India Medical Equipment Market Size Likely to Grow at a CAGR of 12.6% 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.

• Growing Medical Tourism Industry: India has emerged as a hub for medical tourism, attracting patients from around the world seeking high-quality healthcare services at lower costs. This influx of medical tourists has led to increased investments in state-of-the-art medical facilities and advanced equipment, further fueling the growth of the medical equipment market.

• Challenges in Access and Affordability: Despite the growth opportunities, challenges related to access and affordability persist in India’s medical equipment market. Rural areas often lack access to quality healthcare facilities and advanced medical equipment, leading to disparities in healthcare delivery. Affordability remains a concern for many patients, limiting the adoption of expensive medical devices.

• Shift towards Value-based Care and Preventive Healthcare: There’s a growing emphasis on value-based care and preventive healthcare in India, driven by both government initiatives and changing consumer preferences. Healthcare providers are increasingly investing in medical equipment that supports early diagnosis, preventive screenings, and remote patient monitoring to reduce the burden of disease and healthcare costs in the long term.

• Increasing Private Sector Participation and Investments: The private sector plays a significant role in India’s healthcare landscape, with private hospitals, clinics, and diagnostic centers accounting for a substantial portion of medical equipment procurement. Increasing investments from private players in advanced medical technologies, infrastructure, and specialized healthcare services are contributing to the growth and diversification of the medical equipment market in India.

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.

Report Scope

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.

In conclusion, the COVID-19 pandemic has had a mixed impact on the India Medical Equipment Market, with some challenges and opportunities arising from the pandemic.

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

The India Medical Equipment Market is segmented as follows:

By Product Type

• Diagnostic Equipment
• Therapeutic Equipment
• Patient Monitoring Devices
• Surgical Equipment
• Home Healthcare Equipment

By Application

• Cardiology
• Orthopaedics
• Neurology
• Oncology
• Gynaecology
• Ophthalmology
• Dental
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Home Healthcare Settings
• Diagnostic Laboratories