India Medical Equipment Market Size to Reach USD 16,991.20 Million By 2033
As per the current market research conducted by the CMI Team, the India Medical Equipment Market size is expected to record a CAGR of 12.6% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 5,839.5 Million. By 2033, the valuation is anticipated to reach USD 16,991.2 Million.
India Medical Equipment Market: Growth Factors and Dynamics
- Rapid Expansion Due to Increased Healthcare Spending: India’s medical equipment market has experienced rapid expansion driven by the country’s increasing healthcare expenditure. With rising incomes and a growing middle class, there’s an increased demand for better healthcare services, leading to higher investments in medical equipment and infrastructure.
- Government Initiatives and Policies: Government initiatives such as Ayushman Bharat, which aims to provide health insurance coverage to over 500 million people, have boosted the demand for medical equipment in India. Additionally, policies like Make in India and incentives for medical device manufacturing have encouraged domestic production and reduced dependence on imports.
- Technological Advancements and Adoption: Technological advancements in medical equipment, such as digital diagnostics, telemedicine, and minimally invasive surgeries, have gained traction in India. Healthcare providers are increasingly adopting these technologies to enhance patient care outcomes, driving the growth of the medical equipment market.
- Increasing Chronic Disease Burden: The rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer has contributed to the demand for medical equipment in India. Diagnostic and therapeutic equipment required for the management of chronic conditions are witnessing significant growth in demand.
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India Medical Equipment Market: Partnership and Acquisitions
- In 2023, Smith & Nephew announced the acquisition of Osiris Therapeutics, a specialist in regenerative medicine and wound care products. This strategic move aims to bolster Smith & Nephew’s portfolio in the regenerative medicine space, expanding its offerings for wound care and tissue repair.
- In 2022, Hillrom Holdings announced the acquisition of Breath Technologies, specializing in wearable respiratory therapy devices. This acquisition bolsters Hillrom’s portfolio in respiratory care, enhancing its capabilities to offer innovative solutions for patients requiring respiratory support, particularly in home healthcare settings.
India Medical Equipment Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the India Medical Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Increased Demand for Critical Care Equipment: During the peak of the COVID-19 pandemic, there was a surge in demand for critical care equipment such as ventilators, oxygen concentrators, and ICU beds to manage the influx of severely ill patients. This led to a temporary shortage of these essential medical devices in India, necessitating increased production and imports to meet the demand.
- Disruption in Supply Chains and Manufacturing: The COVID-19 pandemic disrupted global supply chains and manufacturing operations, leading to delays in the production and distribution of medical equipment in India. Lockdowns, travel restrictions, and logistical challenges hampered the import of raw materials and finished products, affecting the availability of medical devices in the market.
- Government Investments in Healthcare Infrastructure: The Indian government has announced various initiatives and investments to strengthen the healthcare infrastructure in response to the COVID-19 pandemic. This includes setting up makeshift hospitals, upgrading existing healthcare facilities, and increasing the availability of medical equipment across the country, which will aid in the recovery of the medical equipment market.
- Rapid Adoption of Telemedicine and Remote Monitoring Technologies: The COVID-19 pandemic accelerated the adoption of telemedicine and remote monitoring technologies in India to ensure continuity of care while minimizing physical contact. As a result, there’s a growing demand for medical equipment such as telemedicine platforms, remote monitoring devices, and digital health solutions, which will drive market growth in the post-pandemic era.
- Resumption of Elective Procedures and Non-COVID Healthcare Services: With the gradual decline in COVID-19 cases and the easing of restrictions, there’s a resurgence in elective procedures, routine medical consultations, and non-COVID healthcare services in India. Healthcare facilities are gradually resuming normal operations, leading to an increased demand for medical equipment across various specialties, thereby facilitating the recovery of the market.
List of the prominent players in the India Medical Equipment Market:
- Philips Healthcare India
- GE Healthcare India
- Siemens Healthineers India
- Dräger India Pvt. Ltd.
- Mindray Medical India Pvt. Ltd.
- Medtronic India Pvt. Ltd.
- Baxter India Pvt. Ltd.
- Johnson & Johnson Medical India
- Abbott India Limited
- Boston Scientific India Pvt. Ltd.
- BPL Medical Technologies Pvt. Ltd.
- Nipro India Corporation Pvt. Ltd.
- Roche Diagnostics India Pvt. Ltd.
- Olympus Medical Systems India Pvt. Ltd.
- Fresenius Medical Care India Pvt. Ltd.
- Others
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