Consumer goods companies already found large profits at the bottom of the pyramid, among the poorest citizens of the world, including India. Now, according to the Times of India, medical technology and device manufacturers are creating low-cost innovations, specifically developed and manufactured in India.
Healthcare companies are introducing devices ranging from low-cost cath labs to screening devices for cardio-vascular disease, since rural markets and under-penetrated semi-urban markets continue to hold promise. Much of the trend is driven by the fact that accessing healthcare is challenging for India, particularly for the lower socioeconomic class and rural consumers.
Various companies have taken action to tackle the lower socioeconomic consumer base: Johnson & Johnson developed a knee implant suitable for the Indian market as well as a reusable stapler for use in surgeries, both at reasonable prices for the domestic markets. GE Healthcare developed a low-cost EKG machine and an affordable ultrasound machine. Roche Diagnostics introduced a screening device for cardio vascular disease suitable for use in domestic settings.
This trend, which started 3 years ago, according the newspaper, is now gathering momentum with multinationals developing affordable medical devices and diagnostics. Even domestic players are moving in for a piece of pie. Currently, around 80% of the medical technology market consists of imports. However, in the last few years there is an increase in domestic manufacturing of medical equipment.
The medical technology industry-valued around $2.75 billion, comprising medical equipment, implants, disposables and furniture, is expected to grow to $14 billion in 2020 at a compounded annual growth rate of around 15%.
Last updated: December 26th, 2025
