Market Research of medical devices in India

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Market Research of medical device in India

Market size

Medical devices in India, revenue in the Medical Devices segment is expected to reach $5.73billion in 2022. Cardiology Devices are the market’s largest segment with an anticipated market volume of $ 0.76 billion in 2022.

Revenue is projected to grow at an annual growth rate of 9.73% (CAGR 2022-2027) resulting in a market volume of $9.11 billion by 2027.

In comparison to the global market, most revenue is generated in the United States ($159.80 billion in 2022).

REVENUE BY SEGMENT

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In 2022, cardiology devices accounted for the largest market size of $0.76 billion. Below is a table showing more about it.

Medical devices.2022 market size in billion dollars2027 market size in billion dollars
Cardiology Devices$0.76$1.27
Diagnostic Imaging Devices$0.64 $0.89
General & Plastic Surgery Devices$0.34$0.49
Ophthalmic Devices$0.42$0.66
Orthopedic Devices$0.56$0.87
Other medical devices$3.02$4.94

REVENUE GROWTH BY SEGMENT

Cardiology devices have the highest growth rate of 13.4% in 2022, this is closely followed by Ophthalmic Devices with a growth rate of 11.2%.

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Below is a table showing the 2022 and 2027 revenue growth rate of medical devices

Medical devices2022 growth rate2027 growth rate
Cardiology devices13.4%12.9%
Ophthalmic Devices11.2%.11.2%
Diagnostic Imaging Devices7.5%8.8%
General & plastic surgery devices9.9%10.4%
Orthopedic devices10.0%12.1%
Other medical devices9.6%11.9%

Market Size and Market Trends

Some of the key trends affecting the overall industry are an increase in chronic conditions, a rising population, development in the implantation technique, and complex surgeries are some of the major factors that promote market growth. 

During the forecast period, high growth in monitoring devices and major technological advancement in the medical device industry is projected to drive the medical devices market 

The medical devices market has been segmented into

  • Digital health
  • Diagnostic imaging devices
  • Rehabilitation.

Digital health

Market size.

Revenue in the Digital Health market is anticipated to reach $9.22 billion in 2022.

Revenue is projected to show an annual growth rate (CAGR) of 22.70%, resulting in a projected market volume of $25.64 billion by 2027.

In comparison to the global market, most revenue is generated in China ($46 billion in 2022).

The market’s largest segment will be Digital Fitness & Well-Being with a total revenue value of $7.50 billion in 2022.

REVENUE BY SEGMENT

In 2022, digital fitness and well being is expected to reach $7.5 billion and eHealth is expected to reach $1.72 billion.

Below is a graph showing more.

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AVERAGE REVENUE PER USER BY SEGMENT.

Digital fitness and well-being has a higher average revenue per user when compared to eHealth. For example, in 2022, the average revenue per user of Digital Fitness and Well-being is expected to reach $49.44 in India. Below is a graph showing more.

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USERS BY SEGMENT

Digital fitness and well-being has a higher number of users when compared to eHealth. Below is a graph showing more.

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PENETRATION RATE BY SEGMENT

Below is a graph showing penetration rate of DIgital health and well-being and eHealth.

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The digital health devices market size is mainly driven by

  • The emergency of RPM (remote patient monitoring) and the growth and advancement of IT technology have led to massive growth in the industry. 
  • By enhancing clinical decision-making and assessment, RPM has become a cost-effective tool in reducing many incidences of hospitalization. 
  • With the growing rate of diseases such as diabetes, cancer, and cardiovascular diseases, 
  • the adoption of RPM services is also anticipated to rise
  • In addition, the growing geriatric population base is adopting healthy and independent lifestyles, which will also lead to the use of RPM solutions.

Key market trends in the digital health sector.

The rising incidences of chronic diseases will drive the need for digital health services. 

The market is segmented into hardware, services, and software. The market share of digital health from the services segment is projected to witness a high growth rate of more than 12% in the forecast period (2022-2030). 

The rising use of digital health services from vendors and the escalating prevalence of chronic conditions is one of the key segment drivers. In addition, there has been an increase in awareness about the importance of digital health-related services, leading to a positive outlook for industry development in the services segment.

To ensure there is access to digital health solutions for patients suffering from chronic diseases, different initiatives are being implemented. For example, India has increased its allocation for the National Digital Health Mission from $4 million to $26.7 million in 2022. For the mental health sector, a budget of $5.3 million has been planned for the National Mental Health Programme.

Growth drivers.

Some of the key drivers in the industry are

  • Rising usage of smartphones, tablets, and other mobile platforms 
  • Growth of healthcare IT infrastructure across the world.
  • High demand for remote patient monitoring services 
  • Growing venture capital investments

The implementation of medical apps, electronic health records, e-prescriptions, and other digital technologies needs enhanced data security. Breaches can lead to huge losses of critical  and confidential information, including social security numbers, health insurance IDs, and other medical data. Since medical records are likely to be targeted by cybercriminals, rising security concerns may inhibit the expansion of the digital health market.

Diagnostic imaging devices

Market size.

The diagnostic Imaging Devices revenue is expected to reach $0.64 billion in 2022. The revenue is projected to show a CAGR (2022-2027) of 6.91%, resulting in a market volume of $0.89 billion by 2027. When compared to the global market, most revenue will be generated in the United States ($11.160.00 billion in 2022).

REVENUE.

Below is a table showing the market revenue from 2016 – 2027

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REVENUE GROWTH.

In 2020, the growth rate declined to -6.1%. However, the industry grew at a rate of 5.6% in 2021. Below is a graph showing more

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The market for clinical diagnostics medical devices in India is majorly driven by rising patient awareness about the value of laboratory tests,  the increasing geriatric population, and the rising prevalence of chronic disease and infectious patients.

Post-COVID-19 infections, there has been an increase in funding, which has driven the diagnostic medical devices market growth. For example, India, being the fourth largest medical devices market, has identified Diagnostic medical devices as one of the top priority sectors for the flagship ‘Make in India’ program and is dedicated to strengthening the manufacturing ecosystem.

Key market trends 

Rising aging population and the prevalence of pulmonary, cardiovascular, and chronic ailments like cancer in India will increase the demand for medical imaging in the coming years.

The rising pervasiveness of bone arthritis combined with the emerging requirement to monitor, diagnose, and treat health conditions like pain, infection, or swelling in the internal organs, dental issues, tendon/ligament tears, spinal injuries, etc., will propel the market outlook in the future. In addition, the integration of artificial intelligence (AI) and increased collaborations among industry players will drive the medical imaging devices market in the coming years.

Product segment.

MRI (Magnetic Resonance Imaging Equipment) may achieve some momentum driven by its non-radiative, non-invasive nature and good precision when compared to other imaging techniques. Alongside this, rising instances of skeletal disorders, cancer, and heart diseases coupled with rising technological advancement in imaging technology and growing alliances in public-private partnerships will drive the expansion of the product segment. 

Application segment.

Due to the increasing concerns about timely and accurate diagnosis and treatment, orthopedics may support significant revenue in the application segment. Also, an upsurge in the examination procedures related to cardiac conditions, Lung and chest issues, organs in the abdomen, and pelvis, soft tissue, blood vessels, and other internal structures. In addition, the rising requirement for imaging modalities to determine mammography, foreign objects, and spinal conditions will further drive segment growth.

Due to better reimbursement policies, improved healthcare infrastructure, and robust economic growth in India and other countries across the world, the market will witness significant progressive trends in the coming years.

Rehabilitation devices

The rehabilitation device market size has projected a CAGR of 6.0% in the past 5 years and is projected to grow at the same rate in the coming years. 

The market for rehabilitation devices is projected to witness high growth owing to the rising prevalence of degenerative diseases, such as Alzheimer’s, Parkinson’s, and arthritis, and an increasing number of trauma patients who need rehabilitation therapy. In addition, the growing geriatric population is also projected to drive the market in the forecast period. 

There is an increase in the need for assistive devices for the handicapped population in India and across the globe.

Owing to new channels of communication adopted by manufacturers, there is growing awareness about new products available in the market. Therefore, patients are always informed about new and upcoming products in the market. Many local governments in the countries discussed in this report have provided easy financing, alternative financing options, and subsidies for rehabilitation devices, which are anticipated to drive demand for assistive devices and in turn lead to market growth.

Market restraints of medical devices in India

In 2021, the Indian government launched a production-linked incentive (PLI) scheme in medical device manufacturing with an aim to promote domestic manufacturing,  reduce reliance on imports, and attract significant investments. While this is a praise-worthy goal, domestic Indian producers are far from reaching a level of self-dependency in order to produce top products. 

The industry is capital-intensive and requires long-term investment. It also needs continuous induction of modern technologies and training of healthcare workers to adapt to these technologies. Also, medical devices undergo quality, safety, and efficacy tests through steps defined by the regulatory authority before they get into the market. Therefore, the industry requires large investments in scientific facilities.

In light of tough regulatory norms for medical devices, Indian manufacturers struggle to strike a balance between the cost and quality of the product, time-to-market, and optimal trade-offs

Key players.

Some of the key market players of medical devices in India are

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