India Medical Devices Market to Establish Growth with Impressive CAGR Until FY2027 | TechSci Research
India Medical Devices Market is expected to show robust growth due to increasing demand for early diagnosis in the forecast period, FY2017-FY2027.
According to TechSci report on, “India Medical Devices Market, By Region, Competition Forecast & Opportunities, FY2017 - FY2027”, India medical devices market has shown promising growth in historical years until FY2020 and is expected to continue its growth in upcoming forecast years FY2023 to FY2027. India medical devices market owes its growth to the factors like increasing demand for the early diagnosis.
Increasing instances of chronic diseases, lifestyle diseases, and infectious diseases demand early diagnosis and effective treatment thus increasing the medical devices demand to satisfy the requirement and driving the growth of the India medical devices market in the upcoming five years.
Also, expanding healthcare industry and increasing expenses over it are supporting the growth of the India medical devices market in the next five years. Additionally, increasing investment from the private sector and government financial supports are also substantiating the growth of the India medical devices market in the future five years. Technological advancement and increasing research are also aiding the growth of the India medical devices market in the forecast years, until FY2027.
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Research institutes, and market players are actively investing their resources for the development of the advanced medical devices. These improvements make medical devices more effective, environment friendly, easier to handle, flexible with portability, etc. thereby further substantiating the growth of the India medical devices market in the forecast period.
Although, higher cost of the medical devices may slow down the market growth but surge in the demand for availability of the healthcare facility to all would aid to the growth of the India medical devices market in the upcoming five years.
The India medical devices market segmentation is based on type, end user, competitional landscape, and regional distribution.
Based on type, the market is further fragmented into cardiovascular devices, diagnostic imaging equipment, in-vitro diagnostic devices, ophthalmic devices, diabetes care devices, dental care devices, surgical equipment, patient monitoring devices, orthopedic devices, nephrology & urology devices, ENT devices, anesthesia & respiratory devices, neurology devices, mobility-aid devices, and others.
Cardiovascular devices are anticipated to dominate the market segment and hold largest revenue shares of the market in the upcoming five years on the account of increasing cardiovascular diseases instances in the country. Also, increasing demands for the early diagnosis and effective treatment for the same is further driving the growth of the sub-segment along with the growth of the India medical devices market.
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The cardiovascular devices are further divided between diagnostic & monitoring devices and surgical devices. Diagnostic & monitoring devices consists of ECG, Holter monitors, implantable loop recorders, event monitors, and others. Diagnostic & monitoring devices help in identifying the conditions of the patients and to monitor changes in the pre-existing symptoms. Surgical devices consist of pacemakers, stents, valves, and other. These devices are either utilized during cardiovascular surgeries or they are implanted in the patients to replace defective organs.
A partial list of India medical devices market players in the field includes:
Wipro GE Healthcare Pvt. Ltd.
Mindray Medical India Pvt Ltd
Hitachi Medical Systems India
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“Hospitals and clinics are anticipated to generate maximum demands for the medical devices with availability of the resources for in-expensive medical devices. Increased investment, government funding, private investments and other factors drive the growth of the India medical devices market in the next five years. Increasing demand for the advanced medical devices and consistent research for the innovation in the existing technologies of medical devices is anticipated to further support the growth of the India medical devices market. Diagnostic centers are also expected to register significant growth in the future five years on the account of increasing demand for early and effective diagnosis of the diseases. Moreover, increasing patient dependency on hospitals and clinics for the prognosis, diagnosis, and treatment for the diseases are overburdening the hospitals and clinics. To delegate the patient count, diagnostic centers are growing with or without conjugation to the hospitals and thus substantiating the growth of the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Medical Devices Market By Type (Cardiovascular Devices, Diagnostic Imaging Equipment, In-vitro Diagnostic Devices, Ophthalmic Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Nephrology & Urology Devices, ENT Devices, Anesthesia & Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India medical devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India medical devices market.
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