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Indian medical device market
Medical devices are used for diagnosis, prognosis and treatment purposes. To make medical care more advanced and accurate various medical devices are used. In India, most of the hospitals and clinics have various medical devices which play an important role in the treatment of the patient.
Indian medical device industry is valued at $6 billion. In 2014 under the program of Make in India, India’s medical industry was given a separate identity. This Indian medical industry is miniscule at present and has a lot of scope for development.
In India geriatric population is increasing rapidly with an increase in life expectancy period. Along with this the cases of road traffic accidents, brain trauma, spinal cord injury, musculoskeletal disease, cardiovascular conditions and neurological conditions are also increasing. With increase in medical conditions, the number of clinics, hospitals and NGO’s, income and medical awareness are increasing. This causes increased demand in advanced robotic surgeries, advanced medical devices, increase in health care infrastructure, robotic rehabilitation and many more.
Indian healthcare industry is expected to reach to $372 billion by 2022. These medical devices are used for investigations, treatment purposes and for diagnosis. Certain metal implants and stents are inserted into the body during surgeries.
Physiotherapy which is part of this medical field also contributes to the use of various medical equipments.
Physiotherapy devices in India-
Physiotherapy is one of the important fields in the health care sector which makes a major contribution in the rehabilitation of patients. Physiotherapists also use various electrotherapeutic devices which nowadays have increased demand. According to a study, the global physiotherapy equipment market is expected to reach $24.7 billion by 2022. India plays an important role in this market.
With increase in geriatric population and growing awareness, the demand for physiotherapy equipment is increasing rapidly. With increased awareness about home Physiotherapy, increased medical conditions and more emphasis on rehabilitation this field is showing an increasing growth.
A report suggests that during 2015-2020, there is growth of CAGR by 12%. Among this electrotherapy equipment market was highest in demand.
In the next 5 years Physiotherapy market is expected to grow in size. By collaboration of local companies with other electrotherapy industries this field is expected to grow higher.
Challenges and difficulties faced by Medical and Physiotherapy device market in India:
Availability, affordability and awareness about advanced medical devices are making a major impact on the medical equipment market. Considering this, India lags behind average BRIC countries.
In India, there are certain medical facilities and investigations which are not covered under insurance. So, the patient has to pay from his pocket. This seems to be expensive for some patients. So they chose to avoid such treatment methods. This reduces the demand for many advanced treatment devices which indirectly affects its rate of production and makes the cost of the device even higher.
Inadequate support for finance and infrastructure makes the road difficult for the medical instrument industry. Apart from some traditional industries there are few startups in this field which are ready to introduce new technology. But again due to less finance and inadequate infrastructure it is difficult for new startups to survive.
Current production and market:
Even if demand for the medical devices is high in India, the amount of import is very high. There are very few domestic devices which are in use. Also, internationally competent devices produced in India are also less. Market in India is distributed according to urban and rural areas. Along with production the usage of these devices is not even. Lot of discrepancy exists in the device distribution and usage.
Future and Make in India:
Even though currently India is doing a small share in the global market, but with appropriate steps it is possible to increase our share. With programs like Make in India, encouragement is given to local products. Also, encouragement is given to local innovation and technology. With such steps India based devices according to the need of Indian medical sector will be formed. Appropriate contributions from the public and private sector can boost the growth of Indian device market.
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