The India medical devices market is set to reach a valuation of USD 124 billion by 2028, driven by robust growth factors such as the escalating prevalence of various health conditions, an uptick in hospital visits for in and outpatient treatments, and the rapid innovation and launch of technologically advanced medical devices within India.
A recent study by Report Ocean disclosed that the India medical devices market achieved a worth of USD 15 billion in 2021, projecting an impressive CAGR of 35.40% and an estimated revenue of USD 124.3 billion by 2028. The market is witnessing significant growth due to the rising prevalence of health conditions and the increasing frequency of hospital visits for various treatments. Additionally, the introduction of technologically advanced medical devices and supportive government initiatives and funding further propel market growth.
Government investments and iInitiatives:
India’s government is channeling substantial investments to augment the healthcare sector, enhancing facilities like hospitals with advanced medical devices for better healthcare accessibility. Initiatives like the Production Linked Incentives (PLI) Scheme for Medical Devices 2020 significantly boost access to cost-effective medical devices, fostering overall market growth.
Emergence of local medical device manufacturers:
India is witnessing the emergence of several local medical device manufacturers, contributing a wide array of devices for professional and home care use. Renalyx Health Systems, Medprime Technologies, Comofi Medtech, among others, have established themselves as leading manufacturers, poised to drive the market’s growth.
The India medical devices market, segmented by end-users into hospitals, clinics, and home care, sees hospitals as the largest segment. The expanding healthcare infrastructure and the increasing number of hospitals contribute to the demand for medical devices. Home care is anticipated to grow substantially in the forecast period.
Regional insights and Covid-19 impact:
South India dominates the market due to a robust healthcare sector in states like Kerala, Andhra Pradesh, and Tamil Nadu, evident from the fourth Health Index launched by Niti Aayog. However, the Covid-19 pandemic negatively affected the medical devices market as hospitals, the primary end-users, faced challenges due to overwhelming Covid-19 cases and reduced purchasing power.
Key market players like Johnson & Johnson, Abbott Laboratories, Medtronic PLC, among others, lead the India medical devices market. The market is competitive with both multinational corporations and regional companies vying for market share through product innovation, partnerships, mergers, and acquisitions.
Seizing the business opportunity:
The report offers in-depth insights into growth potential, emerging trends, and market statistics, aiding decision-makers in navigating challenges and making informed strategic decisions.
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. Ocean