Greenfield and Brownfield Growth in Healthcare Establishments Fuelled by Rise in Public Healthcare Expenditure will Drive the Medical Device Industry: Ken Research

• The adult population is likely to increase to 146.0 million in FY’2023. This will lead to increase in demand for diagnosis and treatment services for various health ailments such as chronic disorders in India.
• The public healthcare expenditure in India will likely grow at a CAGR of 18.2% to a value of INR 494,052.2 crore in FY’2023. This will lead to positive growth in sales volume of various medical devices in the country.
• Increase in penetration of medical insurance in the country as a result of positive growth in the disposable income will aid in increasing the penetration of healthcare facilities to remote areas.

Government Initiatives: Initiatives such as Ayushman Bharat Yojana, Make in India and National Rural Health Mission aims at extending healthcare facilities to remote regions. In the light of these schemes, the medical device sector is expected to witness rapid growth in sales volume as inpatient flow will increase that will augment the number of medical procedures leading to increase in the revenue of medical device industry.

Rising Road Accidents and Insurance Penetration: Increasing prevalence of road accidents in India which are likely to increase to 426,579 in 2023 will lead to higher revenue for medical device industry as demand for imaging equipments will increase. Also with increasing penetration of medical insurance in the country, more people will be able to afford treatment which will complement the medical device market revenue.

Expanding Healthcare Infrastructure: Increase in number of secondary and tertiary hospitals will lead to higher revenue realization as newer capital equipments with upgraded technology will be installed in these hospitals. Also, the business of medical device companies will be propelled by increasing number of lifestyle diseases, cardiac disorders and increasing prevalence of cancer, in addition to rising demand for in-patient care solutions.

Customized and Mobile Solutions: India medical device industry will witness high growth in business in rural sectors. Emergence of new devices in segments such as POCT and mobile diagnostic imaging solutions will propel the growth in the coming years. With technological advancement in the industry, the overall healthcare regime will witness emergence of personalized solutions for improving patient care.

Analysts at Ken Research in their latest publication “India Medical Device Market Outlook to 2023 - by IVD Market (Type of Device, Sales Channel, Domestic Manufacturing and Import), by Diagnostic Imaging Market (Type of Device, Domestic Manufacturing and Import) and by Patient Aid Market (Orthopedic Device, Hospital Furniture and Hearing Aid)” observed that medical device market in India is in growth stage and it will witness further growth owing to factors such as rising healthcare expenditure, increase in number of healthcare establishments and increasing penetration of medical insurance across the country. The market is expected to register a positive CAGR of 10.8% in terms of revenue during the forecast period 2018-2023E.

For more information on the research report, refer to below link:
https://www.kenresearch.com/healthcare/medical-devices/india-medical-device-market-outlook/262371-91.html

Key Segments Covered
• IVD Device Market:
 By Business Activity (Import and Domestic Manufacturing)
 By Sales Channel (Distributor and Direct Sales)
 By Type of Device (POCT, Immunochemistry, Biochemistry, Hematology, Molecular Diagnostics, Microbiology, Coagulation, Urinalysis and Others)
 By Type of POCT (Blood Glucose Testing Kit, Infectious Disease Testing Kit, Blood Gas Electrolytes, Pregnancy and Fertility Testing Kit, Cardio Metabolic Monitoring, Anticoagulant Management), Cholesterol Testing Kit and Others)
 By Immunochemistry Reagent and Instrument
 By Biochemistry Reagent and Instrument
 By Hematology Reagent and Instrument
 By Molecular Diagnostics Reagent and Instrument
 By Microbiology Reagent and Instrument
 By Urinalysis Reagent and Instrument
 By Coagulation Reagent and Instrument
• Diagnostic Imaging Market:
 By Business Activity (Import and Domestic Manufacturing)
 By Type of Device (MRI, CT, Ultrasound, X-Ray, Cath Lab and Nuclear Medicine)
 By MRI Device (1.5T, 3.0T, 0.2-0.5T)
 By CT Scan (16Slice, 64-128 Slice, 128 Slice)
 By X-Ray (CR, DR and Analog)
 By Cath Lab (Flat Panel Digital, Biplane and Mobile)
 By Nuclear Medicine (PET Scanner, SPECT and Cyclotron)
• Patient Aid Market:
 By Type of Device (Orthopedic, Hospital Furniture and Hearing Aid)
 By Orthopedic Devices
 By Business Activity (Import and Domestic Manufacturing)
 By Type of Device (Joint, Trauma, Sports Medicine, Spine and Orthobiologics)
 By Hospital Furniture
 By Type of Device (Hospital Bed, OT Table and OT Light)
 By Type of Hospital Bed (Manual and Motorized)
 By Type of OT Table (Imported and Indian)
 By Type of OT Light (Imported and Indian)
 By Hearing Aids
 By Business Activity (Import and Domestic Manufacturing)
 By Type of Device (Over the Ear and Inside the Ear)
 By Sales Channel (Dealer, Retail and Digital Marketing)

Key Target Audience
• IVD Device Manufacturers
• IVD Reagent Manufacturers
• IVD Device Importers
• Government Agencies
• Orthopedic Device Companies
• Hearing Aid Companies
• Hospital Furniture Manufacturers
• Diagnostic Imaging Device Companies

Time Period Captured in the Report:
• Historical Period: FY’2013- FY’2018
• Forecast Period: FY’2019E– FY’2023E

Companies Covered:
IVD Devices:
 Roche Diagnostics
 Transasia Biomedical
 Beckman Coulter
 Biomerieux
Diagnostic Imaging:
 Wipro GE Healthcare
 Siemens Healthcare
 Philips India
Patient Aid:
 J&J
 Zimmer Biomet
 Smith and Nephew
 Arthrex
 Stryker
 Medtronic
 Widex Sivantos Audiology
 Starkey Laboratories
 GN Hearing
 Sonova

Key Topics Covered in the Report
• India Medical Device Market Value Chain Analysis
• India Medical Device Market Overview
• India Medical Device Market Size
• India Medical Device Market Ecosystem
• India Medical Device Market Segmentation
• India IVD Device Market Segmentation
• India Diagnostic Imaging Device Market Segmentation
• India Patient Aid Market Segmentation
• Government Role and Regulation in India Medical Device Market
• Trends and Developments in India Medical Device Market
• Issues and Challenges in India Medical Device Market
• Competitive Scenario in India Medical Device Market
• India Medical Device Market Future Projections, FY’2018-FY’2023E
• Analyst Recommendations

Related Reports:
https://www.kenresearch.com/healthcare/medical-devices/philippines-medical-devices-market-outlook/231922-91.html

https://www.kenresearch.ae/healthcare/medical-devices/india-poct-market/209287-91.html

https://www.kenresearch.com/healthcare/medical-devices/india-medical-consumables-market/249977-91.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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