- The Indian medical device market ranks among the world's top 20 but, despite strong growth rates, it remains disproportionately small with per capita spending of less than USD 3.0
- After registering strong growth between 2010 and 2012, the sharp depreciation of the rupee that took hold from May 2013 has dampened growth in US dollar terms .
- Much of future increased demand will come from the private sector which is expanding to meet the healthcare needs of India's growing middle-class.
- The underfunded public sector will struggle to provide anything more than basic healthcare to the country' s vast rural population, despite a government commitment to increase the number of Indians with healthcare insurance from the current 25% to around 75% under the current 2012-2017 Development Plan.
- The market will continue to be import led, although the current drive to develop the local manufacturing industry is likely to result in increased competition from domestically produced devices in the longer term.
|Base Year||2016||Researched through internet|
Market Size and Forecast
- The Indian medical device market ranks among the world's top 20, valued at USD3,226 Mil in 2013. Despite strong growth rates, the market remains disproportionately small with per capita spending of less than USD3.0.
- The market is forecast to grow at a 2013-2018 CAGR of 14.9% in local currency terms, equal to a US dollar CAGR of 15.0%, making India one of the fastest growing markets in the world.
- Medical device imports supply around 77% of the market. Between 2009 and 2014, imports grew at a CAGR of 11.5% in US dollar terms, but growth in 2013 and 2014 was much lower than in the preceding three years with rises of 1.5% and 4.1% taking the value to USD2,581.3 Mil. We believe that medical device import performance will remain subdued during 2015.
- Between 2009 and 2014, medical device exports grew at a CAGR of 14.3% in US dollar terms taking the value to USD1,179.5 Mil.