Medical Devices Market in India 2023-2028

Medical Devices Market in India 2023-2028

Market insights:

In FY 2023, the revenue of the medical devices market in India was valued at INR 1,200.22 Bn. It is expected to reach INR 3,810.45 Bn by FY 2027, expanding at a CAGR of ~26.50% during the FY 2024 – FY 2028 period.

The medical devices market in India is undergoing a transformative phase, marked by rapid technological advancements, increasing healthcare awareness, and a growing demand for innovative healthcare solutions. The landscape of medical devices in India is witnessing a surge in technological innovations, ranging from wearable health monitors to advanced diagnostic equipment. These innovations are not only enhancing the efficiency of healthcare delivery but also contributing to early disease detection and personalized treatment.

The integration of digital health technologies, including telemedicine, electronic health records, and mobile health apps, presents a lucrative avenue for medical device manufacturers. This convergence is reshaping the healthcare delivery model, providing enhanced accessibility and efficiency. The Indian medical devices market presents significant growth opportunities for both domestic and international players. As the healthcare infrastructure improves, there is an increasing demand for a wide range of medical devices, from basic diagnostic tools to high-end imaging equipment.

Impact of COVID-19:

The post-pandemic world has brought about a paradigm shift in healthcare dynamics, and India stands at the forefront of leveraging opportunities in the medical devices sector. With a heightened focus on decentralized healthcare, there is a growing market for home healthcare devices. Portable ventilators, oxygen concentrators, and other critical care equipment offer opportunities for companies to cater to the evolving needs of patients seeking healthcare solutions in the comfort of their homes. Moreover, the emphasis on early detection and rapid diagnostics has intensified, leading to a surge in demand for advanced diagnostic devices. Point-of-care testing, portable imaging equipment, and rapid diagnostic kits present significant opportunities for manufacturers to address the need for quick and efficient healthcare solutions.

Market Influencers:



Market drivers:

Ongoing efforts to improve healthcare infrastructure in India, including the establishment of new hospitals, clinics, and diagnostic centers, contribute to the increased adoption of medical devices. A growing number of healthcare facilities are investing in modern medical equipment to enhance patient care.

Key challenges of the market:

The medical devices market in India faces challenges related to regulatory frameworks and compliance standards. Streamlining regulatory processes and ensuring product quality and safety will be crucial for sustained market growth in the future. Despite the growing demand, affordability remains a concern for a significant portion of the population. Striking a balance between offering advanced medical technologies and ensuring accessibility to a broader demographic will be a key challenge for market players.