The market for advanced multi-parameter patient monitors and critical care medical devices is growing on account of demand for better intensive care in the Indian healthcare system. Earlier it was limited to metro and large cities but as the awareness is growing about better patient care, the demand for intensive care in tier II and tier III cities is also growing. This demand in tier II and tier III cities is fueling the growth of patient monitoring equipment along with critical care equipment.
The awareness about advanced technologies is needed for better patient care as that supports caregivers to provide better care to patients. The trend for both non-invasive and invasive monitoring is growing as more trained ICU doctors are getting associated with hospitals in tier II and tier III cities. Also the corporate hospital chains are expanding in tier II and tier III cities where ICUs are an essential part of projects. As corporate enterprises expand in lesser explored markets, the demand for medical devices is also expanding proportionally.
The Indian medical device market offers a great opportunity not only because of its size, but also because of encouraging policies and regulations that the government has introduced to give a fillip to the medical device industry. The government has started overhauling the regulatory framework for medical device since 2017 and the Medical Device Rules (MDR), 2017 was issued under the Drugs and Cosmetics Act (DCA), 1940. Progress of this is being closely watched as it may bring challenges for the medical device industry.
With the Indian market expanding, we are moving toward becoming a very strong player in the country. We are upbeat and excited to make Nihon Kohden the no. 1 brand over the next few years.