The Indian medical device industry is going through rapid transformation, and it is expected to grow at a rate of 10 to 15 percent annually.
![US-India Business Council: Indian Medical Device Industry can Grow to $7.7 Bn by 2016 US-India Business Council: Indian Medical Device Industry can Grow to $7.7 Bn by 2016](https://images.medindia.net/health-images/1200_1000/medical-health.jpg)
"India has made considerable strides in developing innovative industries across a number of sectors and maintains strong potential to do the same in medical devices."
He added in a statement on July 24, "The time is opportune to fulfill the government's mandate of Make in India and Innovate in India."
The Indian medical device industry is currently valued at $4.4 billion, making it the fourth largest in Asia, and has the potential to grow to $7 billion by 2016 with a growth rate of 10 to 15 percent annually, USIBC said.
"The medical device industry, which forms a critical segment of the healthcare industry, is going through rapid transformation in India and is projected to grow at a higher rate as health insurance becomes more widely available," USIBC director Amy Hariani said.
The mission included officials from leading US companies like Abbott, Medtronic, Zimmer, Johnson & Johnson, Quintiles, General Electric, Varian Medical, and AZB & Partners and visited New Delhi and Gandhinagar. They met with representatives of several government departments as well as the private sector.
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Source-IANS