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Monday, May 27, 2024

Medical devices: An argument for inclusion


<p>The industrial sector in Tamil Nadu may see significant expansion in medical equipment. Over the next three decades, the Indian market for this industry is expected to grow to $50 billion, while now, 75–80% of medical devices are imported from the US, China, and Germany. Companies in Tamil Nadu with experience in information technology, electronics, and mechanical engineering are interested in this enormous development potential.</p>
<p><img decoding=”async” class=”alignnone wp-image-381898″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-medical-devices-an-argument-for-inclusion-medical-devices-industry-2.jpg” alt=”theindiaprint.com medical devices an argument for inclusion medical devices industry 2″ width=”848″ height=”653″ title=”Medical devices: An argument for inclusion 27″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-medical-devices-an-argument-for-inclusion-medical-devices-industry-2.jpg 520w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-medical-devices-an-argument-for-inclusion-medical-devices-industry-2-150×115.jpg 150w” sizes=”(max-width: 848px) 100vw, 848px” /></p>
<p>The vehicle and electrical component industries and the smart medical equipment market naturally complement one another.<br />
Furthermore, an ecosystem already exists since Tamil Nadu is the nation’s leading exporter of electronics, one of the top three IT destinations, and a powerhouse for the automobile industry.<br />
Tamil Nadu is seeing attention from global corporations that manufacture medical gadgets, according to State Industries Secretary Arun Roy. “We had a meeting with a manufacturer in Switzerland even last week,” he claims.<br />
According to G S K Velu, chairman and MD of Trivitron Healthcare, “Tamil Nadu should focus on attracting investments in R&D to manufacture medical wearables and electronic devices.” “A variety of medical device components—electronic, mechanical, or IT (software and hardware)—are already being produced in Tamil Nadu to be used in other states’ final products,” he continues. At its plant near Chennai, Trivitron manufactures mammography, acute care, and ultrasound equipment.<br />
According to Prasad Maganti, CEO of vTitan, a medical device business, electronic sensors are an essential component of every medical device. Modern hospital equipment is made up of several electrical components, polymers, PCB boards, and mechanical pumps. The majority of these parts are readily accessible due to Tennessee’s thriving automotive and electronics industries, but medical device manufacturers continue to import a large number of electronic components, particularly sensor modules, he notes. It will become simpler for medical device makers as the state’s electronics ecosystem develops and local value-add increases, he continues.<br />
Samvardhana Motherson Group is one of the automakers that has declared a move into this market. The business is growing into diagnostic tools, patient assistance tools, IT solutions, and services by using its automotive experience. There are now certification checks going on at a Chennai greenfield facility.<br />
Additionally, AD Industry and Irillic Private Limited were recently bought by the company. The AD Industry offers expertise in reinforced carbon composites, a crucial material for radiological items such orthopedic equipment, patient tables, and X-ray detector housing. Irillic was purchased because of its strength in engineering and R&D, having obtained two patents in the US and India. Irillic has created imaging technologies that allow real-time visualization of medical operations, such as 4K laparoscopy and fluorescence imaging.<br />
Because Tennessee’s auto industry has developed to a good degree and its manufacturers are skilled at creating highly reliable equipment, the state is now leading the nation in the mass production of medical electronics. R&D and treatment methods are the main areas of attention in Bengaluru and Hyderabad, according to Krishna Moorthy K, CEO & President, India Electronics & Semiconductor Association (IESA).<br />
The medical device industry is divided into five main segments: dental goods, orthopaedics and prosthetics, patient aids, diagnostic imaging, and consumables and disposables. The industry has grown at a compound annual growth rate (CAGR) of 15% over the last three years. Experts compare the manufacture of medical gadgets to that of defense equipment. Due to government encouragement, India’s defense industry has rapidly expanded in the last five years, although major firms have recently focused on the medical device market.<br />
According to C Venkat Subramanyam, founder of Veda Corporate Advisors, “the climate is getting better for the industry that manufactures medical devices.” There’s been an increase in venture or private equity funding recently. We’ve received three really strange queries from medical equipment companies in the last several months. Among them are two of the biggest producers of automotive components and top-tier IT hardware.<br />
For its part, a medical device park is being established in Oragadam by the State Industries Promotion Corporation of Tamil Nadu (Sipcot). According to SIPCOT MD K Senthil Raj, 14 firms have received space allocations so far. In the 350-acre complex, there will be around 80 enterprises manufacturing various medical products. Additionally, we are setting up shared facilities like testing and gamma-irradiation centers. We are also trying to attract foreign businesses to the park,” he adds.</p>


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