Imports of medical device surged in India in fy23-34 to Rs 688.85 billion

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Imports of medical device surged in India in fy23-34 to Rs 688.85 billion

Imports of medical device surged in India in fy23-34 to Rs 688.85 billion

Industry News
Jul 27,24

This marks a 13% increase, with disposables accounting for nearly 17.6% of the growth.

Imports of medical device surged in India in fy23-34 to Rs 688.85 billion

In the fiscal year 2023-24, India saw a significant increase in the import of medical devices, reaching Rs 688.85 billion, up from Rs 611.79 billion in the previous fiscal year. This marks a 13% increase, with disposables accounting for nearly 17.6% of the growth, according to data from the Association of Indian Medical Device Industry (AiMeD).

It’s noteworthy that the previous fiscal year, 2022-23, experienced a 3.31% decrease in imports, totalling Rs 632.76 billion compared to the year before. Over the past five years, imports have surged by over 65%, rising from Rs. 417.09 billion in 2019-20.

Among the six medical device categories, disposables saw the largest increase, growing by 17.63% to Rs 40.9 billion from Rs 34.77 billoin in 2022-23. The import of electronic equipment also rose significantly by 14.5%, reaching Rs 441.32 billion from the previous year's Rs 385.4 billion. The import of implants increased by 11% from Rs 45.8 billon to Rs 50.87 billion in 2023-24.

Consumables imports grew by 8.37%, reaching Rs 74.30 billion from Rs 68.56 billion the previous year. IVD reagent imports saw a 7% rise, totalling Rs 64.77 billion, up from Rs 60.53 billion the year before. However, surgical tool imports experienced a slight decrease, falling to Rs 16.70 billion from Rs 16.74 billion.

Despite the increase in imports, the nation's exports of medical devices amounted to Rs 316.73 billion. The electronics and equipment segment led with Rs 121.20 billion in exports, followed by consumables at Rs 99.78 billion, disposables at Rs 51.28 billion, implants at Rs 20.96 billon, IVD reagents at Rs 16.94 billion, and surgical instruments at Rs 6.57 billion.

To support domestic manufacturing growth, AiMeD has urged Finance Minister Nirmala Sitharaman to increase custom duties, correct the inverted duty structure, and control trade margins in the upcoming Union Budget 2024-2025.

Former Union Health Minister Mansukh Mandaviya highlighted earlier this year that India has become a major exporter of bulk drugs and medical devices. He noted that India is implementing strategies to reduce supply chain risks and reliance on a single nation for procuring APIs needed for bulk medications.

While India's medical device export pace remains slow, AiMeD believes that collaborative efforts could triple India’s exports to Russia within the next five years.

(Source: Mint)