The current archaic laws that leave a majority of medical devices out of regulatory coverage and treat a selected few as drugs, are all set to change, setting the industry onto the path to structured growth, says RNCOS.

Noida, UP -- (SBWire) -- 11/26/2013 --Prior to 2005, no regulations whatsoever existed for medical devices in India. Today there are registration procedures for certain classes of medical devices regulated under the provisions of the Drugs and Cosmetics Rules. This has left the country open to the perils of unorganized business. This scenario is all set to change though. To help bring the booming medical equipment industry in the country under the specific regulation of a law, the Health Ministry has recently sought the Cabinet's nod for a new Drugs and Cosmetics Bill, 2013 to replace the existing Act of 2007. The Ministry wants to replace the existing Drugs and Cosmetics Act, 2007 and bring a separate chapter on medical devices and equipment setting standards and regulations for them.

The proposal of the new Bill, if approved by the Cabinet, will ensure that there will be separate provisions for regulation of medical devices and equipment. They will not be treated as drugs under the law anymore, once the proposal is cleared. Modernized regulations will help draw long-term investments from the global industry and further Indian medical devices market growth. The report, “Indian Medical Device Market Outlook to 2017”, provides an extensive research and in-depth analysis of the current status and future outlook of the Indian medical devices market. The market which stood at around US$ 5.1 Billion in 2012 is expected to grow at a rate of around 16% during 2012-2017, representing one of the fastest growing medical devices market in the world.

The study further delves into the market by categorizing it on the basis of application of medical devices. The major categories covered involve Medical and Diagnostic Equipments; Medical Implants; Medical Disposables and Supplies. Also, the market has been studied on the basis of imports, exports and local manufacturing of products. Insights on the current market and future outlook to 2017 will equip companies with business intelligence that will help them in aligning their operations with market growth and maximize their earnings.

Other important parameters that will particularly help foreign medical device manufacturers in knowing India better include knowledge on the distribution system and regulatory environment in India. The report will help built understanding on the various registration requirements in the country and will help companies in their regulatory compliance planning and efforts. Besides, the study provides the latest market trends, drivers and challenges with an overview of the current competitive landscape. All in all, the report is a comprehensive review of the current and expected outlook of the Indian medical device market by 2017, making it a must buy for everyone keen on making the most in one of the fastest growing medical devices market in the world.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM632.htm

Some of our Related Reports are:

- Indian Pharma Sector Forecast 2014 (http://www.rncos.com/Report/IM323.htm)
- Indian Healthcare - New Avenues for Growth (http://www.rncos.com/Report/IM151.htm)

Check Related REPORTS on: http://www.rncos.com/Healthcare_Industry.htm

About RNCOS
RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.