The report titled publication “India Medical Device Market Outlook to 2023 – by IVD Market (Type of Device, Sales Channel, Domestic Manufacturing and Import), by Diagnostic Imaging Market (Type of Device, Domestic Manufacturing and Import) and by Patient Aid Market (Orthopedic Device, Hospital Furniture and Hearing Aid)” provides a comprehensive analysis of the medical device market in India. The report also covers the overview and genesis, overall industry revenue, segmentation by product category and channels of distribution for IVD, diagnostic imaging, patient aid market, trends and developments, issues and challenges, government regulations, value chain analysis, SWOT analysis, competitive scenario and company profiles of major players. The report concludes with market projection and analyst recommendations highlighting the major opportunities and cautions for new and existing players in the market.
India Medical Device Market Overview and Size
India Medical Device market grew at a double digit growth rate over the review period FY’2013-FY’2018. The market growth was supported by increase in public healthcare expenditure, growth in healthcare infrastructure in the country by expansion in established hospitals and increase in number of hospitals and rise in elderly population. The market was observed in growth stage and will continue to remain so in the forecasted period, FY’2018-FY’2023. The demand for personalized patient care and chage in decision making authority from doctors to hospital administration has significantly affected the growth in the market.
India Medical Device Market Segmentation
IVD devices were the leading category in FY’2018. Rise in the number of patients with chronic and lifestyle related disorders is the key growth driver for IVD segment This segment was followed by Diagnostic Imaging market in which MRI and CT gained major revenue share in the imaging industry as demand for detailed analysis and improved imaging positively impacted the market. The Patient Aid market witnessed strong growth even after introduction of price regulation on implants due to strong growth sentiment in emerging market area such as sports medicine and inside the ear hearing aid industry.