India Medical Equipment Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the India Medical Equipment Market 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.

The India medical equipment market encompasses a diverse range of products and services catering to diagnostic, therapeutic, and patient care needs. With rapid advancements in technology, including digital diagnostics, telemedicine, and minimally invasive surgeries, the market is witnessing significant growth.

Factors such as increasing healthcare expenditure, government initiatives to boost domestic manufacturing, and the rise in chronic diseases contribute to market expansion. Key players like Philips Healthcare India, GE Healthcare India, and Medtronic India Pvt. Ltd. are driving innovation and market penetration.

Despite challenges in access and affordability, the market continues to evolve, offering opportunities for growth and development.

India Medical Equipment Market – Significant Growth Factors

The India Medical Equipment Market presents significant growth opportunities due to several factors:

• Rising Healthcare Expenditure: Increasing healthcare expenditure in India, driven by factors such as economic growth, rising incomes, and government initiatives like Ayushman Bharat, is fueling demand for advanced medical equipment and technologies.

• Technological Advancements: Rapid advancements in medical technology, including digital diagnostics, telemedicine, and robotic-assisted surgeries, are driving the adoption of innovative medical equipment in India, enhancing patient care outcomes and driving market growth.

• Growing Chronic Disease Burden: The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is driving the demand for diagnostic, therapeutic, and monitoring equipment, contributing to the growth of the medical equipment market.

• Government Initiatives to Boost Domestic Manufacturing: Government initiatives such as Make in India and Production Linked Incentive (PLI) schemes are aimed at promoting domestic manufacturing of medical equipment, reducing dependency on imports, and boosting the growth of the indigenous medical equipment industry.

• Expansion of Telemedicine and Remote Monitoring: The COVID-19 pandemic has accelerated the adoption of telemedicine and remote monitoring technologies in India.

• Focus on Affordable Healthcare Solutions: With a large population and diverse healthcare needs, there is a significant opportunity for medical equipment companies to develop affordable and cost-effective healthcare solutions tailored to the Indian market. This includes affordable diagnostic devices, medical consumables, and equipment for primary healthcare centers and rural healthcare settings.

India Medical Equipment Market – Mergers and Acquisitions

The India Medical Equipment Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the India Medical Equipment Market include:

• In 2023, Align Technology announced a partnership with 3M to collaborate on the development of clear aligner materials, aiming to enhance the effectiveness and patient experience of orthodontic treatment through innovative material science and technology integration.

• In 2023, Bioventus announced the acquisition of Catalyst OrthoScience, a specialist in shoulder replacement surgery. This strategic acquisition enhances Bioventus’ orthopedic portfolio, providing innovative solutions for shoulder joint replacement procedures, and strengthens its position in the orthopedic surgery market.

• In 2022, Intuitive Surgical announced a partnership with NephroSant, focusing on the development of surgical technologies for kidney-related procedures. This collaboration aims to leverage Intuitive Surgical’s expertise in robotic surgery and NephroSant’s innovative solutions to advance kidney surgical interventions.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the India Medical Equipment Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

India Medical Equipment Market – Significant Threats

The India Medical Equipment Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Price Sensitivity and Affordability Concerns: The price sensitivity of the Indian market poses a significant threat, as many consumers, healthcare providers, and institutions may find high-priced medical equipment financially burdensome. Affordability concerns could lead to reduced adoption rates or reliance on cheaper, less advanced alternatives.

• Regulatory Challenges and Compliance Issues: Stringent regulatory requirements and compliance standards pose challenges for medical equipment manufacturers, importers, and distributors in India. Delays in obtaining regulatory approvals, adherence to complex regulatory frameworks, and evolving compliance standards can hinder market entry and expansion efforts.

• Competition from Counterfeit and Substandard Products: The prevalence of counterfeit and substandard medical equipment in the Indian market poses a threat to patient safety and undermines trust in legitimate medical device manufacturers. Competition from these illicit products can erode market share and reputation, impacting revenue and market growth.

• Infrastructure and Distribution Challenges: Inadequate healthcare infrastructure, particularly in rural and underserved areas, presents challenges for the distribution and utilization of medical equipment in India. Limited access to reliable electricity, transportation, and healthcare facilities can hinder the effective deployment and maintenance of medical devices, affecting market penetration and growth.

• Dependency on Imports and Supply Chain Disruptions: The Indian medical equipment market is heavily dependent on imports of advanced medical technologies and devices. Disruptions in global supply chains, geopolitical tensions, trade restrictions, and currency fluctuations can impact the availability and cost of imported medical equipment, leading to supply shortages and increased prices. This dependency poses a vulnerability to market stability and growth.

Category-Wise Insights:

By Product Type

• Diagnostic Equipment: Includes devices for medical imaging, laboratory diagnostics, and point-of-care testing. In India, there’s a growing demand for advanced diagnostic equipment such as MRI and CT scanners, alongside a trend towards point-of-care diagnostics for decentralized testing.

• Therapeutic Equipment: Encompasses devices used for medical treatment and rehabilitation, such as ventilators, infusion pumps, and dialysis machines. In India, there’s a rising demand for advanced therapeutic equipment to manage chronic diseases like diabetes and cardiovascular conditions, alongside a growing focus on home-based therapies.

• Patient Monitoring Devices: These consist of devices for continuous monitoring of patient vital signs, such as ECG machines, pulse oximeters, and blood pressure monitors. In India, there’s a trend towards remote patient monitoring solutions driven by the increasing adoption of telemedicine and home healthcare services.

• Surgical Equipment: Includes instruments and equipment used in surgical procedures, such as surgical robots, operating room equipment, and anesthesia machines. In India, there’s a growing demand for minimally invasive surgical equipment and robotic-assisted surgery systems to improve surgical outcomes and reduce patient recovery time.

• Home Healthcare Equipment: Encompasses devices used for home-based medical care and monitoring, such as CPAP machines, glucose monitors, and home dialysis machines. In India, there’s an increasing trend towards home healthcare solutions driven by the aging population, the rising prevalence of chronic diseases, and the need for cost-effective care options.

By Application

• Cardiology: Cardiology equipment encompasses devices used for diagnosing and treating heart-related conditions, including ECG machines, echocardiography systems, cardiac catheters, and pacemakers. Trends in the India Medical Equipment Market include the increasing demand for advanced cardiac imaging systems like MRI and CT scanners, interventional cardiology devices such as stents and catheters for minimally invasive procedures, and remote monitoring solutions for managing chronic heart conditions like arrhythmias and heart failure.

• Orthopaedics: Orthopaedic equipment covers a wide range of devices used for diagnosing and treating musculoskeletal conditions, including joint implants, fracture fixation devices, arthroscopy systems, and orthotic braces. Trends in India include the adoption of minimally invasive orthopedic surgery techniques, patient-specific implants designed using advanced imaging and 3D printing technology, and advancements in robotic-assisted orthopedic surgery systems for greater precision and better outcomes.

• Neurology: Neurology equipment encompasses devices used for diagnosing and treating neurological disorders, including neuroimaging systems, electroencephalography (EEG) machines, neuromodulation devices, and neurosurgical tools. Trends in India include the growing demand for advanced neuroimaging systems like MRI and CT scanners for diagnosing conditions such as stroke and brain tumors, neuromodulation devices for managing chronic pain and movement disorders, and robotics-assisted neurosurgery tools for precise surgical interventions.

• Oncology: Oncology equipment includes devices used in the diagnosis, treatment, and monitoring of cancer, such as radiation therapy systems, chemotherapy infusion pumps, and tumor biopsy needles. Trends in India include the increasing adoption of precision oncology technologies like next-generation sequencing (NGS) for personalized cancer treatment, advanced radiation therapy equipment such as linear accelerators and brachytherapy systems, and immunotherapy devices for harnessing the body’s immune system to fight cancer.

• Gynaecology: Gynaecology equipment encompasses devices used for diagnosing and treating conditions related to the female reproductive system, including ultrasound machines, colposcopes, hysteroscopes, and assisted reproductive technology (ART) devices. Trends in India include the adoption of minimally invasive gynecological surgeries using laparoscopic and robotic-assisted techniques, advanced imaging systems for prenatal care and infertility treatment, and the growing popularity of fertility treatment devices like in vitro fertilization (IVF) incubators and embryo transfer catheters.

• Ophthalmology: Ophthalmology equipment includes devices used for diagnosing and treating eye disorders, such as ophthalmic diagnostic equipment, laser eye surgery devices, and intraocular lenses. Trends in India include the demand for advanced ophthalmic diagnostic equipment like optical coherence tomography (OCT) and fundus cameras for early detection of eye diseases, laser eye surgery devices such as femtosecond lasers for refractive surgery, and innovations in teleophthalmology for remote screening and consultation.

• Dental: Dental equipment encompasses devices used in dental diagnosis, treatment, and oral health maintenance, including dental imaging systems, CAD/CAM systems, dental chairs, and surgical instruments. Trends in India include the adoption of digital dental imaging systems like panoramic and cone-beam computed tomography (CBCT) scanners, CAD/CAM technology for fabricating dental restorations like crowns and bridges, and the growing popularity of dental implants and orthodontic devices for restoring oral function and aesthetics.

• Others: This category may include equipment used in specialties such as gastroenterology, dermatology, urology, and ENT (ear, nose, and throat) care, among others. Trends in these specialties vary widely depending on the specific applications within each category but may include the adoption of advanced diagnostic and therapeutic technologies, the development of minimally invasive procedures, and the integration of digital health solutions for improved patient care and outcomes.

By End User

• Hospitals: As primary healthcare providers, hospitals demand a wide array of medical equipment, from diagnostic imaging systems to surgical instruments. In India, hospitals are increasingly investing in advanced technologies such as robotic surgery systems and digital health platforms to enhance patient care and outcomes.

• Ambulatory Surgical Centers: Ambulatory surgical centers focus on providing same-day surgical procedures, requiring specialized medical equipment for minimally invasive surgeries and patient monitoring. In India, the demand for ambulatory surgical centers is rising, driving the adoption of advanced surgical equipment and outpatient care solutions.

• Clinics: Clinics cater to outpatient healthcare services, necessitating diagnostic equipment, examination tools, and basic treatment facilities. In India, clinics are adopting point-of-care diagnostics, telemedicine solutions, and portable medical devices to improve accessibility and efficiency in delivering primary healthcare services.

• Home Healthcare Settings: Home healthcare settings involve the provision of medical services and monitoring in patients’ homes, requiring portable and user-friendly medical equipment. In India, the demand for home healthcare solutions is growing, driving the development of remote monitoring devices, home dialysis machines, and portable oxygen concentrators.

• Diagnostic Laboratories: Diagnostic laboratories perform various medical tests and analyses, relying on diagnostic equipment and laboratory instruments for accurate results. In India, diagnostic laboratories are adopting automated testing systems, molecular diagnostics, and point-of-care testing devices to enhance efficiency, accuracy, and throughput in diagnostic procedures.

Report Scope

Competitive Landscape – India Medical Equipment Market

The India Medical Equipment Market is highly competitive, with a large number of manufacturers and retailers operating in US. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players such as AgVa Healthcare and Trivitron Healthcare have embraced innovation and development to enter the Indian medical equipment market. AgVa Healthcare, for instance, introduced low-cost ventilators during the COVID-19 pandemic.

Trivitron Healthcare has focused on indigenous manufacturing and innovative medical technologies. Dominating the market are key players like Philips Healthcare India and GE Healthcare India, leveraging their established brand reputation, extensive distribution networks, and diverse product portfolios.

They maintain dominance by continually introducing advanced medical equipment, offering comprehensive support services, and establishing strategic partnerships with healthcare institutions and government agencies.

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