Export Marketing Strategies of Medical Device Exporting Units in India

Abstract

The global medical device market was estimated at USD 228 billion in 2015 (INR 14.82 newlinelakh crores). Industry estimates suggest that the global medical device market will grow newlineat a CAGR of 7.8 percent from 2010 to 2020. The market is expected to reach USD 332 newlinebillion (INR 21.58 lakh crores) by 2020 (Cunningham, Dolan, et al., 2015). Against this newlineestimation, the global medical devices market has actually reached a value of nearly newline$456.8 billion in 2020. newline newlineThe Medical Devices industry in India is valued at USD 5.2 billion and contributes 4-5 newlinepercent to the USD 96.7 billion Indian health care industry. The medical device industry newlinein India is growing at 17 percent CAGR for the last five years. Medical devices sector in newlineIndia is relatively small as compared to the rest of the manufacturing industry. newline