Press Release

India Medical Devices Market To Establish Growth With Impressive CAGR Until FY2029

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the India Medical Devices Market.

 

According to TechSci Research report, “India Medical Devices Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2019-2029”, India Medical Devices Market has valued at USD 15.35 billion in 2023 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 5.35% through 2029.  This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market. The growing population is one of the significant factors driving the demand for medical devices. A larger population naturally leads to an increased demand for healthcare services, including diagnostic, therapeutic, and monitoring services. As the population grows, the overall healthcare burden also increases. With a larger population, there is a greater emphasis on preventive healthcare and early disease detection. This leads to a higher demand for diagnostic devices and screening equipment to identify health issues at an earlier, more manageable stage. An expanding population often includes a larger aging demographic. Older individuals tend to have more healthcare needs, including chronic disease management, which drives the demand for medical devices like monitoring equipment, mobility aids, and drug delivery systems. Growing populations also include a higher number of children and expectant mothers. This results in a need for pediatric medical devices, maternal health equipment, and neonatal care devices.

 

Browse over XX market data Figures and spread through XX Pages and an in-depth TOC on " India Medical Devices Market.”

 

In May 2023, Omron, a Japanese company (6645.T), is set to invest 1.28 billion Indian rupees ($15.5 million) in its inaugural medical device manufacturing facility in India, situated in the southern state of Tamil Nadu, according to the state government. This move marks the latest foreign manufacturer's decision to establish operations in this region, and Omron's contribution is expected to significantly contribute to the enhancement of Tamil Nadu's medical infrastructure by commencing the production of medical devices within the state. Import dependency is a significant challenge in the India Medical Devices Market. India relies heavily on imported medical devices to meet its healthcare needs. The domestic manufacturing of high-end and complex medical devices is limited, and the country is heavily dependent on imports to fulfill the demand. India's diverse healthcare needs encompass a wide range of medical devices, from basic diagnostic equipment to advanced imaging technology. The country's limited domestic manufacturing capacity often cannot keep pace with the diverse demands. Stringent quality control and regulatory requirements can make it challenging for domestic manufacturers to meet international standards. As a result, many healthcare providers prefer to import devices that are already compliant with global regulations. The development of innovative medical devices requires significant investment in research and development. While India has made strides in research, it still lags in the development of high-end medical technologies. Rapid advancements in medical technology require constant upgrades and the introduction of new devices. India's domestic manufacturing industry may struggle to keep up with the pace of technological change, leading to import dependency for the latest devices. India Medical Devices Market is segmented based on Type, End-user, and by region.

Based on the Type, India Medical Devices Market is segmented into Cardiovascular Devices, Diagnostic Imaging Equipment, In-vitro Diagnostic Devices, Ophthalmic Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Nephrology & Urology Devices, ENT Devices, Anesthesia & Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others. Nephrology and urology devices are specialized medical instruments and equipment used in the fields of nephrology and urology to diagnose, treat, and manage conditions related to the kidneys, urinary tract, and associated systems. Nephrology is a medical specialty that focuses on the study, diagnosis, and treatment of kidney-related conditions. Nephrologists are healthcare professionals who specialize in the care of the kidneys. Nephrology devices are crucial in the management of kidney diseases and disorders. Urology is the medical specialty that focuses on the diagnosis and treatment of conditions related to the urinary tract and the male reproductive system. Urologists are healthcare professionals who specialize in the care of the urinary and reproductive systems. Urology devices play a crucial role in the diagnosis and treatment of urological conditions.

Based on Region, North India held the largest share in the India Medical Devices Market. The presence of skilled healthcare professionals, researchers, and technicians in North India supports the effective use of medical devices, creating a conducive environment for the medical device industry. Some medical device manufacturers have established their presence in the NCR region, contributing to local production and innovation. This proximity to manufacturing facilities can stimulate growth. The NCR region is well-connected to major ports and transportation hubs, facilitating the import and distribution of medical devices. North India boasts numerous medical and engineering colleges, which provide a skilled workforce and foster research and development activities related to medical devices.

 

Some of the major companies operating in the India Medical Devices Market include:

  • Wipro GE Healthcare Pvt. Ltd.
  • Mindray Medical India Pvt Ltd
  • Siemens India
  • Philips India Ltd
  • Hitachi Medical Systems India
  • Shimadzu India
  • Fujifilm India Pvt. Ltd, India
  • Medtronic Pvt Ltd
  • Johnson & Johnson Medical India Limited
  • Abbott India Limited
  • Becton, Dickinson Private Limited
  • Roche Diagnostics India limited.
  • Alcon Laboratories (India) Private Limited
  • Carl Zeiss India Private Limited
  • Canon Medical India

 

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“Certain areas, particularly in North America, are projected to exert significant demand for Medical Devices. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the India Medical Devices Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

India Medical Devices Market by Type (Cardiovascular Devices, Diagnostic Imaging Equipment, In-vitro Diagnostic Devices, Ophthalmic Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Nephrology & Urology Devices, ENT Devices, Anesthesia & Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F has evaluated the future growth potential of India Medical Devices Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Medical Devices Market.


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