Impact of India on Medical Devices – Thematic Research
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India Impact on Medical Devices Thematic Report Overview
India is the largest market for medical devices in the Asia-Pacific. Technological advancement in healthcare infrastructure is speeding up for wearables devices, artificial intelligence (AI) in medical imaging, robotics and automation, and point of care testing, driving the market favorably. The market also witnessed tremendous growth during the COVID-19-induced healthcare transformation in India.
Disputes with neighboring countries, especially China and Pakistan, as well as increased political violence and Naxalite attacks in a few states within the country, is likely to hinder the market growth to a certain extent. Also, the import-high dependency and the increase of protectionist trade measures by the US have negatively impacted the exports from India. However, the Russia-Ukraine conflict is expected to increase India’s exports as the global supply to Russia is decreasing due to imposed sanctions. Around 60% of India’s medical device exports go to Russia, which will likely improve future trade relationships. Furthermore, domestic medical device companies face an array of challenges as a large percentage of the Indian population lives in rural areas.
India’s leading medical devices companies, TTK Healthcare, Poly Medicure, and Opto Circuits, have been working to improve product quality and reduce import dependency. Additionally, several initiatives are being undertaken by the government to enhance medical device manufacturing in the country.
Report Pages | 25 |
Regions Covered | Global |
Key Trends | Technology, Macroeconomic, and Regulatory |
Leading medical devices Vendors in India | Abbott Laboratories, Becton Dickinson, Cardinal Health, F-Hoffman-La-Roche, Medtronic, TTK Healthcare |
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Key Trends
The main trends shaping the Indian medical devices industry are classified into three categories: technology trends, macroeconomic trends, and regulatory trends.
- Technology trends – The report focuses on key technology trends impacting medical devices in India, which include the development of Point-of-care testing (POCT), the prevalence of wearable devices, in vitro diagnostics (IVD), telemedicine, and medical tourism along with rapidly increasing imports, and robotics and automation.
- Macroeconomic trends – The report analyses macroeconomic trends such as the growing population, impact of the COVID-19 pandemic, economic growth outlook, and Russia – Ukraine conflict.
- Regulatory trends – The report highlights the key regulatory trends impacting the future of the medical devices industry in India. These include regulatory and compliance guidelines formulated by the Indian Government comprising Medical Device Rules, National Health Policy, National Medical Device Policy, Medical Technical Advisory Board, National Pharmaceutical Pricing Authority, and Indian Council of Medical Research- Department of Health Research Policy.
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Impact of India on Medical Devices – Industry Analysis
The global medical devices market was valued at $540.7 billion in 2021. India, which is the largest medical devices market in Asia-Pacific, accounted for a significant percentage of the global revenue and was valued at $72.2 billion. GlobalData expects the medical devices market in India to grow at a CAGR of over 8% by 2030. This high growth can be attributed to various factors such as changing demographics, rising prevalence of lifestyle diseases, wide disease awareness, and a surge in healthcare spending.
The thematic intelligence report on the Impact of India on Medical Devices analyses the contribution of various sectors to India’s medical device market in the year 2021.
The Impact of India on Medical Devices market analysis also covers:
- Mergers and acquisitions
- Timeline
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Leading Companies in the Indian Medical Devices Sector
Some of the leading vendors making their mark within the Indian medical devices sector:
- Abbott Laboratories
- Becton Dickinson
- Cardinal Health
- F-Hoffman-La-Roche
- Medtronic
- TTK Healthcare
To know more about leading companies associated with the Indian medical devices industry, download a free report sample or buy the full report
Reasons to Buy
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
- Develop and design your corporate strategies through an in-house expert analysis of geopolitics by understanding the primary ways in which this theme is impacting the medical devices industry.
- Stay up to date on the industry’s major players and where they sit in the value chain.
- Identify emerging industry trends to gain a competitive advantage.
TTK Healthcare
BPL Medical Technologies
Opto Circuits
Allengers Medical Systems
Perfint Healthcare
Trivitron Healthcare
Schiller Healthcare
MedPlus India
Meril LifeSciences
Om Surgicals
Welspun
Poly Medicure
JCT
Albert David
Tulip Diagnostics
Bigtec Labs
Transasia Bio-Medicals
Bhat Bio-Tech India
Table of Contents
Frequently asked questions
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What was the market size of the Indian medical devices sector in 2021?
The Indian medical devices market size was $72.2 billion in 2021.
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What are the key technology trends shaping the Indian medical devices market?
The key technology trends impacting the Indian medical devices market are the development of Point-of-care testing (POCT), the prevalence of wearable devices, in vitro diagnostics (IVD), telemedicine, and medical tourism along with rapidly increasing imports, and robotics and automation.
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What are the key macroeconomic trends shaping the Indian medical devices market?
The macroeconomic trends impacting the Indian medical devices market are the growing population, the impact of the COVID-19 pandemic, the economic growth outlook, and the Russia – Ukraine conflict.
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What are the key regulatory trends shaping the Indian medical devices market?
The key regulatory trends impacting the Indian medical devices market are Medical Device Rules, National Health Policy, National Medical Device Policy, Medical Technical Advisory Board, National Pharmaceutical Pricing Authority, and Indian Council of Medical Research- Department of Health Research Policy.
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Which companies are the leading vendors of the Indian medical devices industry?
Some of the vendors making their mark within the Indian medical devices industry are Abbott Laboratories, Becton Dickinson, Cardinal Health, F-Hoffman-La-Roche, Medtronic, and TTK Healthcare among others.
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