Medical device market in India | Projections for next 10 years

medical device market in India

Medical device market in India

The Indian healthcare sector is one of the country’s most lucrative sector with reference to the number of employment generated as well as revenue for the country. Advancement in the medical field has yielded huge success in the treatment and eradication of some illnesses and diseases in India. The healthcare industry has over the years developed several medical devices to aid both the patients and the medical professionals for efficient health care services. Some of these devices are segmented into diagnostic imaging, consumables, I-V diagnostics, patient aid, orthos and prosthetics. There are different devices with varying applications in the healthcare sector.

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  • Consumables and disposables: Medical consumables and disposable include needles, staples, packaging, medical gloves, sutures, tubing, syringes, catheters, medical gloves, gowns, adhesives, masks, and sealants for wound dressing and a whole lot of other instruments and tools used within a hospital or surgical environment.
  • I-V Diagnostic medical device: This a device that can be used, is by the manufacturer for the in-vitro examination of specimens derived from the human body solely to provide information for diagnostic, monitoring or compatibility purposes.
  • Diagnostic imaging: Doctors make use of imaging to look into your body for hints about a medical state. Different techniques and machines can produce pictures of the activities inside your body. The type of imaging your doctor uses rely on your sickness and the part of your body being examined. They include X-rays, CT scans, nuclear medicine scan, MRI scan, ultrasound.
  • Orthotics and Prosthetics: Orthotics includes accuracy in the fabrication to be used in different areas of the body involving the lower and upper limbs, spine or cranium, while prosthetics involves the use of artificial limbs (prostheses) to increase the function and lifestyle of persons with limb loss.
  • Dental products: Dental products are simply the products that can be used to improve your oral hygiene.
  • Patient aids: Pacemakers and hearing aids form a larger part of patient aids segment. Most of the products are acquired from Ireland, USA, South Korea.
  • Equipment and instruments: These are instruments used in a healthcare delivery system. It includes patient monitors, ECG, oxygenators etc.

At present, India’s market value of the medical device has been evaluated to be $5.2 billion with a involvement of about 5% to the healthcare industry as a whole. The industry has gradually grown and experienced an increase from USD 2.02 billion in 2009 to USD 3.9 billion in 2015 at a Compound Annual Growth Rate (CAGR) of 15.8%.

There are 6 major segments for medical devices in India, these segments include equipment and instruments which is currently the fastest growing segment. This segment had an estimated sale of $60 billion in 2015 and a current dominance rate of 56%.The next segment is the medical implants which have an estimated share of 25%.


Image courtesy of MakeinIndia

None of these medical devices segments is stagnating. While others like Equipments and implants have fast growth rates. Others are growing slowing.

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Key players in India’s medical device market

Medical devices industry in India has witnessed tremendous foreign investment. The high number of MNCs in India is as a result of the profitable opportunity in India. For example the Philips Medical Systems’ acquisition of Medtronics and Becton Dickinson’s manufacturing plant in Haryana.

Image courtesy of MakeinIndia

In India, there are numerous startups in the medical device market who are directly involved in the manufacturing of these devices. India currently has a total number of about 800 key players in the medical device market. Some of them include:

  1. Philips India: With sales of EUR 25.4 billion in 2010, the company leads in healthcare, cardiac care, energy efficient lighting solutions and lifestyle products for one’s health.
  2. Bolton scientific corp: Boston Scientific Corporation is a manufacturer, developer, and marketer of medical devices which is committed to changing lives through innovative medical solutions that increase the health of patients around the world. their products are used in a range of medical specialities, including interventional cardiology, interventional radiology, neuromodulation, peripheral interventions, etc.
  3. GE Healthcare: GE Healthcare is dedicated to addressing the healthcare system growth, quality, and operational excellence. They offer various services which include Centricity services, OEC services, GE healthcare research, Ultrasound services, equipment financing, etc.
  4. Stryker India: Stryker is one of the world’s leading medical technology companies. The Company provides different advanced medical technologies, such as neurotechnology and spine products, reconstructive, surgical and medical to help people live more active lives.
  5. Johnson & Johnson Medical: Johnson & Johnson was established more than century ago. Since existence, it has changed well-being and human health with its products and ideas. Whatever family health issues it may be, the Johnson & Johnson Family of Companies can help. It is one of the largest consumer health companies.
  6. Becton Dickinson India: Becton, Dickinson and Company is a company which commit principally in the sale and production of a broad range of medical devices, laboratory equipment, diagnostic products, and used by life science researchers, clinical laboratories, general public and healthcare institutions.
  7. Opto Circuits: Opto Circuits is a global medtech organisation. It is a multinational medical device company which has its headquarters in Bengaluru, India.
  8. Siemens: The Siemens Group in India has become one of the foremost inventors and investors. Its technology-enabled solutions working in business sectors of Industry, Energy and Healthcare.
  9. Baxter: Baxter is a leader in healthcare in decades. They are a global medical products and services company which specialize in medical, pharmaceuticals, devices and biotechnology. Baxter has roughly 49,700 employees globally.
  10. B.Braun: Braun is one of the country’s leading healthcare merchants. The organisation is divided into four divisions. The Hospital Care sector supplies hospitals with injection solutions and infusion, as well as medical products.
  11. Bayer Diagnostic India Ltd: Bayer is a worldwide enterprise specializing in the fields of nutrition, high-tech materials and health care. 2010, They employed 111,400 people and make sales of €35.1 billion.
  12. Veol Labs: Veol Labs is one of the best medical devices company in India offering high-quality medical device services.

From the 6 segments of the medical device market, Equipment and instruments is the segment of medical devices that attracts major investment and interest amongst foreign investors. Some of the foreign players investing in this segment include GE healthcare, Philips healthcare, Roche diagnostics etc. Also, Stents is another segment which is of extreme interest to foreign investors such as Abbot vascular, Bolton scientific, etc.

However, the country has continued to grow in its local production of basically low-end devices primarily in the medical consumables and disposable segment.

What does the future look like for the Indian medical device market?

The medical devices market in India is moving at a rapid pace; this sector contributes to about 5% to the $96.7 billion generated by the health sector annually. Presently, the medical devices industry has a market size that is worth $5.2 billion and about 750–800 medical device producers in the country,

In terms of revenue and employment, the Indian healthcare industry has grown to one of the biggest sectors in the country and has attracted a lot of foreign players.

One of the major roles foreign investment is to provide more equipments and instruments. Also, to help increase the accessibility of stents and patient aids.

Foreign investment also helps in upgrading technology, raising the standards and quality of healthcare, and in offering career planning programmes, development and training programmes, benefits to employees with potential gain to the health sector and the economy as a whole.

Despite the major growth, there are some challenges that militate against the devices market in India. Indian regulations on medical devices is a major challenge and this has been a problem to many foreign investors in the industry. Low attention by policymakers and large tax regime are also one the reason for the sector’s underdevelopment. Also, lack of customization and innovation which brings about fewer options to patients.

Presently, local investors in the medical devices market in India rely solely on importation especially equipment like the diagnostic devices majorly due to unfavourable legislation. However, with the right amendment and review of the legislation, there will be an increase in growth of the market and local producers will increase their presence.

With the present growth rate which is approximately 15.8%, the market will increase to a market value of $ 50 billion by 2025.

With the equipment and instrument segment currently dominating at a rate of 56%, the segment is projected to maintain its dominance due to its significance.

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