India Medical Devices Market To Establish Growth With Impressive CAGR Until FY2027
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the India Medical Devices Market.
According
to TechSci Research report, “India Medical Devices Market Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, India Medical Devices Market
has valued at USD 15.35 billion in 2023 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 5.35% through 2029. This can be due to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market. The growing population is one of the significant factors driving the
demand for medical devices. A larger population naturally leads to an increased
demand for healthcare services, including diagnostic, therapeutic, and
monitoring services. As the population grows, the overall healthcare burden
also increases. With a larger population, there is a greater emphasis on
preventive healthcare and early disease detection. This leads to a higher
demand for diagnostic devices and screening equipment to identify health issues
at an earlier, more manageable stage. An expanding population often includes a
larger aging demographic. Older individuals tend to have more healthcare needs,
including chronic disease management, which drives the demand for medical
devices like monitoring equipment, mobility aids, and drug delivery systems. Growing
populations also include a higher number of children and expectant mothers.
This results in a need for pediatric medical devices, maternal health
equipment, and neonatal care devices.
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In May 2023, Omron, a Japanese company
(6645.T), is set to invest 1.28 billion Indian rupees ($15.5 million) in its inaugural
medical device manufacturing facility in India, situated in the southern state
of Tamil Nadu, according to the state government. This move marks the latest
foreign manufacturer's decision to establish operations in this region, and
Omron's contribution is expected to significantly contribute to the enhancement
of Tamil Nadu's medical infrastructure by commencing the production of medical
devices within the state. Import dependency is a significant
challenge in the India Medical Devices Market. India relies heavily on imported
medical devices to meet its healthcare needs. The domestic manufacturing of
high-end and complex medical devices is limited, and the country is heavily
dependent on imports to fulfill the demand. India's diverse healthcare needs
encompass a wide range of medical devices, from basic diagnostic equipment to
advanced imaging technology. The country's limited domestic manufacturing
capacity often cannot keep pace with the diverse demands. Stringent quality
control and regulatory requirements can make it challenging for domestic
manufacturers to meet international standards. As a result, many healthcare
providers prefer to import devices that are already compliant with global
regulations. The development of innovative medical devices requires significant
investment in research and development. While India has made strides in
research, it still lags in the development of high-end medical technologies. Rapid
advancements in medical technology require constant upgrades and the
introduction of new devices. India's domestic manufacturing industry may
struggle to keep up with the pace of technological change, leading to import
dependency for the latest devices. India Medical Devices Market is segmented based on Type,
End-user, and by region.
Based on the Type, India Medical Devices Market is
segmented into 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, ENT Devices, Anesthesia & Respiratory
Devices, Neurology Devices, Mobility-Aid Devices, Others. Nephrology and urology devices are
specialized medical instruments and equipment used in the fields of nephrology
and urology to diagnose, treat, and manage conditions related to the kidneys,
urinary tract, and associated systems. Nephrology is a medical specialty that focuses on the study, diagnosis,
and treatment of kidney-related conditions. Nephrologists are healthcare
professionals who specialize in the care of the kidneys. Nephrology devices are
crucial in the management of kidney diseases and disorders. Urology is the medical specialty that
focuses on the diagnosis and treatment of conditions related to the urinary
tract and the male reproductive system. Urologists are healthcare professionals
who specialize in the care of the urinary and reproductive systems. Urology
devices play a crucial role in the diagnosis and treatment of urological
conditions.
Based on Region, North India held the largest share in the India Medical
Devices Market. The presence of skilled healthcare professionals,
researchers, and technicians in North India supports the effective use of
medical devices, creating a conducive environment for the medical device
industry. Some medical device manufacturers have established their presence in
the NCR region, contributing to local production and innovation. This proximity
to manufacturing facilities can stimulate growth. The NCR region is
well-connected to major ports and transportation hubs, facilitating the import
and distribution of medical devices. North India boasts numerous medical and
engineering colleges, which provide a skilled workforce and foster research and
development activities related to medical devices.
Some of the major companies
operating in the India Medical Devices
Market include:
- Wipro
GE Healthcare Pvt. Ltd.
- Mindray
Medical India Pvt Ltd
- Siemens
India
- Philips
India Ltd
- Hitachi
Medical Systems India
- Shimadzu
India
- Fujifilm
India Pvt. Ltd, India
- Medtronic
Pvt Ltd
- Johnson
& Johnson Medical India Limited
- Abbott
India Limited
- Becton,
Dickinson Private Limited
- Roche
Diagnostics India limited.
- Alcon
Laboratories (India) Private Limited
- Carl
Zeiss India Private Limited
- Canon
Medical India
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“Certain areas, particularly in North
America, are projected to exert significant demand for Medical Devices. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the India Medical
Devices Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
India Medical Devices 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, ENT Devices, Anesthesia &
Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others), By
End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, By Competition
Forecast & Opportunities, 2019-2029F has evaluated the future growth
potential of India Medical Devices Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide innovative 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 Devices Market.
Contact
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