India Medical Devices Market to Reach USD 124 Billion by 2028
Published | 13 April 2022
India medical devices market is growing at a high CAGR because of the rising prevalence of various health conditions and increasing rate of hospital visits for in and outpatient treatment. Also, due to rapid innovations and increasing launches of technologically advanced medical devices in India…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India medical devices market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 35.40%, earning revenue of around USD 124.3 billion by the end of 2028. India Medical devices market is flourishing at a high rate owing to the rising prevalence of various health conditions and the increasing rate of hospital visits for in and outpatient treatment. Furthermore, rapid innovations and increasing launches of technologically advanced medical devices in India along with favorable government initiatives and funding towards boosting the adoption of medical devices are also propelling the growth of the overall market.
Expanding Government Investments and Initiatives
The government of India is taking various initiatives and significantly investing in improving and expanding the healthcare sector of the country. This also include acing the healthcare facilities such as hospitals with advanced medical devices to boost people’s accessibility to improved healthcare services. Various government initiatives such as ‘Production Linked Incentives (PLI) Scheme for Medical Devices 2020’ is playing significant role in boosting the accessibility to low-cost medical devices in the country, propelling the overall market growth.
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Increasing a Number of Local Medical Device Manufacturers
India is significantly emerging as a major medical device manufacturers. Several local companies are emerging and offering wide range of medical devices for both professional as well as home care use. Companies such as Renalyx Health Systems, Medprime Technologies, Comofi Medtech, Molbio Diagnostics, Axio Biosolutions, Hearing Wellness Clinic, etc., have already established themselves as leading medical device manufacturers of the country. This is anticipated to drive the India medical device market growth in the forecast period.
India Medical Devices Market - By End-User
Based on end-user, the India medical devices market is segmented into hospitals, clinics, and home-care. The hospital segment accounts for the largest market share owing to the expanding healthcare sector for infrastructure development and the increasing number of hospitals in the country. Furthermore, a large percentage of patients approaching hospitals for receiving medical treatment is also fueling the demand for medical devices in the hospitals. However, home care is projected to grow at a substantial rate during the forecast period.
India Medical Devices Market - Regional Insights
Geographically, the India medical devices market is segmented into North India, South India, East India and West India. South India dominates the India medical devices market owing to the strong healthcare sector in states like Kerala, Andhra Pradesh, Tamil Nadu, etc. According to the fourth Health Index launched by Niti Aayog, Kerala emerged as the top-ranking state in terms of overall health performance among larger states, followed by Tamil Nadu and Telangana. Due to this, the demand for medical devices is very prominent in this region.
Impact of COVID-19 on India Medical Devices Market
Unlike the rest of the segments of the healthcare industry that thrived during the COVID-19 pandemic outbreak in India, the medical devices market was negatively impacted. Hospitals are the leading end-users of medical devices in India. However, the hospitals were overwhelmed by the COVID-19 affected patients due to which other out-patients were avoiding hospital visits. Furthermore, the purchasing power of hospitals was also directly affected during the pandemic. This resulted in a subsequent decline in the demand for India medical devices market.
The leading market players of the India medical devices market are Johnson & Johnson, Novartis AG, Abbott Laboratories, Medtronic PLC, Baxter International, Danaher Corporation, General Electric, 3M Company, Siemens Healthineers, Stryker Corporation, and other prominent players.
The India medical devices market is highly competitive with the presence of several multinational corporations and regional companies. The regional medical devices companies are giving tough competition to multinational corporations in terms of quality and range of devices. The companies constantly launch new products with advanced offerings and innovations to gain a competitive edge. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India medical devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India medical devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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