Medical Technology - India

India

The projected revenue in the Medical Technology market market in India is expected to reach US$8.93bn in 2024.
The largest market in India is Medical Devices, with a projected market volume of US$7.02bn in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2028) of 7.78%, resulting in a market volume of US$12.05bn by 2028.
In comparison to other countries worldwide, the United States is expected to generate the highest revenue, amounting to US$215.80bn in 2024.
India's medical technology market is experiencing rapid growth due to increased government investments in healthcare infrastructure and rising demand for advanced healthcare solutions.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in India is experiencing significant growth and development.

Customer preferences: Customers in the Indian market are increasingly demanding advanced medical technology products and services. They are seeking innovative solutions that can improve healthcare outcomes, enhance patient experience, and reduce costs. There is a growing demand for medical devices that are portable, user-friendly, and affordable. Additionally, customers are also looking for digital health solutions, such as telemedicine and remote monitoring, to overcome the challenges of limited access to healthcare in rural areas.

Trends in the market: One of the key trends in the Indian Medical Technology market is the increasing adoption of digital health solutions. With the rapid advancement of technology, healthcare providers are leveraging digital platforms to deliver healthcare services more efficiently and effectively. Telemedicine, for example, allows patients to consult with doctors remotely, reducing the need for in-person visits and improving access to healthcare. Remote monitoring devices are also gaining popularity, enabling patients to track their health conditions and share data with healthcare providers in real-time. Another trend in the market is the growing focus on preventive healthcare. As the Indian population becomes more health-conscious, there is a rising demand for medical technology products that can help in early detection and prevention of diseases. This includes devices for monitoring vital signs, diagnostic tools for detecting diseases at an early stage, and wearable fitness trackers to promote a healthy lifestyle.

Local special circumstances: India has a large population with diverse healthcare needs, and the government is taking steps to improve healthcare infrastructure and access to medical technology. Initiatives such as the National Digital Health Mission aim to create a digital health ecosystem that connects healthcare providers, patients, and other stakeholders. The government is also promoting domestic manufacturing of medical devices through schemes like the Make in India initiative, which is expected to boost the local production of medical technology products.

Underlying macroeconomic factors: The Indian economy is growing rapidly, and this is contributing to the development of the Medical Technology market. Rising disposable incomes, expanding middle-class population, and increasing healthcare expenditure are creating a favorable environment for the growth of the market. Additionally, the government's focus on healthcare reforms and the implementation of universal health coverage schemes are driving the demand for medical technology products and services. In conclusion, the Medical Technology market in India is witnessing significant growth and development. Customer preferences are shifting towards advanced and affordable medical technology products and digital health solutions. The market is also influenced by local special circumstances, such as the government's focus on healthcare infrastructure and domestic manufacturing. The underlying macroeconomic factors, including the growing economy and increasing healthcare expenditure, are further driving the growth of the market.

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.