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Medical Devices Market in India 2022

Medical Devices Market in India 2022

A medical device is an instrument, apparatus, appliance, implant, in-vitro reagent or calibrator, software, material or other similar or related article. The manufacturers of medical devices design and produce them for use as either single instrument, or in combination with others for diagnosis, prevention, monitoring, treatment, and/or alleviation of diseases. The medical devices industry in the country is made up of large multinational corporations, as well as small and medium-sized enterprises (SMEs) that are expanding at an unprecedented rate.

Market insights:
The medical devices market was valued at INR 816.42 Bn in FY 2021. It is expected to reach INR 4370.42 Bn by FY 2027, expanding at a CAGR of ~36.81% during the FY 2022 – FY 2027 period. Around 65% of Indian manufacturers operate in the consumer goods segment and cater to domestic consumption with limited exports. Large multinational corporations, with their extensive service networks, lead the medical devices market.

Impact of COVID-19:
The medical devices market witnessed a drastic drop in sales due to various operational challenges such as lack of resources, restrictions on the movement of people and goods, and supply chain disputes. Medical technologies used in orthopedic, oncology, ophthalmology, cardiology, and critical care sectors witnessed a steep decline in revenue. several non-medtech companies have switched their production lines and forayed into the manufacturing of masks, ventilators, PPE kits, and other COVID-19 essentials.

Market Influencers:
Market drivers:
Introduction of advanced and dependable diagnostic technology has led the medical society to increase its dependence on diagnoses. The sharp increase in non-communicable diseases is driving the demand for various medical devices. Healthcare service providers have invested in the installation of high-tech medical equipment and advancement of medical technology in order to achieve quality recognition.

Key deterrents to the growth of the market:
Adoption of healthcare facilities is low in rural areas, small cities, and towns due to lack of awareness, accessibility, and affordability. Shortage of trained professionals and clinical staff needed for installing, functioning, servicing, and repairing medical devices is a major limiting factor. Moreover, the medical technology market has inadequate quality standards, dearth of tax incentives to promote indigenous manufacturing, and meagre government funding to encourage innovation.

Table of Contents

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Global medical devices market – An overview
4.1. Global medical devices market – An overview
4.1.1. Market size and growth forecast (2020 – 2027e)

Chapter 5: Medical devices market in India – An overview
5.1. Medical devices market in India – An overview
5.1.1. Market size and growth forecast (FY 2020 – FY 2027e)

Chapter 6: Impact of COVID-19
6.1. Impact of COVID-19

Chapter 7: Trade analysis
7.1. Trade analysis
7.1.1. Export
- Value-wise
- Country-wise
7.1.2. Import
- Value-wise
- Country-wise
7.2. Other exports – Based on value

Chapter 8: Government initiatives
8.1. Government initiatives

Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges

Chapter 10: Market trends
10.1. Market trends

Chapter 11: Competitive landscape
11.1. Centenial Surgical Suture Ltd.
- Company information
- Business description
- Products/Services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographic segments
Note: Financial information covered only for public companies.
11.2. Johari Digital Healthcare Ltd.
11.3. Opto Circuits (India) Ltd.
11.4. Philips India Ltd.
11.5. Poly Medicure Ltd.
11.6. B. Braun Medical (India) Pvt. Ltd.
11.7. Becton Dickinson Private Ltd.
11.8. Medtronic, Inc.
11.9. Siemens Healthineers, Inc.
11.10. Wipro GE Healthcare Pvt. Ltd.

Chapter 12: Recent developments

12.1. Recent developments

Chapter 13: Appendix

13.1. Research methodology
13.2. About Netscribes
13.3. Disclaimer

Report Title: Medical Devices Market in India 2022

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