Medical Technology Market in India 2024-2029
Description
Medical technology, or MedTech, involves the use of technology to develop cure-based systems that are used in hospitals. The medical technology market comprises players who supply medical devices, diagnostic equipment and reagents, medical instruments, bionics, implants, disposables, and consumables. The purpose of MedTech is to improve the efficiency of treatments and diagnosis and reduce risk exposure. It also helps in improving the cost-effectiveness of the health system.
To enhance the export of medical devices, the Ministry of Health and Family Welfare (MOHFW) and the Central Drugs Standard Control Organization (CDSCO) conducted measures such as re-examination and implementation of Schedule MIII, systems for export labeling, clinical assessment, and clear guidance on adverse event reporting.
The Indian government has launched several programs, such as the Production Linked Incentive (PLI) Scheme, aimed at boosting domestic manufacturing and attracting foreign investments. However, the space has been facing challenges due to a complex regulatory environment that results in delayed product approvals.
Market trends:
Many companies are leveraging predictive analytics models by collecting essential vital signs and data of patients from various devices to assess and make informed decisions about their overall health. For instance, in 2019, Medtronic and IBM developed a mobile personal assistant app that delivers real-time information about glucose levels for people with diabetes. This system helps users understand the connections between glucose levels, lifestyle choices, and medication use, empowering patients to make informed decisions about their treatment.
Market drivers:
The approval of 100% FDI under the automatic route for both brownfield and greenfield projects in the sector is anticipated to drive industry growth. Robust FDI inflows also indicate the confidence of global players in the Indian medical devices market. India got a total of USD 600 Mn during the 2015 – 20 period, with major investments from countries like the US, Singapore, Japan, amongst others. Categories like equipment and instruments, consumables, and implants have attracted the highest FDI.
Key deterrents to the growth of the market:
The medical device manufacturing space faces supply chain problems just like other manufacturing segments. The issues involve multiple complications like inventory visibility and procurement of raw materials. The dearth of distributors also leads to delays and damages during the shipment of medical devices. These challenges not only hinder growth, but also impact the overall efficiency and competitiveness of the sector.
As pharmaceutical companies ship temperature-sensitive products globally, distributors need to rely on dependable cold-chain logistics solutions.
To enhance the export of medical devices, the Ministry of Health and Family Welfare (MOHFW) and the Central Drugs Standard Control Organization (CDSCO) conducted measures such as re-examination and implementation of Schedule MIII, systems for export labeling, clinical assessment, and clear guidance on adverse event reporting.
The Indian government has launched several programs, such as the Production Linked Incentive (PLI) Scheme, aimed at boosting domestic manufacturing and attracting foreign investments. However, the space has been facing challenges due to a complex regulatory environment that results in delayed product approvals.
Market trends:
Many companies are leveraging predictive analytics models by collecting essential vital signs and data of patients from various devices to assess and make informed decisions about their overall health. For instance, in 2019, Medtronic and IBM developed a mobile personal assistant app that delivers real-time information about glucose levels for people with diabetes. This system helps users understand the connections between glucose levels, lifestyle choices, and medication use, empowering patients to make informed decisions about their treatment.
Market drivers:
The approval of 100% FDI under the automatic route for both brownfield and greenfield projects in the sector is anticipated to drive industry growth. Robust FDI inflows also indicate the confidence of global players in the Indian medical devices market. India got a total of USD 600 Mn during the 2015 – 20 period, with major investments from countries like the US, Singapore, Japan, amongst others. Categories like equipment and instruments, consumables, and implants have attracted the highest FDI.
Key deterrents to the growth of the market:
The medical device manufacturing space faces supply chain problems just like other manufacturing segments. The issues involve multiple complications like inventory visibility and procurement of raw materials. The dearth of distributors also leads to delays and damages during the shipment of medical devices. These challenges not only hinder growth, but also impact the overall efficiency and competitiveness of the sector.
As pharmaceutical companies ship temperature-sensitive products globally, distributors need to rely on dependable cold-chain logistics solutions.
Table of Contents
69 Pages
- Chapter 1: Executive Summary
- Chapter 2: Socio-Economic Indicators
- Chapter 3: Introduction
- 3.1. Market Definition and Structure
- Chapter 4: Market Overview
- 4.1 India Medical Technology Market – An Overview
- 4.2 Market Size and Growth Forecast (FY 2022 – FY 2029e)
- Chapter 5: Market Segmentation
- 5.1 Instruments and Appliances Market – Size and Growth Forecast (FY 2024 – FY 2029e)
- 5.2 Diagnostic Imaging Market – Size and Growth Forecast (FY 2024 – FY 2029e)
- 5.3 Consumables and Implants Market – Size and Growth Forecast (FY 2024 – FY 2029e)
- 5.4 Patient Aids and Others – Market Size and Growth Forecast (FY 2024 – FY 2029e)
- Chapter 6: Trade Analysis
- 6.1 Export
- Value-wise
- Volume-wise
- Country-wise
- 6.2 Import
- Value-wise
- Volume-wise
- Country-wise
- Chapter 7: Market Influencers
- 7.1. Market Drivers
- 7.2. Market Challenges
- Chapter 8: Government Initiatives
- 8.1. Key Government Initiatives
- Chapter 9: Market Trends
- 9.1. Key Market Trends
- Chapter 10: Competitive Landscape
- 10.1. Opto Circuits (India) Limited
- Company Information
- Business Description
- Products/services
- Key People
- Financial Snapshot
- Key Ratios
- Key Financial Performance Indicators
- Key Business Segments
- Key Geographic Segments
- Note: Financial information has been covered only for public companies
- 10.2. Philips India Limited
- 10.3. Siemens Limited
- 10.4. TTK Healthcare Limited
- 10.5. Appasamy Associates
- 10.6. BPL Medical Technologies Private Limited
- 10.7. Forus Health Private Limited
- 10.8. Hindustan Syringes & Medical Devices Limited
- 10.9. Nidhi Meditech Systems
- 10.10. Trivitron Healthcare Private Limited
- Chapter 11: Major Startups
- 11.1. Major Startups
- Chapter 11: Recent Developments
- 11.1. Recent Developments
- Chapter 12: Appendix
- 12.1. About Netscribes
- 12.2. Research methodology
- 12.3. Disclaimer
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