DUBLIN–(BUSINESS WIRE)–The “Medical Technology Market in India 2021” report has been added to ResearchAndMarkets.com’s offering.
Market is estimated to reach INR 1,674.63 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~22.75% during the forecast period.
Major players in the market include Opto Circuits Limited, Philips India Limited, Siemens Limited, TTK Healthcare Limited, and Appasamy Associates.
Medical technology involves the use of technology to develop cure-based systems that are used in hospitals. The medical technology market comprises players supplying health devices and instruments, diagnostic equipment and reagents, bionics, implants, disposables, and consumables. India appeared to be a profitable destination to major global players, owing to increase in income levels, private sector participation in healthcare, an aging population, and growth of medical tourism.
The market is at a nascent stage and fragmented, dependent on imports and limited capabilities for indigenous manufacturing. The rapidly evolving technology landscape, conducive financial mechanism, and governmental thrust through Make in India initiatives are projected to expedite market growth during the 2021 – 2025 period.
Impact of COVID-19
The pandemic has put an enormous burden on the market by creating a supply-demand gap. While the demand for personal protective equipment rose steeply, the supply side was massively constrained due to lockdown measures. The revenue fell sharply in the first quarter of FY 2021 due to a drop in sales volume for Non-COVID-19 items. The players adopted various strategies to boost production capacities, collect payment from creditors, and address the changing demand to maintain business.
Market segment insights
The market is segmented into instruments and appliances, diagnostic imaging, consumables and implants, and patient aids and others. The instruments and appliances segment dominated the market, accounting for 33.72% of the total revenue in 2020. Patient aids and others is expected to be the fastest-growing segment during the forecast period.
Key growth drivers of the market
An increase in demand for new applications has led to the growth of medical technology market. For instance, improved surgical techniques and new implant materials for joint replacement (e.g., hybrid replacement method used in hip replacement surgery) are factors driving the growth of the orthopedic segment
In India, non-communicable diseases (NCDs) are a major health problem. Diseases including cancer, obesity, and diabetes are on the rise as a result of factors such as a sedentary lifestyle and high stress levels. By 2025, NCDs would account for 75% of the disease burden in India. The significant increase in non-communicable diseases is driving demand in some key segments of the medical technology Market
Key deterrents to the growth of the market
Shortage of healthcare professionals and infrastructure is a significant reason behind the under-penetration of the market. According to the World Bank, in 2019, India had only 0.9 physicians per 1,000 patients. Besides, the healthcare sector faces a significant challenge in terms of infrastructure. India has an estimated 1.1 beds per 1,000 people, which is far behind the 3.5 beds per 1,000 people suggested by the WHO (World Health Organization) for better health infrastructure.
Companies Covered
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: India medical technology market overview
4.1. India medical technology market overview
4.1.1. Market size and growth forecast (2019-2025e)
Chapter 5: India medical technology market segmentation
5.1. Medical technology market in India – Segmentation based on type
5.1.1. Medical technology market share (%) (2020 and 2025e)
5.1.2. Instruments and appliances market size and growth forecast (2019 – 2025e)
5.1.3. Diagnostic imaging market size and growth forecast (2019 – 2025e)
5.1.4. Consumables and implants market size and growth forecast (2019 – 2025e)
5.1.5. Patient aids and others market size and growth forecast (2019 – 2025e)
Chapter 6: Impact of COVID-19
6.1. Impact of COVID-19
6.2. Impact across value chain
6.3. Short-term impact
6.4. Long-term impact
6.5. Lessons learnt and technology focus
Chapter 7: Trade analysis
7.1. Trade analysis
7.1.1. Export
7.1.2. Import
Chapter 8: Market influencers
8.1. Market drivers
8.2. Market challenges
Chapter 9: Government initiatives
9.1. Government initiatives
Chapter 10: Market trends
10.1. Market trends
Chapter 11: Competitive landscape
Chapter 12: Major start-ups
12.1. Sattva MedTech Private Limited
12.2. Coeo Labs Private Limited
12.3. Wrig Nanosystems Private Limited
12.4. Cardiotrack
12.5. Axio Biosolutions Private Limited
12.6. Tricog Health Private Limited
12.7. Remidio Innovative Solutions Private Limited
Chapter 13: Recent developments
Chapter 14: Appendix
For more information about this report visit https://www.researchandmarkets.com/r/bhoz0n
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