Growing at 9% CAGR, Indian medical devices market to hit USD 13.4B

India medical devices market size was valued at Rs 51358 crore in 2022. The medical devices market industry is projected to grow from Rs 55500 crore in 2023 to Rs 1.11 lakh crore by 2032, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 – 2032). Increasing demand for healthcare services and infrastructure, growing middle class with higher disposable incomes, and rising prevalence of chronic diseases are the main market drivers anticipated to propel the medical devices market in India.

Medical devices market trends
Increasing demand for healthcare services and infrastructure is driving the market growth
India has a large and rapidly growing population, which is expected to reach 1.4 billion by 2025. This means that there will be an increasing demand for healthcare services to cater to the needs of the growing population. With advances in medical technology and healthcare services, life expectancy in India has been steadily increasing. This means that there will be a larger elderly population that will require more healthcare services and medical devices. Additionally, the Indian government has been increasing its spending on healthcare services, with a focus on providing universal health coverage to its citizens. This has led to an increase in the number of hospitals, clinics, and healthcare facilities across the country. There is an increasing awareness among the Indian population about the importance of maintaining good health and seeking medical attention when required. This has led to a higher demand for healthcare services and medical devices. Overall, the increasing demand for healthcare services and infrastructure in India is driving the growth of the medical devices market in the country, as more medical devices are required to meet the growing healthcare needs of the population.

Furthermore, the rising prevalence of chronic diseases in India is another major factor driving the growth of the medical devices market in the country. Chronic diseases are long-term health conditions that require ongoing medical attention and management. Some of the most common chronic diseases in India include diabetes, cardiovascular disease, respiratory diseases, and cancer. Rapid urbanization and changing lifestyles have led to a rise in sedentary lifestyles, unhealthy diets, and increasing stress levels. These factors have contributed to the increasing prevalence of chronic diseases in India. Moreover, the Indian population is aging, with a larger elderly population that is more susceptible to chronic diseases. According to the World Health Organization (WHO), the proportion of elderly people in India is expected to increase from 7.5% in 2010 to 19% by 2050. The rising prevalence of chronic diseases in India is driving the demand for medical devices that can help in the prevention, diagnosis, and management of these conditions. For example, medical devices such as glucose meters, blood pressure monitors, and respiratory devices are increasingly being used to monitor and manage chronic diseases. Overall, the increasing prevalence of chronic diseases in India is a major growth driver for the medical devices market in the country.

Medical devices type insights
The India medical devices market segmentation, based on type includes orthopedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound management, diabetes care, opthalmic devices, dental, nephrology, general surgery, and others. The diagnostic imaging segment dominated the market mostly. This segment includes devices such as x-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear imaging systems. Diagnostic imaging devices are widely used in various medical fields for diagnosing and monitoring diseases, making it a crucial segment in the medical devices market in India.

Medical devices end user insights
The India medical devices market segmentation, based on end user, includes hospitals and ASCs, clinics, and others. The Hospitals and ASCs (Ambulatory surgical centers) category generated the most income. Hospitals and ASCs are the primary healthcare facilities where a wide range of medical devices are used for diagnosis, treatment, and patient care. These facilities have a higher demand for medical devices due to the large number of patients they handle and the variety of medical procedures they perform.

Medical devices country insights
The Indian government has implemented several initiatives to promote the domestic manufacturing of medical devices. The “Make in India” campaign and the National Medical Devices Promotion Council (NMDPC) are aimed at encouraging local production and reducing dependence on imports. India’s healthcare expenditure has been rising steadily, driven by increasing awareness, improved access to healthcare facilities, and the implementation of government-sponsored health insurance schemes. This has led to increased demand for medical devices in the country. Moreover, India has emerged as a popular destination for medical tourism due to its affordable healthcare services. This has contributed to the demand for advanced medical devices and technology in the country. In addition, the medical devices sector in India is regulated by the Central Drugs Standard Control Organization (CDSCO) under the purview of the Ministry of Health and Family Welfare. The government has been taking steps to streamline the regulatory framework to ensure safety, efficacy, and quality of medical devices. Market Research Future