Medical Devices Market in India to Reach INR 794.29 Bn by 2023
According to a new Research on Global Markets report, the medical devices market in India is expected to expand at a compound annual growth rate (CAGR) of approximately 15.27% to reach a market size of INR 794.29 Bn during 2018-2023. India is currently ranked amongst the top 20 medical devices market in the world, and the market is mainly driven by factors such as advancements in healthcare infrastructure, and an increase in lifestyle related diseases like hypertension, diabetes, asthma, and others.
According to the report, the diagnostic imaging segment is the largest, as it held nearly 30.41% market share in 2015, and is expected to witness sustained growth till 2020. The growth of the diagnostic imaging segment is primarily due to its ability to facilitate accurate detection of diseases. Apart from diagnostic imaging devices, medical consumables, IV diagnostic devices, patient aids, etc, also hold significant shares of the medical devices market in India, according to Research On Global Markets.
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The market for medical devices in India is also benefiting from the initiatives undertaken by the government and private organizations to improve the condition of public health in the country. The Indian government has approved 100% foreign direct investment (FDI) in the Indian medical devices industry. The inflow of FDI is expected to accentuate research and development (R&D) activities and manufacturing innovations, which in turn will drive the growth of the medical devices market in India, according to the report.
Research on Global Markets tracks the performance of some of the key players in the medical devices sector in India, including Centenial Surgical Suture Ltd., Opto Circuits (India) Ltd., Poly Medicure Ltd., B. Braun Medical (India) Pvt. Ltd., Philips India Ltd., Baxter International Inc., Becton, Dickinson and Company, GE Healthcare Ltd., Medtronic, Inc., and Siemens Healthineers, Inc.
Key highlights of this report:
- Market size and growth forecast (2017-2023e)
- Market segmentation (2015 and 2020e)
- Segment-wise sales of medical devices (2018)
- Qualitative analysis of the drivers and challenges affecting the market
- Impact of goods and service tax (GST) on the market
- Qualitative analysis of the competitive landscape of the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for medical devices in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.