India’s Medical Device Market Set to Cross $11 Billion by 2025
India’s medical device market is experiencing significant growth, with projections indicating it will surpass $11 billion by 2025. This expansion is driven by factors such as increased healthcare investments, a rising prevalence of chronic diseases, and supportive government initiatives.
Market Projections:
- TechSci Research estimates the market will reach $15.35 billion in 2023, with a compound annual growth rate (CAGR) of 5.35% through 2029.
- Market Research Future projects the market to grow from $6.7 billion in 2023 to $13.4 billion by 2032, exhibiting a CAGR of 9.00% during the forecast period.
Key Growth Drivers:
- Government Initiatives: Programs like the Production Linked Incentive (PLI) Scheme for Medical Devices 2020 aim to boost domestic manufacturing and reduce import dependence, fostering industry growth.
- Emergence of Local Manufacturers: The rise of local medical device manufacturers enhances market expansion and accessibility to affordable medical devices.
- Healthcare Infrastructure Development: Investments in healthcare facilities and services are increasing the demand for medical devices across the country.
Regional Insights:
- South India leads the market, supported by strong healthcare infrastructure in states like Kerala, Tamil Nadu, and Telangana.
Challenges:
- COVID-19 Impact: The pandemic affected hospital visits and purchasing power, posing challenges to market growth.
- Import Dependence: Despite growth, India imports a significant portion of its medical devices, highlighting the need for enhanced domestic production.
