Indian medical technology market poised to hit Rs 2,177.91B

The India medical technology market report offers comprehensive insights into factors affecting demand, growth, opportunities, challenges, and limitations. It covers global and regional industry dynamics, including research & development, new product launches, and responses from leading players in both global and local markets. The report provides visual representations and regional breakdowns of the India Medical Technology Market.

Medical technology involves the application of scientific advancements to develop solutions for curing and managing health-related issues. This dynamic market encompasses various players providing healthcare devices, diagnostic equipment, bionics, implants, disposables, and consumables to healthcare providers. In India, this sector presents significant opportunities due to rising income levels, private sector involvement in healthcare, an aging population, and the growth of medical tourism. While the Indian medical technology market is currently nascent and reliant on imports, there is increasing potential for indigenous manufacturing, driven by evolving technology, favorable financial mechanisms, and government initiatives like Make in India.

Market overview
The Indian medical technology market is poised for substantial growth, with an estimated value of INR 2,177.91 billion by 2026. This growth is expected to be fueled by a compound annual growth rate (CAGR) of approximately 23.87% during the 2021-2026 period. Key market players include Opto Circuits Limited, Philips India Limited, Siemens Limited, TTK Healthcare Limited, and Appasamy Associates.

Impact of Covid-19
The Covid-19 pandemic had a significant impact on the medical technology market. While the demand for personal protective equipment (PPE) surged, supply chains faced constraints due to lockdown measures in 2020. The market experienced a sharp drop in revenue in the first quarter of FY 2021, primarily due to reduced sales of non-Covid-19 items. To navigate these challenges, companies adopted strategies to boost production capacity, manage creditor payments, and adapt to changing demand patterns.

Key growth drivers
Several factors are driving the growth of the Indian medical technology market:

1. Demand for New Medical Applications: Increasing demand for innovative medical applications, such as advanced surgical techniques and new implant materials, is boosting the market. For example, the adoption of the hybrid replacement method in hip replacement surgery is contributing to the growth of the orthopedic segment.
2. Rise in Non-Communicable Diseases (NCDs): Non-communicable diseases like cancer, obesity, and diabetes are on the rise in India due to sedentary lifestyles and high stress levels. NCDs are expected to account for 75% of the disease burden by 2025, driving demand for medical technology solutions.

Key challenges
Several challenges hinder the growth of the Indian medical technology market:

1. Shortage of Healthcare Professionals: India faces a shortage of healthcare professionals, with only 0.66 physicians per 1,000 patients as of 2021, according to the World Bank. This shortage limits the effective delivery of healthcare services.
2. Inadequate Infrastructure: Indias healthcare infrastructure falls short of the World Health Organization (WHO) standards, with a bed density of 1.1 per 1,000 people, significantly lower than the recommended 3.5 beds per 1,000 people.

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