Indian Market Current Scenario for Medical Devices

Indian Market Current Scenario for Medical Devices

Segmentation of market in India

With overall revenues constituted about USD 60 billion (INR 3.85 lakh crores) in 2015, diagnostic imaging is the medical device market's largest category, making about 26% of the total. The second-largest segment, IV Diagnostics, has an estimated 24% market share and generates about USD 54.5 billion (INR 3.54 lakh crores). The smallest share is of dental items, which include dental implants, chairs, and equipment, worth USD 13.68 billion (INR 88,920 crore). Electrical and electronic equipment makes up the majority of other and IV diagnostics The others category (patient monitors, ECG machine, Defib, etc) is estimated at USD 0.94 Bn (INR 5,922 Crores) in 2015.  Similar to that, the IV diagnostics market reached USD 0.39 billion (INR 2,550 crores) in 2015.




Growth Factors Driving the Medical Device Demand in India

The need for medical devices in India is being driven by a number of factors, some of which are listed below.

Growing Population

Increase in Population India had 1,210 million people in 2011 and is expanding at a rate of 1.2% annually. The market for medical devices in India will be driven by the expanding population's demand for healthcare services.

Aging Population 

In 2011, the proportion of people over the age of 65 was 5.3% of the total population. The growing elderly population will increase demand for improved healthcare services and medical devices.



Increasing Disease Burden of Chronic Diseases  

Noncommunicable diseases such as heart disease, cancer, diabetes, and others are projected to account for more than 75% of India's disease burden by 2025, up from 45% in 2010. Chronic diseases will drive the demand for basic and advanced medical devices and technology, as well as healthcare services.

Growing Medical Tourism 

SAARC countries contribute the most medical tourists to India. The medical value travel market in India is expected to grow at a CAGR of 30%. The growing number of medical tourists will increase demand for quality healthcare services, medical devices, and technology.

Demand for Healthcare Infrastructure

Currently, hospital infrastructure is in short supply in the healthcare delivery system. India has an estimated 1.1 beds per 1,000 people, which is far below the WHO recommendation of 3.5 beds per 1000 people. To reach the recommended capacity, the healthcare delivery system will require an additional 3.6 million beds. The demand for medical devices will be driven by the need for more beds.

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