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India

India Country Info Market Info

Country Infomation

India has a population of more than 1 billion, which is growing at an annual rate of 1.6 percent. Over the past many years, India’s healthcare industry has been witnessing a rapid transformation, driven by the government’s health initiatives, rapid economic growth, increasing middle class income, and a rise in lifestyle diseases. This, coupled with an ageing population of over 100 million and increased penetration of health insurance, are fuelling the growth of the country’s healthcare industry, thus driving the demand for medical devices.
In 2012, India’s overall healthcare industry (including hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance, and medical equipment) was estimated to be worth USD 78 billion and is likely to reach USD 280 billion by 2020, led by the growing demand for specialized and quality healthcare facilities.


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Market Info

The Indian medical device market is the fourth largest in Asia with 700 medical device manufacturers, and ranks among the top 20 in the world, as per data provided by the India Semiconductor Association. India’s medical device market is estimated to be worth USD 3.2 billion and is likely to be among the world's fastest growing markets over the next five years. The need for sophisticated medical devices and equipment is being driven by an increase in the number of hospitals and higher demand for healthcare facilities.
The country is heavily dependent on imported medical devices and meets almost 80 percent of its requirement from imports. The demand for higher end medical devices, including cancer diagnostics, medical imaging, ultrasonic scans, and PCR technologies, is particularly high. Over the period 2008-2013, India’s medical device imports grew at a CAGR of 16.7% in Indian Rupee terms and 9.9% in US Dollar terms. The running annual import for the 12 months to August 2014 grew 13.5% Y-o-Y to reach US$2,777.0mn.
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