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.

Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Global medical devices market – An overview
4.1. Global medical devices market – An overview
4.1.1. Market size and growth forecast (2022 – 2028e)
4.1.2. Increasing pricing pressure
4.1.3. Growing demand of medtech consumer/physician needs
4.1.4 Evolving industry scenario due to growing number of start-ups
Chapter 5: Medical devices market in India – An overview
5.1. Medical devices market in India – An overview
5.1.1. Market size and growth forecast (FY 2022 – FY 2028e)
Chapter 6: Impact of COVID-19
6.1. Impact of COVID-19
Chapter 7: Trade analysis
7.1. Trade analysis
7.1.1. Export
7.1.2. Import
7.2. Other exports – Based on value
Chapter 8: Government initiatives
8.1. Government initiatives
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
Chapter 10: Market trends
10.1. Market trends
Chapter 11: Competitive landscape
11.1. Centenial Surgical Suture Limited
Company information
Business description
Key people
Financial snapshot
Key ratios
Key financial performance indicators
Key business segments
Key geographic segments
Note: Financial information covered only for public companies.
11.2. Johari Digital Healthcare Limited
11.3. Opto Circuits (India) Limited
11.4. Philips India Limited
11.5. Poly Medicure Limited
11.6. B. Braun Medical (India) Private Limited
11.7. Becton Dickinson Private Limited
11.8. Medtronic, Inc.
11.9. Siemens Healthineers, Inc.
11.10. Wipro GE Healthcare Private Limited
Chapter 12: Recent developments
12.1. Recent developments
Chapter 13: Appendix
13.1. Research methodology
13.2. About Netscribes
13.3. Disclaimer

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