcare as well as local disease pattern. The primary demand in Indian medical device industry based on the disease pattern is of instruments related to treatment and monitoring of cardiovascular diseases, cancer, diabetes, ophthalmology and gastroenterology related disorders. Likewise in Arab countries, the disease burden shows similar demands for instruments related to cardiovascular diseases like implantable stents, pacemakers as well as dialysis machines, rehabilitation equipment, diagnostic equipment and surgical implants etc. Currently, India and China are the largest emerging markets for the medical device industry. The Indian surgical device market like China is growing at the rate of 15 percent per year. India imports more than three-quarters of its high-value surgical devices. On the other hand, Arab countries like UAE and Saudi Arabia have a sizeable market for diagnostic, medical and surgical equipment.
As a critical sector in healthcare industry cooperating on the front of medical equipment would prove to be immensely beneficial for both the parties involved. Thus healthcare wing at IACCIA works exclusively towards building this partnership and facilitating trade in medical device industry.