India Medical Equipment Market to Grow with a CAGR of 11.53% through 2028
Increased demand for high-quality patient care and increase
accessibility in rural areas is expected to drive the India Medical Equipment
Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “India Medical
Equipment Market -Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the India Medical Equipment Market stood at USD 10.87 Billion in 2023 and is
anticipated to grow with a CAGR of 11.53% in the forecast period, 2025-2029. Several
key factors are driving the growth of the Medical Equipment Market in India.
The increasing prevalence of diseases coupled with a surging elderly population
is boosting the demand for advanced medical equipment. The government's proactive measures to revamp
healthcare infrastructure, alongside the rise in healthcare expenditure, are
also propelling the market growth. The ongoing advancements in medical
technology and the rise of medical tourism in India contribute significantly to
the expanding Medical Equipment Market.
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India's medical equipment market is a burgeoning
sector that reflects the country's rapid socioeconomic development and
increasing health consciousness. With a growing population of approximately 1.3
billion and a rising middle class, the demand for advanced medical and
healthcare products is soaring, indicative of a sector ripe for investment and
exponential growth.
At the heart of this market's expansion is the
country's burgeoning health infrastructure, featuring numerous hospitals,
clinics, and healthcare centers. These entities necessitate sophisticated
medical equipment for better patient care, leading to a surge in demand for
high-tech devices. Furthermore, India's government has implemented policies to
enhance healthcare infrastructure and service delivery, which indirectly fuels
the growth of the medical equipment market. The Indian market is marked by a
dynamic mix of local and international players. Local manufacturers, though
smaller in size, are gaining ground due to their cost-effective solutions.
International corporations, on the other hand, benefit from their technological
superiority and vast product portfolios. This competitive dynamic encourages
continuous innovation and improvement in product quality and service delivery.The
market is broadly segmented into diagnostic imaging equipment, consumables,
patient aids, orthopedic prosthetics, dental products, and others. Among these,
the diagnostic imaging equipment segment holds a significant market share due
to the high prevalence of chronic diseases in India, necessitating advanced
diagnostic solutions.
However, the market faces challenges such as stiff regulatory
hurdles, high import duties on certain medical devices, and inadequate domestic
production capacity. Plus, a vast portion of the population still lacks access
to affordable healthcare, limiting market growth.Notwithstanding these
challenges, the future of India's medical equipment market looks promising.
Growing health awareness, increased government spending on healthcare, and a
rising number of private hospitals are key growth drivers. Moreover,
advancements in technology, such as AI and IoT, are expected to revolutionize
the market.
The Indian medical equipment market, with its
considerable potential and challenges, presents a unique opportunity for
corporations and investors alike. As the country continues to invest in its healthcare
infrastructure, the need for advanced, cost-effective medical equipment will
inevitably rise, propelling the market towards new heights. With continuous
innovation and collaboration between local and international players, the
Indian medical equipment market is poised for sustained growth and
transformation.
The India Medical Equipment Market is segmented into type,
end user, regional distribution, and company.
Based on end user, hospitals and clinics are
dominating the medical equipment market in India due to several factors.
Firstly, there is a significant surge in the healthcare infrastructure
development across the country, with the establishment of state-of-the-art
medical facilities and hospitals equipped with the latest technologies. This not
only improves the accessibility of healthcare services but also drives the
demand for advanced medical equipment to support accurate diagnosis and
effective treatmentThe increasing prevalence of chronic diseases in India
necessitates the constant upgrading of medical devices. The demand for more
sophisticated equipment arises from the need for better monitoring, precise
diagnosis, and efficient treatment of these conditions. As the healthcare
landscape evolves, medical professionals strive to adopt innovative
technologies to meet the growing healthcare demands and provide optimal care to
patients.
The government's proactive initiatives in healthcare
sector reforms play a crucial role in the expansion of the medical equipment
market. Through policies and programs, the government aims to improve
healthcare infrastructure, enhance affordability, and promote the adoption of
advanced medical technologies. This not only benefits public healthcare
facilities but also encourages private hospitals and clinics to invest in
high-quality medical equipment. India's emerging status as a hub for medical
tourism has further contributed to the upsurge in demand for high-end medical
equipment. International patients seeking medical treatment in India expect
world-class facilities and cutting-edge technologies. To cater to these
patients, hospitals and clinics need to equip themselves with the latest
medical devices and equipment to ensure the highest standards of care.
Based on region, In the Indian Medical Equipment
Market, North India stands out as the dominant region, owing to a multitude of
factors. Firstly, the region boasts a high concentration of renowned medical
institutions, hospitals, and clinics, renowned for their exceptional healthcare
services. This reputation attracts patients not only from all corners of the
country but also from beyond its borders, contributing to the region's
prominence. Moreover, the government's significant investment in healthcare
infrastructure has played a pivotal role in propelling the growth of the
medical equipment market in North India. This includes the establishment of
state-of-the-art healthcare facilities and the implementation of favorable
import policies for medical equipment. Such initiatives have not only improved
the accessibility of healthcare services but have also fostered an environment
conducive to technological advancements. One cannot overlook the impact of
tech-savvy healthcare providers in this region. Their embrace of innovative
medical technologies and equipment has further solidified North India's leading
position in the market. By leveraging advanced medical equipment, these
providers are able to deliver superior patient care, drive positive health
outcomes, and continuously push the boundaries of medical innovation. With its
exceptional healthcare infrastructure, favorable policies, and tech-driven
healthcare providers, North India continues to shape the landscape of the
Indian Medical Equipment Market. As the region remains at the forefront of
medical advancements, its influence on the market is poised to further expand,
paving the way for a future of enhanced healthcare delivery and improved
patient outcomes.
Major companies operating in India Medical Equipment
Market are:
- Philips India Ltd.
- India Medtronic Pvt. Ltd.
- Wipro GE Health Care Limited
- Johnson and Johnson Ltd
- B. Braun India
- Baxter Inia Pvt Ltd
- Becton Dickinson India Pvt Ltd.
- Abbott India Ltd
- Robert Bosch India Limited
- 3M India Limited
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“The future of the Indian Medical Equipment Market
appears robust, primed for substantial growth in the coming years. This
expansion is driven by several factors including a growing middle class, increased
government healthcare expenditure, and a surge in lifestyle-related diseases.
Additionally, technological advancements such as AI and IoT are set to
revolutionize this sector, making healthcare more accessible and efficient.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“India Medical Equipment Market
By Type (Cardiovascular Devices, Diagnostic Imaging equipment, In-vitro
Diagnostic Devices, Ophthalmic Devices, Diabetes Care Devices, Dental Care
Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices,
Nephrology & Urology Devices, Others), By End User (Hospitals &
Clinics, Diagnostic Centers, Others), By Region, Competition, Forecast &
Opportunities, 2019-2019F”, has evaluated
the future growth potential of India Medical Equipment Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Medical Equipment Market.
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