The adoption of healthcare wearables in India has seen remarkable growth, driven by increased awareness, changing lifestyles, and technological advancements. By 2025, the healthcare wearables market in India is expected to reach $1.26 billion, up from approximately $310.4 million in 2020. This impressive growth reflects the rising demand for wearable devices that empower individuals to monitor their health proactively.
Indians are increasingly recognizing the importance of health monitoring and preventive care. As incomes rise, people are willing to invest in utilities that enhance their well-being. Advances in wearable technology drive product innovation and affordability.
The Indian government has introduced policies to boost domestic production of wearables. The Phased Manufacturing Scheme (PMP) encourages local manufacturing of wearable and hearable devices. Customs tax exemptions on components used in wearables promote indigenous production. The government emphasizes research and development (R&D) in the medical devices sector. One hundred percent foreign direct investment (FDI) for medical devices further supports market growth. Between 2000 and 2021, FDI in medical and surgical equipment reached $2.35 billion.
According to Joseph Pasangha, Group COO of Sparsh Hospitals, the healthcare wearables market in India is witnessing unprecedented growth. This surge is driven by increasing health awareness and the rapid adoption of technology. From affordable fitness trackers to sophisticated devices that sync with mobile health apps, there is a growing number of patients embracing these devices to proactively manage their health, he opines.
ADVANTAGES OF WEARABLES
This story is from the September 2024 edition of Healthcare Radius.
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This story is from the September 2024 edition of Healthcare Radius.
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