|
|
|
'Vietnam a potential market for medical devices exporters'
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 20 May, 2021
India's medical devices manufacturers should focus on Vietnam's
burgeoning market which meets nearly 90 per cent of its demand through
imports, EEPC India said on Thursday.
Around 50 manufacturers in Vietnam contribute less than 10 per cent to the market share.
Council's
Chairman Mahesh Desai said that Japan, Germany, the US, China, and
Singapore account for nearly 55 per cent of the total medical devices
imported by Vietnam.
"Vietnam appears among the top markets in
India's exports of medical devices and also acts as a springboard to the
ASEAN countries," he said in his introductory remarks at India-Vietnam
Business Meet in the Medical Devices sector.
With demand for
medical equipment growing, Vietnam's medical device industry has emerged
as one of the most promising sectors for foreign investors.
In terms of incentives, the local government has offered tax incentives to promote the industry.
"Many
Indian manufacturers of medical devices and pharmaceuticals have
already entered and invested in the Vietnam market which is a very
positive sign," Desai said.
As per estimates, India's medical
devices industry has been scaling up production at a faster pace with a
potential to become a global powerhouse in the sector over the next few
years.
Currently, the industry has a market size of $11 billion, and it is projected to reach $50 billion by 2025.
"Given
the rise in demand for medical equipment globally ranging from
consumables and disposables to high-value engineering healthcare
products and devices in the wake of Covid-19 pandemic, there is huge
export potential for Indian suppliers," EEPC India said.
Medical
devices export from India is projected to grow at a CAGR of 30 per cent
to $10 billion by 2025 from $2.1 billion in 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|