Report Overview

India Medical Devices Market- Industry Trends & Forecast Report 2028

India medical devices market was worth USD 15 billion in 2021 and is further projected to reach USD 124.3 billion by the year 2028, growing at a CAGR of 35.40% during the forecast period. The flourishing healthcare industry along with increasing private and public investment towards advancing the hospitals and healthcare facilities with advanced medical devices are emerging as major driving factors for the growth of the India medical devices market.

Medical Devices - Overview

A medical device is an instrument or equipment that is used to diagnose, treat, and cure various diseases and disorders. These devices focus on physical and mechanical actions which do not have anything to do with chemical effects or the internal body. CT scanners, x-ray machines, infusion pumps, medical lasers are some of the most commonly used medical devices. The medical devices are classified into three types based on their application and severity of the medical condition, i.e., Class I, Class II, and Class III, with low risk, moderate risk, and high risk, respectively.

India Medical Devices Market Forecast and Trends

Growth Drivers

Increasing Prevalence of Various Medical Conditions

India ranks at the second position in the global population rank, which means that there is a diverse patient base suffering from various medical conditions. Problems like metabolic diseases, cardiovascular disease, hypertension, overweight, joint and skeleton problems, and other chronic diseases are getting prominent, especially in the younger population. This has been a leading cause for the growth of the medical devices market in India. Furthermore, the rising prevalence of severe diseases like cancer, SARS, COPD (Chronic obstructive pulmonary disease), etc., are expected to fuel the market demand in the forecast period.

Rising Innovations and Technological Advancements in Medical Devices

The adoption of technologically advanced products is gaining significant traction in the healthcare and medical sector while its demand is projected to surge in the forecast period as well. The integration of technologies such as artificial intelligence, the Internet of Things (IoT), cloud computing, etc., is expanding the scope of medical device applications. The use of technology in the diagnosis, treatment, and monitoring of medical diseases yields more accurate and reliable results. That is why the Indian market for medical devices is growing at such a rapid pace.

Restraints

High Cost of Medical Devices

The high cost of medical devices acts as a major restraining factor for the growth of the India medical devices market. An average MRI machine, for instance, costs around 2,500,000 to 125,000,000 rupees per piece (around 1.2 million) in India. The lack of government efforts and funding in public hospitals limit the adoption of these high-end medical devices. The demand also dwindled for medical devices in the home-care post the COVID-19 due to a decline in their purchasing power.

Impact of COVID-19 on India Medical Devices Market

Unlike the rest of the segments of the healthcare industry that thrived during the COVID-19 pandemic outbreak in India, the medical devices market was negatively impacted. Hospitals are the leading end-users of medical devices in India. However, the hospitals were overwhelmed by the COVID-19 affected patients due to which other out-patients were avoiding hospital visits. Furthermore, the purchasing power of hospitals was also directly affected during the pandemic. This resulted in a subsequent decline in the demand for India medical devices market.

India Medical Devices Market - By Device Type

Based on device type, the India medical devices market is segmented into respiratory care devices, diagnostic imaging systems, orthopedic devices, ventilators, anesthesia monitoring devices, endoscopy devices, cardiac monitoring & cardiac rhythm management devices, interventional cardiology devices, diabetes care devices, ophthalmic devices, respiratory care devices, and dialysis devices. The anesthetic monitoring devices hold the largest market share owing to the rising demand for surgical procedures. This segment is estimated to witness significant growth in the forecast period as well owing to the increasing usage of targeted anesthetics.

India Medical Devices Market - By End-User

Based on end-user, the India medical devices market is segmented into hospitals, clinics, and home-care. The hospital segment accounts for the largest market share owing to the expanding healthcare sector for infrastructure development and the increasing number of hospitals in the country. Furthermore, a large percentage of patients approaching hospitals for receiving medical treatment is also fueling the demand for medical devices in the hospitals. However, home care is projected to grow at a substantial rate during the forecast period.

India Medical Devices Market - Regional Insights

Geographically, the India medical devices market is segmented into North India, South India, East India and West India. South India dominates the India medical devices market owing to the strong healthcare sector in states like Kerala, Andhra Pradesh, Tamil Nadu, etc. According to the fourth Health Index launched by Niti Aayog, Kerala emerged as the top-ranking state in terms of overall health performance among larger states, followed by Tamil Nadu and Telangana. Due to this, the demand for medical devices is very prominent in this region.

Competitive Landscape

The leading market players of the India medical devices market are Johnson & Johnson, Novartis AG, Abbott Laboratories, Medtronic PLC, Baxter International, Danaher Corporation, General Electric, 3M Company, Siemens Healthineers, Stryker Corporation, and other prominent players.

The India medical devices market is highly competitive with the presence of several multinational corporations and regional companies. The regional medical devices companies are giving tough competition to multinational corporations in terms of quality and range of devices. The companies constantly launch new products with advanced offerings and innovations to gain a competitive edge. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In March 2022, Medtronic India announced the launch of the MiniMed 780G system in India, which is a new generation closed-loop insulin pump system for the treatment of Type-1 diabetes.

Scope of the Report

By Device Type

• Respiratory Care Devices

• Diagnostic Imaging Systems

• Orthopedic Devices

• Ventilators

• Anesthesia Monitoring Devices

• Endoscopy Devices

• Cardiac Monitoring & Cardiac Rhythm Management Devices

• Interventional Cardiology Devices

• Diabetes Care Devices

• Ophthalmic Devices

• Respiratory Care Devices

• Dialysis Devices

By End-User

• Hospitals

• Clinics

• Home-Care

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary and Secondary Sources
   2. Quantitative Research
      1. Primary and Secondary Sources
   3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Industry Participants
   5. Key Questionnaire asked during Primary Interviews
   6. Key Primary Responses
   7. Market Size Estimation
   8. Assumption for the Study
   9. Market Breakdown & Data Triangulation
3. Executive Summary
4. India Medical Devices Market – Industry Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
   3. Recent Developments / Technical Landscape
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
5. India Medical Devices Market Overview
   1. Market Estimates & Forecast by Value, 2018-2028
      1. By Value (USD Million)
      2. By Volume (Thousand Units)
   2. Market Share & Forecast
      1. By Classification Type
         1. Low Risk
         2. Medium Risk
         3. High Risk
      2.  By Application
         1. In-Vitro Diagnostics
         2. Dental Devices
         3. Ophthalmic Devices
         4. Cardiovascular Devices
         5. Patient Monitoring Devices
         6. Orthopedic Devices
         7. Nephrology and Urology Devices
         8. ENT Devices
         9. Others
      3. By End-user
         1. Hospitals and Clinics
         2. Homecare
         3. Diagnostics Centers
         4. Others
      4. By Region
         1. North India
         2.  East India
         3.  South India
         4.  West India
6.  Competitive Landscape
   1. List of Key Producers and Their Offerings
   2. Market Share / Ranking Analysis (2021)
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Developments & Growth Strategies
7. Impact of COVID-19 Across Industry
8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Abbott Laboratories Inc.
   2. F. Hoffmann-La Roche Ltd
   3. Stryker Corporation
   4. Siemens AG
   5. Koninklinje Philips NV
   6. Medtronic PLC
   7. Becton, Dickinson and Company
   8. Baxter Healthcare
   9. Hamilton Medical AG
   10. Other Prominent Players
9.  Key Strategic Recommendations

* Financial information of non-listed Companies will be provided as per availability.

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

List of Figures

Figure 1: India Medical Devices Market Segmentation

Figure 2: India Medical Devices Porters Analysis

Figure 3: India Medical Devices Industry Value Chain Analysis

Figure 4: India Medical Devices Size, By Value (USD Million), 2018-2028

Figure 5: India Medical Devices Size, By Volume (Thousand Units), 2018-2028

Figure 6: India Medical Devices Share, By Classification Type, By Value, 2018-2028

Figure 7: India Medical Devices Share, By Application, By Value, 2018-2028

Figure 8: India Medical Devices Share, By End-user, By Value, 2018-2028

Figure 9: India Medical Devices Share, By Region, By Value, 2018-2028

Figure 10: India Medical Devices Company Market Share Analysis, 2021

List of Tables

Table 1: India Medical Devices Size, By Value (USD Million), 2018-2028

Table 2: India Medical Devices Size, By Volume (Thousand Units), 2018-2028

Table 3: India Medical Devices Share, By Classification Type, By Value, 2018-2028

Table 4: India Medical Devices Share, By Application, By Value, 2018-2028

Table 5: India Medical Devices Share, By End-user, By Value, 2018-2028

Table 6: India Medical Devices Share, By Region, By Value, 2018-2028

Table 7: Abbott Laboratories Inc. Financial Analysis

Table 8: F. Hoffmann-La Roche Ltd. Financial Analysis

Table 9: Stryker Corporation Financial Analysis

Table 10: Siemens AG Financial Analysis

Table 11: Koninklinje Philips N.V. Financial Analysis

Table 12: Medtronic PLC Financial Analysis

Table 13: Becton, Dickinson and Company Financial Analysis

Table 14: Baxter Healthcare Financial Analysis

Table 15: Hamilton Medical AG Financial Analysis