'The Indian Medical Devices Market Will be Worth $11.0bn by 2023' says Visiongain Report

'The Indian Medical Devices Market Will be Worth $11.0bn by 2023' says Visiongain Report PR Newswire LONDON, November 28, 2012 LONDON, November 28, 2012 /PRNewswire/ -- A new report by visiongain, a London-based business information provider, predicts that the Indian medical device market will be worth $11.0bn by 2023. The market generated sales of $3.0bn in 2011. Currently the US dominates the global medical device market, holding a 39.8% market share. However this market, in addition to the European and Japanese markets are well established, while countries in Far East Asia and Latin America are regarded as potential target regions for medical device manufactures, as they remain relatively underpenetrated. The emerging regions of India and China hold huge opportunities for the medical device manufacturers, as their markets expand at double digit rates. Rupali Vadhera, healthcare industry analyst, says: "The Indian medical device industry has experienced tremendous growth in recent years, as a result of increased awareness amongst the end-users, and affordability of healthcare products and services with the increasing spending power. The government also aims to expand the healthcare coverage to rural areas. Additionally, the private hospital sector in India has grown rapidly over the last few years, with several well known private companies opening their healthcare centres/hospitals in metropolitan and tier 1/2 cities.