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India Medical Device Market Outlook to 2023: Ken Research

Press release   •   Oct 03, 2019 16:15 IST

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.

Competitive Landscape in India Medical Device Market

India IVD Device Market: The competitive scenario in IVD device market is highly fragmented as there are numerous players which are operating in different device segments.Major players include Roche Diagnostics, Transasia Biomedical, Beckman and Biomerieux who captured significant revenue share in FY’2018. Other companies such as Abbott Diagnostics, OCD, Bio-Rad Laboratories, and Siemens occupied remaining share in the industry in FY’2018.

India Diagnostic Imaging Market: The diagnostic imaging witnessed companies such as Wipro GE Healthcare, Siemens Healthcare and Philips leading in various device segment of the industry. In MRI market, Siemens gained the top spot in terms of revenue market share in FY’2018. Other players such as GE, Philips, Canon Medical, Hitachi and Sina Healthcare occupied the remaining revenue pie of the MRI market in FY’2018. In CT market, Wipro GE Healthcare registered highest revenue market share while Canon Medical (Erbis) and Philips occupied significant revenue share in the CT industry in FY’2018. In Ultrasound market, Wipro GE healthcare emerged as a market leader while players like Philips, Samsung Healthcare and Mindray occupied significant position in revenue pie of the India ultrasound market in FY’2018.

India Patient Aid Market: The competitive scenario in the patient aid market saw different players leading in various segments of the industry. The joints market is rather concentrated with players such as J&J, Smith & Nephew and Zimmer Biomet. J&J also emerged as a leader in trauma market followed by Zimmer Biomet. Competition is fragmented in this market space of orthopedic devices. The sports medicine market is dominated by companies like Arthrex, Smith & Nephew and Stryker which occupied major market share in FY’2018. In the spine segment that has fragmented competition structure, Medtronic gained the topspot followed by J&J, whereas in the India hearing aid market, Widex Sivantos Audiology emerged as a market leader with highest revenue share followed by Starkey Laboratories, GN Hearing and Sonova Hearing in FY’2018.

India Medical Device Market Future Outlook

The medical device market of India will expand at double digit growth rate in the forecasted period FY’2019-FY’2023. In vitro device market is expected to register biggest revenue share in the industry followed by patient aid device market. Import of IVD device will positively drive the IVD market while sale of IVD devices will largely be made via distributors in the subcontinent. POCT and Immunochemistry will gather biggest share in the revenue pie of IVD device market. The diagnostic imaging market is expected to witness major revenue of the market being captured by MRI and CT device. The medical device market is expected to witness innovation and development of cost effective technologies owing to rising investments and will also witness growth in domestic manufacturing of various types of devices owing to government’s efforts to reduce import bill. In patient aid industry, orthopedic device will lead the market with highest revenue market share followed by hospital furniture industry while hearing aid market is expected to realize higher revenue owing to technological innovations in the market.

Key Segments Covered:-

IVD Device Market:

By Business Activity (Import and Domestic Manufacturing)

By Sales Channel (Distributor and Direct Sales)

By Type of Device (POCT, Immunochemistry, Biochemistry, Hematology, Molecular Diagnostics, Microbiology, Coagulation, Urinalysis and Others)

By Type of POCT (Blood Glucose Testing Kit, Infectious Disease Testing Kit, Blood Gas Electrolytes, Pregnancy and Fertility Testing Kit, Cardio Metabolic Monitoring, Anticoagulant Management), Cholesterol Testing Kit and Others)

By Immunochemistry Reagent and Instrument

By Biochemistry Reagent and Instrument

By Hematology Reagent and Instrument

By Molecular Diagnostics Reagent and Instrument

By Microbiology Reagent and Instrument

By Urinalysis Reagent and Instrument

By Coagulation Reagent and Instrument

Diagnostic Imaging Market:

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (MRI, CT, Ultrasound, X-Ray, Cath Lab and Nuclear Medicine)

By MRI Device (1.5T, 3.0T, 0.2-0.5T)

By CT Scan (16Slice, 64-128 Slice, <16 Slice and >128 Slice)

By X-Ray (CR, DR and Analog)

By Cath Lab (Flat Panel Digital, Biplane and Mobile)

By Nuclear Medicine (PET Scanner, SPECT and Cyclotron)

Patient Aid Market:

By Type of Device (Orthopedic, Hospital Furniture and Hearing Aid)

By Orthopedic Devices

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (Joint, Trauma, Sports Medicine, Spine and Orthobiologics)

By Hospital Furniture

By Type of Device (Hospital Bed, OT Table and OT Light)

By Type of Hospital Bed (Manual and Motorized)

By Type of OT Table (Imported and Indian)

By Type of OT Light (Imported and Indian)

By Hearing Aids

By Business Activity (Import and Domestic Manufacturing)

By Type of Device (Over the Ear and Inside the Ear)

By Sales Channel (Dealer, Retail and Digital Marketing)

Key Target Audience:-

IVD Device Manufacturers

IVD Reagent Manufacturers

IVD Device Importers

Government Agencies

Orthopedic Device Companies

Hearing Aid Companies

Hospital Furniture Manufacturers

Diagnostic Imaging Device Companies

Time Period Captured in the Report:-

Historical Period: FY’2013- FY’2018

Forecast Period: FY’2019E – FY’2023E

Companies Covered:-

IVD Devices:-

Roche Diagnostics

Transasia Biomedical

Beckman Coulter

Biomerieux

Diagnostic Imaging:

Wipro GE Healthcare

Siemens Healthcare

Philips India

Patient Aid:

J&J

Zimmer Biomet

Smith and Nephew

Arthrex

Stryker

Medtronic

Widex Sivantos Audiology

Starkey Laboratories

GN Hearing

Sonova

Key Topics Covered in the Report:-

India Medical Device Market Value Chain Analysis

India Medical Device Market Overview

India Medical Device Market Size

India Medical Device Market Ecosystem

India Medical Device Market Segmentation

India IVD Device Market Segmentation

India Diagnostic Imaging Device Market Segmentation

India Patient Aid Market Segmentation

Government Role and Regulation in India Medical Device Market

Trends and Developments in India Medical Device Market

Issues and Challenges in India Medical Device Market

Competitive Scenario in India Medical Device Market

India Medical Device Market Future Projections, FY’2018-FY’2023E

Analyst Recommendations

For more information on the research report, refer to below link:-

India Medical Device Market

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