India has rock bottom per capita spend of US$ 3 on medical devices among BRIC countries like China (US$ 7), Russia (US$ 42), and Brazil (US$ 21). At the present, many medical device manufacturers (domestic and international) are chasing this massive under penetration of medical devices in India as a big growth opportunity.
India is among the highest 20 global markets for medical devices; the market is predicted to extend at a 35.4% CAGR to succeed in Rs. 352,450 (US$ 50 billion) in 2025 from Rs. 77,539 crore (US$ 11 billion) in 2020.
The medical devices sector in India comprises large multinationals and little and midsized companies. Johnson & Johnson is one of the top medical device companies in India.
The Government of India (GOI) has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100% FDI for medical devices to spice up the market. From April 2000 to June 2020, FDI inflows within the medical and surgical appliances sector reached US$ 2.13 billion. (Source IBEF)
The top 10 Medical Device companies in India are the following:
- Johnson & Johnson
- Novartis AG
- Abbott Laboratories
- Medtronic PLC
- Baxter International
- Danaher Corporation
- General Electric
- 3M Company
- Siemens Healthineers
- Stryker Corporation
According to Medical Technology Market in India 2021, 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.
Some niche market analysis:
Patient Monitoring Devices
Patient Monitoring Devices Market is expected to project a notable CAGR of 6.2% in 2030.
Patient Monitoring Devices Market to surpass USD 60.3 Billion by 2030 from USD 20.2 billion in 2018 in terms of value growing at a CAGR of 6.2% throughout the forecast period, i.e., 2019-30. A key trend in patient care is the integration of monitoring technologies into smartphones and wireless devices, leading to the introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, outpatient wireless EEG recorders and outpatient event monitors, which are key factors that support market growth.
Ventilators Market is expected to project a notable CAGR of 7.83% in 2030.
Ventilators Market to surpass USD 3.41 billion by 2030 from USD 1.42 billion in 2018 at a CAGR of 7.83% throughout the forecast period, i.e., 2019-30. The growth of the global demand for ventilators is supported by packages of emergency relief accepted by governments around the world. In addition, the growth of the ventilator market is complemented by higher healthcare spending and developed healthcare infrastructure in countries such as the United States and Canada.
Sleep Apnea Device
Global Sleep Apnea Device Market is anticipated to exhibit a CAGR of 6.52% during the assessment period of 2020 to 2027, to surpass USD 7,683.72 Million by 2027. The global market growth is driven by technological advancements in sleep apnea devices. There are many lucrative opportunities for the major market players to develop advanced, safe, and comfortable products in the future.
The global Sleep Apnea devices market is expected to record significant market growth during the review period. The increasing incidences of sleep apnea and the growing geriatric population which leads to respiratory disorders are the major factors creating a huge demand for sleep apnea devices during the global market. According to the report published by ResMed at the American Thoracic Society (ATS) 2018 International Conference, OSA afflicted more than 936 million people worldwide in 2018, which is almost 836% more than the affected population in 2007. Therefore, the increasing number of people suffering from this disorder has resulted in a rising demand for sleep apnea diagnostic devices.