According to Visiongain (a London-based business information provider), the medical devices market in India is expected to be worth $11 billion by 2023. India is one of the most lucrative markets for medical devices globally. Indeed, the Indian medical devices market generated $3 billion in sales in 2011. The opportunities lie in the emerging regions of the country.
Seeing that the market relies largely on imports, the country provides significant opportunities for multinational medical device manufacturers. The domestic manufacturers are mostly engaged in low-value products like syringes, needles, catheters, blood collection tubes, medical electronics, medical equipment and implants.
Moreover, the Indian medical devices market will benefit from the expansion of health insurance, which currently is the fastest growing non-life insurance segment in the country and from patient demographics, particularly with the rise in the country’s aging population.
However, according to the report, the lack of strict regulation of several medical devices in the country will be a challenge in the future as the devices reaching the market become more complex and the end-users demand quality for the price.
