New Delhi, Jan. 27 -- A new report from the State Bank of India (SBI) has outlined crucial reforms needed to strengthen India's medical devices market, including an extension of the Production Linked Incentive (PLI) scheme and implementation of a uniform GST rate.

The recommendations come as India's domestic medical devices market, valued at approximately Rs 75,000 crore in FY24, is projected to grow at a compound annual growth rate of 12-15 percent over the next five years.

The report emphasises the importance of maintaining consistent diagnostic services to improve healthcare quality and reduce out-of-pocket expenditure (OOPE) for patients.

According to SBI, ensuring the continuous availability of essential diagnostic services approp...