Mexico, Brazil may open medical export doors for India
New Delhi: A recent study by India Exim Bank reveals vast untapped export potential for Indian medical equipment manufacturers in countries like Mexico, Brazil, the UK, Poland and Canada. Despite these emerging markets showing robust demand for medical devices, India's current export share remains modest. Key findings include:
- Medical equipment markets: Mexico, Brazil, UK, Poland and Canada identified as top five high-growth opportunities.
- Orthopaedic equipment: Mexico, Ireland, Poland, Russia and US highlighted as key markets for growth.
- Personal protective equipment: Hungary, Turkey, Vietnam, Hong Kong and Mexico identified as high-growth sectors.
- Consumables and disposables: Australia, UK, Saudi Arabia, Italy and Singapore classified as promising export markets.
The study underscores the need for Indian manufacturers to strategically align regulations, enhance compliance with country-specific standards, and focus trade promotion efforts to capitalize on these emerging opportunities. The medical device trade deficit stands at $4.9 billion in 2024, with a significant portion of imports dominated by high-tech products.
To address supply-chain risks and bolster domestic capabilities, the report recommends increasing production of advanced components, electronics, IVD inputs, and fostering innovation through enhanced R&D spending. Addressing skill gaps in advanced engineering, AI, IoT integration, precision manufacturing, and regulatory compliance is also crucial to meet global standards and expand India's 1% share to a targeted 10-12% by 2047.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
