Expanding at 35.40% CAGR, India MedTech market to hit USD 124.3B

The India medical devices market is experiencing robust growth, projected to expand at an impressive CAGR of 35.40%, from USD 15 billion in 2021 to approximately USD 124.3 billion by the end of 2028. This growth trajectory is fueled by several key factors including the rising prevalence of health conditions, increased hospital visits, rapid technological innovations, and supportive government initiatives.

Key growth drivers
Rising health conditions and hospital visits
The escalating prevalence of various health conditions in India, coupled with a significant rise in hospital visits for both inpatient and outpatient treatments, is a primary driver of the medical devices market. This trend underscores the increasing demand for advanced medical technologies to cater to the growing healthcare needs of the population.

Government initiatives and investments
The Indian government is actively spearheading initiatives aimed at enhancing the healthcare infrastructure and accessibility to medical devices across the country. Initiatives like the Production Linked Incentives (PLI) Scheme for Medical Devices 2020 are pivotal in driving affordability and availability of medical devices, thereby boosting market growth.

Emergence of local Mmanufacturers
India is emerging as a hub for medical device manufacturing, with numerous local companies making significant strides in the industry. Companies such as Renalyx Health Systems, Medprime Technologies, Comofi Medtech, and Axio Biosolutions are at the forefront, offering a wide array of medical devices for professional and home care use. This local manufacturing prowess contributes significantly to market expansion.

Market segmentation
By end-user
The India medical devices market is segmented into hospitals, clinics, and home-care settings. Hospitals dominate the market share due to extensive infrastructure development and a high volume of patient admissions. The increasing adoption of medical devices within hospitals to enhance patient care and treatment outcomes drives this segment’s growth. Conversely, the home-care segment is poised to witness substantial growth during the forecast period.

Regional insights
Geographically, South India leads the market, particularly driven by states like Kerala, Andhra Pradesh, and Tamil Nadu, which boast robust healthcare infrastructure and high health performance indices. The demand for medical devices is notably high in this region, supported by favorable healthcare policies and investments.

Impact of Covid-19
The Covid-19 pandemic initially posed challenges to the medical devices market in India, with hospitals overwhelmed by pandemic-related cases and reduced capacity for non-Covid treatments. However, the market is recovering as healthcare facilities resume normal operations, coupled with increased healthcare spending and demand for essential medical devices.

Conclusion
In conclusion, the India medical devices market is poised for substantial growth driven by increasing healthcare needs, technological advancements, government support, and a burgeoning local manufacturing sector. Decision-makers can leverage comprehensive market insights to capitalize on emerging opportunities and navigate competitive dynamics effectively within this rapidly evolving market landscape. Ocean