India Medical Device Market is Driven by Rising Investment in Healthcare, Increasing Number of Chronic Diseases Patients and Growth in Elderly Population: Ken Research

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“Rising importance of affordable healthcare facilities and growth in number of chronic disease patients in the country has driven the medical device sector in India”.

Analysts at Ken Research in their latest publication India Medical Device Market Outlook to 2023 – by IVD Market (Type of Device, Sales Channel, Domestic Manufacturing and Import), by Diagnostic Imaging Market (Type of Device, Domestic Manufacturing and Import) and by Patient Aid Market (Orthopedic Device, Hospital Furniture and Hearing Aid)believe that the medical device market in India has been increasing due to rising healthcare expenditure, increase in number of healthcare establishments and increasing penetration of medical insurance in the country. The market is expected to register a positive CAGR of 10.8% in terms of revenue during the forecast period 2018-2023E.

Rise in Chronic Diseases and Lifestyle Changes: Lifestyle related changes have resulted in growing number of patients with cardiac disorders and life threatening disease such as cancer. This has led to positive growth in medical device sectors such as diagnostic imaging as more number of Cath labs and nuclear medicine screening facilities has to be established for proper diagnosis of patients in order to provide customized solutions. This in turn has led to healthy growth for medical device sector in recent years.

Growing Healthcare Expenditure: The public healthcare expenditure stood at INR 213,719.6 Crore in FY’2018. The government of India has been taking regular initiatives to increase this expenditure to level of 2.5% of country’s GDP by 2025 in regards to its National Health Policy. Increase in healthcare expenditure has led to successive Greenfield and Brownfield growth in hospital sector. Consequentially, this has led to increase in revenue of the medical device industry as new capital systems, upgraded with latest technology are installed at various healthcare facilities.

India Medical Device Market

Growing Orthopedic and Auditory Loss Population: Rising elderly population has led to higher demand for implants and hearing aids. Also, with new technologies being introduced in Orthobiologics and sports medicine and rising demand for personalized cure, vendors in the industry have started achieving greater revenue in recent years. Also, factors such as increase in number of road accidents and rising number of people suffering with auditory loss has augmented the demand of varied medical devices in the country.

Key Segments Covered:-

IVD Device Market:

By Business Activity (Import and Domestic Manufacturing)

By Sales Channel (Distributor and Direct Sales)

By Type of Device (POCT, Immunochemistry, Biochemistry, Hematology, Molecular Diagnostics, Microbiology, Coagulation, Urinalysis and Others)

By Type of POCT (Blood Glucose Testing Kit, Infectious Disease Testing Kit, Blood Gas Electrolytes, Pregnancy and Fertility Testing Kit, Cardio Metabolic Monitoring, Anticoagulant Management), Cholesterol Testing Kit and Others)

By Immunochemistry Reagent and Instrument

By Biochemistry Reagent and Instrument

By Hematology Reagent and Instrument

By Molecular Diagnostics Reagent and Instrument

By Microbiology Reagent and Instrument

By Urinalysis Reagent and Instrument

By Coagulation Reagent and Instrument

Diagnostic Imaging Market:

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (MRI, CT, Ultrasound, X-Ray, Cath Lab and Nuclear Medicine)

By MRI Device (1.5T, 3.0T, 0.2-0.5T)

By CT Scan (16Slice, 64-128 Slice, <16 Slice and >128 Slice)

By X-Ray (CR, DR and Analog)

By Cath Lab (Flat Panel Digital, Biplane and Mobile)

By Nuclear Medicine (PET Scanner, SPECT and Cyclotron)

Patient Aid Market:

By Type of Device (Orthopedic, Hospital Furniture and Hearing Aid)

By Orthopedic Devices

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (Joint, Trauma, Sports Medicine, Spine and Orthobiologics)

By Hospital Furniture

By Type of Device (Hospital Bed, OT Table and OT Light)

By Type of Hospital Bed (Manual and Motorized)

By Type of OT Table (Imported and Indian)

By Type of OT Light (Imported and Indian)

By Hearing Aids

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (Over the Ear and Inside the Ear)

By Sales Channel (Dealer, Retail and Digital Marketing)

Key Target Audience:-

IVD Device Manufacturers

IVD Reagent Manufacturers

IVD Device Importers

Government Agencies

Orthopedic Device Companies

Hearing Aid Companies

Hospital Furniture Manufacturers

Diagnostic Imaging Device Companies

Time Period Captured in the Report:-

Historical Period: FY’2013- FY’2018

Forecast Period: FY’2019E – FY’2023E

Companies Covered:-

IVD Devices:-

Roche Diagnostics

Transasia Biomedical

Beckman Coulter

Biomerieux

Diagnostic Imaging:

Wipro GE Healthcare

Siemens Healthcare

Philips India

Patient Aid:

J&J

Zimmer Biomet

Smith and Nephew

Arthrex

Stryker

Medtronic

Widex Sivantos Audiology

Starkey Laboratories

GN Hearing

Sonova

For more information on the research report, refer to below link:-

India Medical Device Market

Related Reports:-

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India POCT Market Outlook to 2023 – By Major Devices (Blood Glucose Testing Kits, Infectious Disease Testing Kits, Blood Gas Electrolytes, Pregnancy and Fertility Testing Kits, Cardio Metabolic Monitoring, Anticoagulant Management, Cholesterol Testing Kits and Others), By End Users (Hospitals & Clinics, Consumers/ Individuals, Diagnostic Labs, Home Healthcare and Others), By Distribution Channel (Distributors and Direct Sales), By Consumables and Instruments and By Region

India Medical Consumables Market Outlook to 2023 – Driven by Surge in adoption of Innovative Medical consumable products coupled with Rising Outpatient Revenue

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

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