Medical Technology Market in India 2021
Medical technology involves the application of science to develop cure-based solutions. The medical technology market comprises players supplying health devices and instruments, diagnostic equipment and reagents, bionics, implants, disposables, and consumables to the healthcare providers. India is a profitable destination to major global players, owing to increase in income levels, private sector participation in healthcare, an aging population, and growth of medical tourism. It is at a nascent stage and fragmented, mostly depending on imports, with limited capabilities for indigenous manufacturing. The rapidly evolving technology landscape, conducive financial mechanism, and governmental thrust through the Make in India initiatives are projected to expedite the business in the coming years. It is estimated to reach INR 2,177.91 Bn by 2026, expanding at a compound annual growth rate (CAGR) of ~23.87% during the 2021 – 2026 period. Major players in the market include Opto Circuits Limited, Philips India Limited, Siemens Limited, TTK Healthcare Limited, and Appasamy Associates.
Impact of COVID-19
In the wake of the pandemic, the market witnessed a supply-demand gap. While the demand for personal protective equipment rose steeply, the supply side was massively constrained due to lockdown measures, undertaken in 2020. The revenue fell sharply in the first quarter of FY 2021 on account of reduced sales volume of non-COVID-19 items. Firms adopted various strategies to boost production capacities, collect payment from creditors, and address the changes in demand to maintain business.
Market segment insights
The market is segmented into instruments and appliances, diagnostic imaging, consumables and implants, and patient aids and other technologies. Instruments and appliances segment dominated the market in 2020, accounting for 33.72% of the total revenue in 2020. It is estimated that patient aids and other technologies will be the fastest-growing segment during the forecast period.
Key growth drivers
An increase in the demand for new medical applications has led to the growth of the medical technology market. For instance, improved surgical techniques and new implant materials for joint replacement (e.g., hybrid replacement method used in hip replacement surgery) are driving the growth of the orthopaedic segment
In India, non-communicable diseases (NCDs) are a major health problem. For instance, cancer, obesity, and diabetes are on the rise because of sedentary lifestyle and high stress levels. By 2025, NCDs would account for 75% of the disease burden. The significant increase in non-communicable diseases is driving demand for medical technology market.
Key deterrents to the growth of the market
Shortage of healthcare professionals and poor infrastructure are the major constraints. According to the World Bank, as of 2021, India has only 0.66 physicians per 1,000 patients. India’s bed density stands at 1.1 per 1,000 people, considerably lower than the World Health Organization (WHO) standards of 3.5 beds per 1,000 person.
Impact of COVID-19
In the wake of the pandemic, the market witnessed a supply-demand gap. While the demand for personal protective equipment rose steeply, the supply side was massively constrained due to lockdown measures, undertaken in 2020. The revenue fell sharply in the first quarter of FY 2021 on account of reduced sales volume of non-COVID-19 items. Firms adopted various strategies to boost production capacities, collect payment from creditors, and address the changes in demand to maintain business.
Market segment insights
The market is segmented into instruments and appliances, diagnostic imaging, consumables and implants, and patient aids and other technologies. Instruments and appliances segment dominated the market in 2020, accounting for 33.72% of the total revenue in 2020. It is estimated that patient aids and other technologies will be the fastest-growing segment during the forecast period.
Key growth drivers
An increase in the demand for new medical applications has led to the growth of the medical technology market. For instance, improved surgical techniques and new implant materials for joint replacement (e.g., hybrid replacement method used in hip replacement surgery) are driving the growth of the orthopaedic segment
In India, non-communicable diseases (NCDs) are a major health problem. For instance, cancer, obesity, and diabetes are on the rise because of sedentary lifestyle and high stress levels. By 2025, NCDs would account for 75% of the disease burden. The significant increase in non-communicable diseases is driving demand for medical technology market.
Key deterrents to the growth of the market
Shortage of healthcare professionals and poor infrastructure are the major constraints. According to the World Bank, as of 2021, India has only 0.66 physicians per 1,000 patients. India’s bed density stands at 1.1 per 1,000 people, considerably lower than the World Health Organization (WHO) standards of 3.5 beds per 1,000 person.
CHAPTER 1: EXECUTIVE SUMMARY
CHAPTER 2: SOCIO-ECONOMIC INDICATORS
CHAPTER 3: INTRODUCTION
3.1. Market definition and structure
CHAPTER 4: INDIA MEDICAL TECHNOLOGY MARKET OVERVIEW
4.1. India medical technology market overview
4.1.1. Market size and growth forecast (2019 – 2026e)
CHAPTER 5: INDIA MEDICAL TECHNOLOGY MARKET SEGMENTATION
5.1. Medical technology market in India – Segmentation based on type
5.1.1. Medical technology market share (%) (2020 and 2026e)
5.1.2. Instruments and appliances market size and growth forecast (2019 – 2026e)
5.1.3. Diagnostic imaging market size and growth forecast (2019 – 2026e)
5.1.4. Consumables and implants market size and growth forecast (2019 – 2026e)
5.1.5. Patient aids and others market size and growth forecast (2019 – 2026e)
CHAPTER 6: IMPACT OF COVID-19
6.1. Impact of COVID-19
CHAPTER 7: TRADE ANALYSIS
7.1. Trade analysis
7.1.1. Export
Value-wise
Volume-wise
Country-wise
7.1.2. Import
Value-wise
Volume-wise
Country-wise
CHAPTER 8: MARKET INFLUENCERS
8.1. Market drivers
8.2. Market challenges
CHAPTER 9: GOVERNMENT INITIATIVES
9.1. Government initiatives
CHAPTER 10: MARKET TRENDS
10.1. Market trends
CHAPTER 11: COMPETITIVE LANDSCAPE
11.1. Opto Circuits Limited
Company information
Business description
- Products/Services
Key people
Financial snapshot
Key ratios
Key financial performance indicators
Key business segments
Key geographic segments
Note: Financial information covered only for public companies.
11.2. Philips India Limited
11.3. Siemens Limited
11.4. TTK Healthcare Limited
11.5. Appasamy Associates
11.6. BPL Medical Technologies Private Limited
11.7. Forus Health Private Limited
11.8. Hindustan Syringes & Medical Devices Limited
11.9. Nidhi Meditech Systems
11.10. Trivitron Healthcare Private Limited
CHAPTER 12: MAJOR START-UPS
12.1. Sattva MedTech Private Limited
12.2. Coeo Labs Private Limited
12.3. Wrig Nanosystems Private Limited
12.4. Cardiotrack
12.5. Axio Biosolutions Private Limited
12.6. Tricog Health Private Limited
12.7. Remidio Innovative Solutions Private Limited
CHAPTER 13: RECENT DEVELOPMENTS
13.1. Recent developments
CHAPTER 14: APPENDIX
14.1. Research methodology
14.2. About Netscribes
14.3. Disclaimer
COMPANIES PROFILED
Opto Circuits Limited
Philips India Limited
Siemens Limited
TTK Healthcare Limited
Appasamy Associates
BPL Medical Technologies Private Limited
Forus Health Private Limited
Hindustan Syringes & Medical Devices Limited
Nidhi Meditech Systems
Trivitron Healthcare Private Limited
CHAPTER 2: SOCIO-ECONOMIC INDICATORS
CHAPTER 3: INTRODUCTION
3.1. Market definition and structure
CHAPTER 4: INDIA MEDICAL TECHNOLOGY MARKET OVERVIEW
4.1. India medical technology market overview
4.1.1. Market size and growth forecast (2019 – 2026e)
CHAPTER 5: INDIA MEDICAL TECHNOLOGY MARKET SEGMENTATION
5.1. Medical technology market in India – Segmentation based on type
5.1.1. Medical technology market share (%) (2020 and 2026e)
5.1.2. Instruments and appliances market size and growth forecast (2019 – 2026e)
5.1.3. Diagnostic imaging market size and growth forecast (2019 – 2026e)
5.1.4. Consumables and implants market size and growth forecast (2019 – 2026e)
5.1.5. Patient aids and others market size and growth forecast (2019 – 2026e)
CHAPTER 6: IMPACT OF COVID-19
6.1. Impact of COVID-19
CHAPTER 7: TRADE ANALYSIS
7.1. Trade analysis
7.1.1. Export
Value-wise
Volume-wise
Country-wise
7.1.2. Import
Value-wise
Volume-wise
Country-wise
CHAPTER 8: MARKET INFLUENCERS
8.1. Market drivers
8.2. Market challenges
CHAPTER 9: GOVERNMENT INITIATIVES
9.1. Government initiatives
CHAPTER 10: MARKET TRENDS
10.1. Market trends
CHAPTER 11: COMPETITIVE LANDSCAPE
11.1. Opto Circuits Limited
Company information
Business description
- Products/Services
Key people
Financial snapshot
Key ratios
Key financial performance indicators
Key business segments
Key geographic segments
Note: Financial information covered only for public companies.
11.2. Philips India Limited
11.3. Siemens Limited
11.4. TTK Healthcare Limited
11.5. Appasamy Associates
11.6. BPL Medical Technologies Private Limited
11.7. Forus Health Private Limited
11.8. Hindustan Syringes & Medical Devices Limited
11.9. Nidhi Meditech Systems
11.10. Trivitron Healthcare Private Limited
CHAPTER 12: MAJOR START-UPS
12.1. Sattva MedTech Private Limited
12.2. Coeo Labs Private Limited
12.3. Wrig Nanosystems Private Limited
12.4. Cardiotrack
12.5. Axio Biosolutions Private Limited
12.6. Tricog Health Private Limited
12.7. Remidio Innovative Solutions Private Limited
CHAPTER 13: RECENT DEVELOPMENTS
13.1. Recent developments
CHAPTER 14: APPENDIX
14.1. Research methodology
14.2. About Netscribes
14.3. Disclaimer
COMPANIES PROFILED
Opto Circuits Limited
Philips India Limited
Siemens Limited
TTK Healthcare Limited
Appasamy Associates
BPL Medical Technologies Private Limited
Forus Health Private Limited
Hindustan Syringes & Medical Devices Limited
Nidhi Meditech Systems
Trivitron Healthcare Private Limited
