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Developments in healthcare infrastructure, and a rise in lifestyle related diseases like hypertension, diabetes, asthma, etc. have led t- an increasing demand for medical devices across India. The Indian medical devices market was valued at INR 338.62 Bn in 2017, and is expected t- reach INR 794.29 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of ~15.27% during the 2018-2023 period. It stands among the top 20 global medical devices market.
Market segment insights:
The diagnostic imaging segment is considered t- be the largest, owing t- its ability t- facilitate accurate detection of diseases. It had a market share of nearly 30.41% in 2015, and is expected t- occupy a similar share till 2020. Apart from diagnostic imaging devices, significant shares in the medical devices market are occupied by medical consumables, IV diagnostic devices, patient aids, etc.
Key growth drivers of the market:
- The central government of India, as well as several private organizations have taken initiatives t- improve the condition of public health within the country. Such participation from the public and private enterprises have resulted in the growth of the healthcare sector, thereby leading the medical devices market in India t- prosper.
- The Indian government has allowed 100% foreign direct investment (FDI) in the medical devices industry. Inflow of FDI is expected t- spur research and development (R&D) activities and manufacturing innovations, which in turn can help in driving the growth of the medical devices market in India.
Key deterrent t- the growth of the market:
India imports nearly 70% of the total number of medical devices sold in the country. Excessive dependency on import of high-tech devices from the developed countries is hindering the growth of the domestic medical devices' manufacturers in India.
- Centenial Surgical Suture Ltd.
- Opt- Circuits (India) Ltd.
- Poly Medicure Ltd.
- B. Braun Medical (India) Pvt. Ltd.
- Philips India Ltd.
- Baxter International Inc.
- Becton, Dickinson and Company
- GE Healthcare Ltd.
- Medtronic, Inc.
- Siemens Healthineers, Inc.