“Rising importance of affordable healthcare facilities and growth in number of chronic disease patients in the country has driven the medical device sector in India”.
Analysts at Ken Research in their latest publication “India Medical Device Market Outlook to 2023 – by IVD Market (Type of Device, Sales Channel, Domestic Manufacturing and Import), by Diagnostic Imaging Market (Type of Device, Domestic Manufacturing and Import) and by Patient Aid Market (Orthopedic Device, Hospital Furniture and Hearing Aid)” believe that the medical device market in India has been increasing due to rising healthcare expenditure, increase in number of healthcare establishments and increasing penetration of medical insurance in the country. The market is expected to register a positive CAGR of 10.8% in terms of revenue during the forecast period 2018-2023E.
Rise in Chronic Diseases and Lifestyle Changes: Lifestyle related changes have resulted in growing number of patients with cardiac disorders and life threatening disease such as cancer. This has led to positive growth in medical device sectors such as diagnostic imaging as more number of Cath labs and nuclear medicine screening facilities has to be established for proper diagnosis of patients in order to provide customized solutions. This in turn has led to healthy growth for medical device sector in recent years.
Growing Healthcare Expenditure: The public healthcare expenditure stood at INR 213,719.6 Crore in FY’2018. The government of India has been taking regular initiatives to increase this expenditure to level of 2.5% of country’s GDP by 2025 in regards to its National Health Policy. Increase in healthcare expenditure has led to successive Greenfield and Brownfield growth in hospital sector. Consequentially, this has led to increase in revenue of the medical device industry as new capital systems, upgraded with latest technology are installed at various healthcare facilities.
Growing Orthopedic and Auditory Loss Population: Rising elderly population has led to higher demand for implants and hearing aids. Also, with new technologies being introduced in Orthobiologics and sports medicine and rising demand for personalized cure, vendors in the industry have started achieving greater revenue in recent years. Also, factors such as increase in number of road accidents and rising number of people suffering with auditory loss has augmented the demand of varied medical devices in the country.
Key Segments Covered:-
IVD Device Market:
By Business Activity (Import and Domestic Manufacturing)
By Sales Channel (Distributor and Direct Sales)
By Type of Device (POCT, Immunochemistry, Biochemistry, Hematology, Molecular Diagnostics, Microbiology, Coagulation, Urinalysis and Others)
By Type of POCT (Blood Glucose Testing Kit, Infectious Disease Testing Kit, Blood Gas Electrolytes, Pregnancy and Fertility Testing Kit, Cardio Metabolic Monitoring, Anticoagulant Management), Cholesterol Testing Kit and Others)
By Immunochemistry Reagent and Instrument
By Biochemistry Reagent and Instrument
By Hematology Reagent and Instrument
By Molecular Diagnostics Reagent and Instrument
By Microbiology Reagent and Instrument
By Urinalysis Reagent and Instrument
By Coagulation Reagent and Instrument
Diagnostic Imaging Market:
By Business Activity (Import and Domestic Manufacturing)
By Type of Device (MRI, CT, Ultrasound, X-Ray, Cath Lab and Nuclear Medicine)
By MRI Device (1.5T, 3.0T, 0.2-0.5T)
By CT Scan (16Slice, 64-128 Slice, <16 Slice and >128 Slice)
By X-Ray (CR, DR and Analog)
By Cath Lab (Flat Panel Digital, Biplane and Mobile)
By Nuclear Medicine (PET Scanner, SPECT and Cyclotron)
Patient Aid Market:
By Type of Device (Orthopedic, Hospital Furniture and Hearing Aid)
By Orthopedic Devices
By Business Activity (Import and Domestic Manufacturing)
By Type of Device (Joint, Trauma, Sports Medicine, Spine and Orthobiologics)
By Hospital Furniture
By Type of Device (Hospital Bed, OT Table and OT Light)
By Type of Hospital Bed (Manual and Motorized)
By Type of OT Table (Imported and Indian)
By Type of OT Light (Imported and Indian)
By Hearing Aids
By Business Activity (Import and Domestic Manufacturing)
By Type of Device (Over the Ear and Inside the Ear)
By Sales Channel (Dealer, Retail and Digital Marketing)
Key Target Audience:-
IVD Device Manufacturers
IVD Reagent Manufacturers
IVD Device Importers
Government Agencies
Orthopedic Device Companies
Hearing Aid Companies
Hospital Furniture Manufacturers
Diagnostic Imaging Device Companies
Time Period Captured in the Report:-
Historical Period: FY’2013- FY’2018
Forecast Period: FY’2019E – FY’2023E
Companies Covered:-
IVD Devices:-
Roche Diagnostics
Transasia Biomedical
Beckman Coulter
Biomerieux
Diagnostic Imaging:
Wipro GE Healthcare
Siemens Healthcare
Philips India
Patient Aid:
J&J
Zimmer Biomet
Smith and Nephew
Arthrex
Stryker
Medtronic
Widex Sivantos Audiology
Starkey Laboratories
GN Hearing
Sonova
For more information on the research report, refer to below link:-
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Ankur Gupta, Head Marketing & Communications
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