Market Insights Health Medical Technology

Medical Devices - India

India

The projected revenue in the Medical Devices market market in India is expected to reach INR €6,359.00m in 2024.
Among the various markets, Cardiology_Devices is projected to be the largest, with a market volume of INR €918.70m in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of 8.54% from 2024 to 2029, resulting in a market volume of INR €9,579.00m by 2029.
In global comparison, the United States is expected to generate the highest revenue, amounting to €167.80bn in 2024.
India is experiencing a surge in demand for advanced medical devices, driven by the increasing healthcare infrastructure and growing population.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in India has been experiencing significant growth in recent years.

Customer preferences: Indian consumers are increasingly seeking advanced medical devices that offer improved accuracy, efficiency, and convenience. They are willing to invest in innovative technologies that can enhance their healthcare experience and improve patient outcomes. As a result, there is a growing demand for medical devices such as diagnostic imaging equipment, surgical instruments, and monitoring devices.

Trends in the market: One of the key trends in the Indian Medical Devices market is the adoption of digital health technologies. With the increasing penetration of smartphones and internet connectivity, there is a rise in the use of mobile health applications, telemedicine services, and remote patient monitoring devices. These technologies enable patients to access healthcare services from the comfort of their homes, reducing the need for physical visits to healthcare facilities. Another trend in the market is the focus on cost-effective healthcare solutions. Indian consumers are price-sensitive and seek affordable medical devices that offer value for money. This has led to the development of low-cost medical devices that cater to the needs of the masses. Additionally, there is a growing trend of medical device manufacturers partnering with local healthcare providers to offer cost-effective solutions to patients.

Local special circumstances: India has a large population with a high burden of communicable and non-communicable diseases. This creates a significant demand for medical devices that can aid in the diagnosis, treatment, and management of these conditions. The government has also implemented various initiatives to improve access to healthcare services, which has further fueled the demand for medical devices. Furthermore, India has a strong manufacturing base for medical devices. The country is known for its expertise in engineering and manufacturing, which has attracted several multinational companies to set up production facilities in India. This has not only increased the availability of medical devices but has also contributed to the growth of the domestic medical devices industry.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Medical Devices market in India. The country's growing middle class, increasing disposable income, and improving healthcare infrastructure have created a favorable environment for the adoption of medical devices. Additionally, the government's focus on promoting domestic manufacturing and reducing import dependency has further boosted the growth of the medical devices industry. In conclusion, the Medical Devices market in India is witnessing significant growth due to customer preferences for advanced and cost-effective healthcare solutions, the adoption of digital health technologies, local special circumstances such as the high disease burden and strong manufacturing base, and underlying macroeconomic factors such as the growing middle class and improving healthcare infrastructure.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.