High Prevalence of Chronic Diseases and Government Initiatives to Boost Domestic Manufacturing of Medical Devices to Augment Growth of Medical Power Supply Devices Market
High prevalence of chronic diseases is expected to propel growth of the global medical power supply devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045. Government initiatives to boost domestic manufacturing of medical devices is expected to offer lucrative growth opportunities for players in the global medical power supply devices market . For instance, in February 2021, the Department of Pharmaceuticals, Government of India, launched a Production Linked Incentive Scheme for Promotion of Domestic Manufacturing of Medical Devices with a total financial outlay of around...