India Medical Device Market Analysis And Future Outlook: Ken Research

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India Diagnostic Imaging Market Segmentation

By Business Activity: Import of imaging devices accounted for revenue share of ~% in FY’2018. Import of imaging devices is mainly driven by technological products that are at high end of the value chain such as CT and MRI. Local production occupied a revenue share of ~% in the diagnostic imaging device market in FY’2018.

By Type of Device: MRI captured highest revenue share of ~% in FY’2018 in diagnostic imaging devices market of India. Higher cost of MRI machine (magnets) is a major driver behind realization of greater revenue stream. CT accounted INR ~ crore market revenue whereas ultrasound garnered INR ~ crore in FY’2018. X-Ray accounted for revenue market share of ~% in FY’2018. Cath lab due to their frequent use in performing cardiac catherization process garnered revenue of INR ~ crore in FY’2018. The remaining revenue market share was taken by Nuclear medicine which has PET, SPECT and cyclotron devices.

India Medical Device Market

By MRI Device: 1.5T MRI captured ~% revenue market share of MRI device market in FY’2018. 3.0T MRI realized ~% revenue market share of MRI device market in FY’2018. 0.2-0.5T contributed to INR ~ crore of MRI market revenue. 1.5T MRI machines are cost effective in comparison with high field MRI. In addition, at high field there is problem of tissue overheating which can cause damage and RF field non-uniformity. This has led to the market being dominated by 1.5T MRI.

By CT: 16 Slice CT occupied highest revenue market share of ~% CT market in FY’2018. Preference towards provision of cost effective imaging facilities is the major reason behind 16 slice category dominating the Indian market. The <16 Slice CT segment accounted for ~% revenue market share In CT market in FY’2018. 64-128 Slice CT realized INR ~ crore in FY’2018. The >128 Slice CT captured ~% revenue market share of CT market in FY’2018.

By X-Ray Device: CR (Computerized Radiography) captured ~% revenue market share of X-Ray device market in FY’2018. Improvement in image quality and lowering of radiation exposure over conventional X-ray films led to rapid growth in CR segment. DR (Digital Radiography) registered revenue of INR ~ crore in X-ray market in FY’2018. Analog X-ray has a major market share in the total market volume owing to its low cost and was able to acquire a revenue share of ~% in FY’2018.

By Cath Lab: The flat panel digital cath lab occupied ~% revenue market share in cath lab market in FY’2018. Higher image resolution needed for cardiac catherization needed to identify ailments in vascular system and heart along with reduction in noise (optimal signal to noise ratio) are the major reasons behind flat panel digital cath lab dominating the market. Biplane occupied ~% revenue market share in cath lab market in FY’2018. Premium pricing has led to this device being able to occupy niche market.

By Nuclear Medicine: PET scanner occupied ~% revenue market share of diagnostic imaging nuclear medicine market in FY’2018. SPECT garnered revenue of INR ~ crore in FY’2018. The remaining market share was attributed to cyclotron business.

India Patient Aid Market Segmentation

By Type of Device: The orthopedic device industry captured the biggest share of ~% in pie of revenue in FY’2018 in patient aid industry. This is because of increase in number of orthopedic surgeries in the country which resulted in the expansion of orthopedic device industry at a CAGR of ~% during the period FY’2013-FY’2018. Hospital furniture industry has grown at a CAGR of ~% in terms of revenue during the period FY’2013 to FY’2018 to revenue of INR ~ crore in FY’2018. The hearing aid market occupied ~% revenue share in FY’2018 of the patient aid industry.

India Orthopedic Device Market Segmentation

By Business Activity: Imports drive major proportion of the market revenue of orthopedic devices. In FY’2018, imports captured ~% revenue share in the market. Local production of orthopedic devices generated INR ~ crore in FY’2018.

By Type of Device: Joints market constituted a revenue share of ~% in orthopedic device market in FY’2018. Trauma market occupied a revenue share of ~% in orthopedic device industry in FY’2018. Sports medicine industry was valued at INR ~ crore in the same period while Spine market registered a revenue share of ~%.

India Hospital Furniture Market Segmentation

By Type of Hospital Furniture: Hospital beds constituted the biggest chunk, ~% of the revenue of hospital furniture market in FY’2018. OT tables occupied ~% revenue share in hospital furniture industry in FY’2018 whereas OT Lights constituted ~% revenue share of the hospital furniture industry in FY’2018.

By Type of Hospital Bed: Manual hospital beds constituted ~% revenue share of the hospital bed industry in FY’2018, whereas  motorized beds generated revenue of INR ~ crore in FY’2018.

By Type of OT Table: The imported OT table segment garnered biggest revenue share of ~% in OT table industry in India in FY’2018. Indian OT Tables captured ~% revenue share in OT tables market in FY’2018.

By Type of OT Light: Imported OT lights constituted ~% revenue share in OT lights industry in FY’2018. Indian OT lights generated INR ~ crore in FY’2018.

India Hearing Aid Market Segmentation

By Business Activity: Import segment captured a revenue share of ~% in the market in FY’2018. Due to the presence of superior technology, skilled workforce and lower price of finished goods, hearing devices are largely imported and local manufacturing has a very niche share in the industry. Local production has garnered ~% revenue share in this market.

By Type of Device: Over the ear or non-customized hearing aid segmented dominated the hearing aid market by acquiring ~% revenue share in FY’2018. The remaining revenue market share was taken over by inside the ear hearing aids.

By Channel of Sales: Sales of hearing devices via dealers constitutes ~% revenue share in the market. The reason for this is presence of dealers throughout the subcontinent helps in business expansion to all areas in the subcontinent. Retail segment has constituted ~% revenue share in hearing devices market in FY’2018. Digital marketing is a niche segment of the entire market as it captures only ~% revenue share in FY’2018.

Competitive Landscape Covered in the Report

Indian medical device market is currently in its growth stage. In IVD device market, the competition is highly fragmented with presence of approximately ~ number of players as of FY’2018.  Players such as Roche, Transasia Biomedical, Beckman and Biomerieux have gathered significant share in the industry, some of the other notable players are Abbott Diagnostics, OCD, Bio-Rad Laboratories. In the Diagnostic Imaging device space, Wipro, GE Healthcare, Siemens Healthcare and Philips are leading in most of the device segments of the industry and the competition is rather concentrated. The competitive scenario in the patient aid market saw different players leading in various segments of the industry. The joints market with a revenue share of ~% is rather concentrated with players such as J&J, Smith and Nephew and Zimmer Biomet. The sports medicine market is dominated by companies such as Arthrex with market share of ~%, Smith & Nephew and Stryker also occupied significant market share in FY’2018. In the hearing aids industry valued at INR ~ crore, Widex Sivantos Audiology generated INR ~ crore by selling hearing aids in FY’2018.

What is the Future Potential of India Medical Device Market And Its Segments?

Indian Medical Device market is expected to increase from the value of INR ~ Crore in FY’2018 to the value of INR ~ Crore in FY’2023 and will witness a CAGR of ~% during the period FY’2018-FY’2023. The growth in the market will be facilitated by increase in number of hospitals, rise in public healthcare expenditure and growth in elderly population.

IVD Device: The IVD Device segment will continue to remain the leading segment in the India Medical Device market and will reach to a value of INR ~ Crore in FY’2023 and is expected to register a CAGR of ~% during FY’2018-FY’2023. The major growth driver will be increase in number of patients with lifestyle related disorders.

Patient Aid: Patient Aid will be the next leading segment in the market with the share of ~% in FY’2023. The market will witness a CAGR of ~% during FY’2018-FY’2023 and will reach to a value of INR ~ Crore in FY’2023. The market will witness positive growth due to increase in penetration of medical insurance in the country due to ‘Ayushman Bharat Scheme’ which will result in increase in number of surgeries owing to subsidies and higher coverage. Also, increase in the elderly population in India will affect the market growth positively.

Diagnostic Imaging: India Diagnostic Imaging Market will witness a five year CAGR of ~% during FY’2018-FY’2023 and will reach to a value of INR ~ Crore in FY’2023. The major growth will happen due to factors such as increase in number of healthcare establishments and growth in number of road accidents.

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

India Medical Device Market Research Report

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