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Growing at 12.6% CAGR, India medical equipment market to hit $16,991.2M

The India medical equipment market is expected to record a CAGR of 12.6% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 5,839.5 Million. By 2033, the valuation is anticipated to reach USD 16,991.2 Million.

The India medical equipment market encompasses a diverse range of products and services catering to diagnostic, therapeutic, and patient care needs. With rapid advancements in technology, including digital diagnostics, telemedicine, and minimally invasive surgeries, the market is witnessing significant growth.

Factors such as increasing healthcare expenditure, government initiatives to boost domestic manufacturing, and the rise in chronic diseases contribute to market expansion. Key players like Philips Healthcare India, GE Healthcare India, and Medtronic India Pvt. Ltd. are driving innovation and market penetration.

Despite challenges in access and affordability, the market continues to evolve, offering opportunities for growth and development.

India medical equipment market – Significant growth factors
The India medical equipment market presents significant growth opportunities due to several factors:

  • Rising healthcare expenditure: Increasing healthcare expenditure in India, driven by factors such as economic growth, rising incomes, and government initiatives like Ayushman Bharat, is fueling demand for advanced medical equipment and technologies.
  • Technological advancements: Rapid advancements in medical technology, including digital diagnostics, telemedicine, and robotic-assisted surgeries, are driving the adoption of innovative medical equipment in India, enhancing patient care outcomes and driving market growth.
  • Growing chronic disease burden: The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is driving the demand for diagnostic, therapeutic, and monitoring equipment, contributing to the growth of the medical equipment market.
  • Government initiatives to boost domestic manufacturing: Government initiatives such as Make in India and Production Linked Incentive (PLI) schemes are aimed at promoting domestic manufacturing of medical equipment, reducing dependency on imports, and boosting the growth of the indigenous medical equipment industry.
  • Expansion of telemedicine and remote monitoring: The Covid-19 pandemic has accelerated the adoption of telemedicine and remote monitoring technologies in India.
  • Focus on affordable healthcare solutions: With a large population and diverse healthcare needs, there is a significant opportunity for medical equipment companies to develop affordable and cost-effective healthcare solutions tailored to the Indian market. This includes affordable diagnostic devices, medical consumables, and equipment for primary healthcare centers and rural healthcare settings.

India medical equipment market – Significant threats
The India medical equipment market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Price sensitivity and affordability concerns: The price sensitivity of the Indian market poses a significant threat, as many consumers, healthcare providers, and institutions may find high-priced medical equipment financially burdensome. Affordability concerns could lead to reduced adoption rates or reliance on cheaper, less advanced alternatives.
  • Regulatory challenges and compliance issues: Stringent regulatory requirements and compliance standards pose challenges for medical equipment manufacturers, importers, and distributors in India. Delays in obtaining regulatory approvals, adherence to complex regulatory frameworks, and evolving compliance standards can hinder market entry and expansion efforts.
  • Competition from counterfeit and substandard products: The prevalence of counterfeit and substandard medical equipment in the Indian market poses a threat to patient safety and undermines trust in legitimate medical device manufacturers. Competition from these illicit products can erode market share and reputation, impacting revenue and market growth.
  • Infrastructure and distribution challenges: Inadequate healthcare infrastructure, particularly in rural and underserved areas, presents challenges for the distribution and utilization of medical equipment in India. Limited access to reliable electricity, transportation, and healthcare facilities can hinder the effective deployment and maintenance of medical devices, affecting market penetration and growth.
  • Dependency on imports and supply chain disruptions: The Indian medical equipment market is heavily dependent on imports of advanced medical technologies and devices. Disruptions in global supply chains, geopolitical tensions, trade restrictions, and currency fluctuations can impact the availability and cost of imported medical equipment, leading to supply shortages and increased prices. This dependency poses a vulnerability to market stability and growth.

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