Market Insights Health Medical Technology Medical Devices

Other Medical Devices - India

India

India's Other Medical Devices market market is set to achieve a noteworthy revenue milestone, with projections indicating a figure of INR US$2.45bn by 2024.
This impressive growth is expected to continue at a steady pace, with an estimated annual growth rate (CAGR 2024-2028) of 7.81%.
As a result, the market volume is anticipated to expand to INR US$3.31bn by 2028.
In a global context, it is worth noting that the United States will lead the pack in terms of revenue generation.
The projected revenue for the United States in 2024 is an impressive US$73,490.00m.
This highlights the dominance of the United States in the global market for Other Medical Devices market.
India's Other Medical Devices market is witnessing a surge in demand due to advancements in healthcare infrastructure and increasing awareness among the population.

Key regions: United Kingdom, Netherlands, Japan, United States, Europe

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Analyst Opinion

The Other Medical Devices market in India is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in the Indian market are shifting towards a greater demand for advanced medical devices. With the increasing awareness about healthcare and the rise in disposable income, customers are looking for innovative and technologically advanced medical devices that can provide accurate and efficient diagnoses and treatments. This preference for advanced medical devices is driving the growth of the Other Medical Devices market in India. Trends in the market also play a crucial role in the development of the Other Medical Devices market in India. One of the key trends is the increasing adoption of digital health technologies. With the rapid advancements in technology, healthcare providers in India are embracing digital solutions such as telemedicine, remote patient monitoring, and mobile health apps. These technologies require the use of various medical devices, including those categorized as Other Medical Devices. As a result, the demand for these devices is growing. Another trend in the market is the focus on preventive healthcare. There is a growing emphasis on early detection and prevention of diseases in India. This has led to an increased demand for medical devices that can aid in preventive care, such as diagnostic devices and monitoring devices. The Other Medical Devices market is benefiting from this trend as well, as these devices are essential in the early detection and prevention of various diseases. Local special circumstances also contribute to the growth of the Other Medical Devices market in India. The country has a large population with a high burden of diseases, which creates a significant demand for medical devices. Additionally, the Indian government has been taking initiatives to promote healthcare and improve accessibility. For example, the implementation of the Ayushman Bharat scheme, which aims to provide health insurance coverage to millions of people, has increased the demand for medical devices in the country. Underlying macroeconomic factors further support the development of the Other Medical Devices market in India. The country has been experiencing steady economic growth, which has led to an increase in healthcare spending. As the healthcare infrastructure improves and more people have access to healthcare services, the demand for medical devices, including Other Medical Devices, is expected to rise. In conclusion, the Other Medical Devices market in India is witnessing growth and development due to customer preferences for advanced medical devices, trends in the market such as the adoption of digital health technologies and focus on preventive healthcare, local special circumstances including the large population and government initiatives, and underlying macroeconomic factors such as economic growth and increased healthcare spending.

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.