India Medical Device Market 2022-2027

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    INDIA MEDICAL DEVICE MARKET

     

    INTRODUCTION

    A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material, or another similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.

     

    infographics-India Medical Device Market, India Medical Device Market Size, India Medical Device Market Trends, India Medical Device Market Forecast, India Medical Device Market risks, India Medical Device Market Report, India Medical Device Market Share

     

    Medical devices are used to diagnose, prevent, mitigate, treat, or cure disease or other conditions, and, unlike a pharmaceutical or biologic, achieves its purpose by physical, structural, or mechanical action but not through chemical or metabolic action within or on the body

     

    INDIA MEDICAL DEVICE MARKET SIZE AND FORECAST

     

    India medical device market is expected to gain market growth in the forecast period of 2020 to 2027. It is analyzed that the market is growing with a CAGR ofXX.X% in the forecast period of 2020 to 2027 and is expected to reach USD XXXX million by 2027

     

    India ranks fourth in Asia and among the top twenty markets worldwide in terms of market size, behind South Korea, China, and Japan.

     

    This year, the Indian medical device market—which makes up 1.5% of the worldwide medical device market—is anticipated to grow significantly.

     

    With a focus on research and development (R&D) and 100% FDI for medical devices to expand the market, the Government of India (GOI) has launched a number of efforts to enhance the medical devices sector.

     

    According to value and technology for medical devices, India is anticipated to rank among the top 5 worldwide manufacturing hubs. India will also become a world leader in key areas such as molecular imaging, PCR, ultrasonic scans, medical imaging, and cancer diagnostics.

     

     

    RECENT LAUNCH IN INDIA MEDICAL DEVICE MARKET

     

    Wipro GE Healthcare, a global leader in medical technology and digital solutions, announced the debut of the Revolution Aspire CT (Computed Tomography) scanner, the company’s next-generation model. In keeping with the ‘Atmanirbhar Bharat’ mission, Revolution Aspire is an advanced imaging solution designed and built end-to-end in India at the newly opened Wipro GE Medical Devices Manufacturing factory.

     

    Higher imaging intelligence has been added to the CT system to improve clinical confidence in the diagnosis of illnesses and anomalies.The Revolution Aspire CT scanner provides doctors with increased operating efficiency. The Revolution Aspire CT scanner’s rotation time has been raised, allowing physicians to give faster diagnosis.

     

    This, combined with a much enhanced cooling rate, allows the scanner to scan at a faster rate and accommodate bigger patient loads per day. The CT scanner also has a new detector design and algorithm, as well as smart features like Smart MAR, which can increase image quality. 

     

    Spirofy, India’s first pneumotach-based portable, wireless spirometer, was launched by the pharmaceutical company. Cipla hopes to revolutionise obstructive airway disease (OAD) diagnostics with this launch, as part of its goal to consolidate its position as India’s lung leader. Spirofy is India’s first pneumotach-based portable wireless spirometer for diagnosing COPD and asthma.

     

    Using bacterial viral filters, the instrument ensures excellent result accuracy and individual patient safety. Spirofy is completely wireless and has a long battery life, making it ideal for usage in outdoor camps, isolated regions with limited electricity, or just giving doctors more freedom and convenience of use.  

     

    The device creates reports in real time that may be instantaneously printed using a small wireless thermal printer or shared as a pdf on the phone. Cipla will provide physician training on how to interpret spirometry results.

     

    Pipeline Vantage with Shield Technology, a fourth-generation flow diverter with CE marking from India Medtronic Private Limited, is now available for the endovascular treatment of brain aneurysms. A novel flow diverter called Pipeline Vantage with Shield Technology has improved design features for both the delivery system and the implant.

     

    By creating a scaffold that encourages the growth of cells in the inner lining of the target blood vessel, these qualities make it easier and more reliable for doctors to deliver, deploy, and treat brain aneurysms and intracranial aneurysms.

     

    A neurovascular stent put in the parent blood artery of a brain aneurysm may divert blood flow away from the aneurysm as part of a minimally invasive procedure known as aneurysm flow diversion. Blood flow into the aneurysm may gradually slow down until ending entirely over time.

     

    The blood vessel may repair and the aneurysm may decrease when the body’s innate healing mechanism cooperates with the flow diversion device. A unique warranty for the effectiveness of the gadget is included with their most recent Pipeline Vantage Embolisation Device. By doing this, they want to increase patient satisfaction with their offers and promote flow diversion as a type of aneurysm therapy.

     

    Medtronic is also launching the PED Warranty Programme, a first-of-its-kind warranty programme, as part of its commitment to improving access to healthcare in India. Patients who undergo treatment with a Pipeline Embolization Device from Medtronic (Pipeline Flex Embolization Device with Shield Technology or Pipeline Vantage with Shield Technology) will be covered by a warranty scheme.

     

    Compared to alternative treatments with comparable acute morbidity and fatality rates, flow diversion therapy has a lower likelihood of resuming blood flow into the blocked aneurysm. The most researched flow diverter in the world with a confirmed safety and efficacy profile is the Pipeline Embolisation Device. The fourth-generation PED Pipeline Vantage Embolisation Device with Shield Technology from Medtronic was created with the solid clinical support for flow diverters as a method of aneurysm therapy in mind.

     

    Wipro GE Healthcare, a pioneer in medical technology and digital solutions, announced the release of its Revolution Aspire CT (Computed Tomography) scanner, a new generation of scanner.

     

    At the recently opened Wipro GE Medical Devices Manufacturing facility in India, Revolution Aspire is an advanced imaging solution created and produced end-to-end in accordance with the “Atmanirbhar Bharat” mission.

     

    Higher imaging intelligence is included into the CT system to increase clinical confidence in illness and anomaly diagnosis. India is confronted by the urban-rural split as well as a high disease load. The majority of health facilities are concentrated in a few metropolitan cities, despite the fact that a sizable section of the population lives in rural areas.

     

    Higher-end medical items, including tools for medical imaging and cancer diagnostics, are also imported into India. The need for cutting-edge medical gadgets has increased as a result of the government’s emphasis on early detection of Non-Communicable Diseases (NCDs) and self-reliance under Ayushman Bharat.

     

    In order to meet this requirement and provide access to high-quality medical equipment throughout India, including tier 2 and tier 3 cities, the Revolution Aspire CT was created. India is confronted by the urban-rural split as well as a high disease load.

     

    The majority of health facilities are concentrated in a few metropolitan cities, despite the fact that a sizable section of the population lives in rural areas. Higher-end medical items, including tools for medical imaging and cancer diagnostics, are also imported into India.

     

    The need for cutting-edge medical gadgets has increased as a result of the government’s emphasis on early detection of Non-Communicable Diseases (NCDs) and self-reliance under Ayushman Bharat.

     

    In order to meet this requirement and provide access to high-quality medical equipment throughout India, including tier 2 and tier 3 cities, the Revolution Aspire CT was created.

     

     

    INDIA MEDICAL DEVICE MARKET DYNAMICS

     

    The market leader in medical radar monitoring and imaging technology (ReDS), Sensible Medical Innovations, and Terumo India, the Indian division of Terumo Corporation, a global leader in medical technology, have partnered to give Terumo India exclusive distribution rights for ReDS Pro and knowledge-sharing of ReDS technology in India.

     

    Patients’ absolute lung fluid volume, which is highly correlated with their symptoms of coronary heart failure, is measured using ReDS Pro (CHF). It is a quick, non-invasive procedure that measures in about 45 seconds. ReDS Pro has been shown to be as accurate in assessing lung fluid as a CT scan. 

     

    Today’s caregivers lack an efficient tool to maintain patients’ equilibrium, which would lower hospital readmission rates and improve quality of life. ReDS technology is the first precise, conclusive, and usable instrument for managing and monitoring pulmonary congestion on a regular basis. Over 100 care facilities worldwide employ it, and numerous clinical studies have shown that it lowers readmission rates.

     

    The Department of Pharmaceuticals has been instructed by NITI Aayog to increase local manufacturing capacity by investigating venture capital and private equity. When international supply chains were hampered by the pandemic and the ensuing lockdowns, the government’s attention was drawn to medical devices, which led to the Atmanirbhar Bharat initiative and domestic production of medical devices.

     

    A Department of Medical Devices and a Ministry of Life Sciences/Healthcare Products have been requested in a letter from the Association of Indian Medical Device Industry (AiMeD) to the Prime Minister.

     

    In a letter to the PM, AiMeD emphasised the urgent need for a separate department for medical devices.

     

    They asked the PM to rename the Department of Pharmaceuticals (DoP) as the Department of Pharmaceuticals & Medical Devices or to create a separate Department of Medical Devices so that manufacturers will know the government is serious about this industry even though medical devices and pharmaceuticals are not the same thing even though they may both be considered medical products.

     

    The current moniker reflects the emphasis on the developed pharmaceutical industry and the underappreciated, 80% import-dependent medical device industry.

     

    Medical equipment production in the nation has gotten a much-needed boost thanks to programmes like Make in India and Atmanirbhar Bharat Abhiyaan. The Government of India has approved the following programmes to further boost home production and create related infrastructure:

     

    Production Linked Incentive (PLI) Scheme to Encourage Domestic Medical Device Manufacturing , Parks for medical technology are promoted

     

    RECENT DEVELOPMENT AND INNOVATION

    A leading manufacturer of medical equipment, Healthium Medtech, has declared that it has obtained the strict EU MDR (European Union’s Medical Device Regulation) CE certification. The EU MDR accreditation is required for sales to European nations and a number of additional regulated markets as part of the requirement for CE certification. The regulation’s goal is to make sure that producers create safe items that adhere to international safety standards.

     

    To revolutionize cardiac care in India, GE Healthcare, a leader in medical technology, diagnostics, and digital solutions, today announced the debut of its first “Made in India,” “AI-powered” Cath lab, the Optima IGS 320. The Cath lab was constructed inside Wipro GE Healthcare’s new plant, which was established as part of the PLI (production linked incentive) programme in Bengaluru.

     

    The neural network-based interventional image chain is called AutoRight. With the use of Artificial Intelligence found in AutoRight, image and dose parameters are automatically optimised in real time, allowing physicians to concentrate their attention and experience on patients.

     

    SenSight directional lead system for Deep Brain Stimulation (DBS) therapy has been introduced, according to India Medtronic Private Limited, a fully owned subsidiary of Medtronic plc, to treat the symptoms of movement disorders and epilepsy. Only this directional lead device, which may help to improve stimulation precision, was intended for sensing.

     

    Every part of the SenSight system has been developed by Medtronic engineers in conjunction with doctors to address customer and patient demands while integrating smoothly with the company’s line of neurostimulators, including the recently authorized Percept PC neurostimulator.

     

    The blood pressure monitor gadget made by the healthtech business Cognota Healthcare, the “COGNOHEALTH Blood Pressure Monitor,” has been approved by the US Food and Drug Administration (US FDA). Experts from Cognota’s R&D team created and developed the cutting-edge technology that powers the “COGNOHEALTH Blood Pressure Monitor” device.

     

    With approval from the US FDA, one of the world’s top healthcare regulatory agencies, Cognota is now able to increase the number of healthtech solutions it offers, such as Remote Patient Monitoring (RPM), Teleconsultation Platform, and Smart ICU, among others.

     

    The GI Genius intelligent endoscopy module, a cutting-edge computer-aided polyps detection system powered by artificial intelligence (AI), has been released by India Medtronic Private Limited, a fully owned subsidiary of Medtronic plc. The module, according to the manufacturer, “empowers physicians to diagnose and treat colorectal cancer by giving increased visualisation during colonoscopy.

     

    A disruptive solution that draws on deep learning algorithms and real-time data.” The AIG hospital in Hyderabad is the first medical facility in India to use GI Genius’ advanced screening feature. The GI Genius module employs cutting-edge AI software to visually mark worrisome polyps in real-time that are different sizes, forms, and morphologies.

     

    In order to improve and prepare MBBS students for the future, MediSim VR, a Med-tech company working in the field of healthcare simulation, has set up India’s first fully automated Virtual Reality (VR) lab at the Puducherry Institute of Medical Sciences (PIMS).

     

    This declaration will open the door for modern doctors in the future and is made in honour of Doctors Day today. Recently, a pre-series A round of fundraising for MediSim VR was closed.

     

    A connected bed platform for non-ICU settings has been introduced by the Indian company Dozee in collaboration with Midmark India, one of the largest hospital bed manufacturers in South Asia. Their smart bed will let hospitals keep an eye on patients’ health in non-ICU wards and step-down ICUs all the time.

     

    The AI-powered contactless sensor from Dozee is integrated into the connected bed and is placed under the mattress to track a patient’s vital signs, including heart and respiratory rates, temperature, oxygen saturation, and electrocardiogram (ECG), among others.

     

    Additionally, it has an early warning system that alerts healthcare professionals so they can act quickly. The smart bed can also be connected to a hospital’s HMIS and a central command centre. Dozee asserts that the 98.4% clinical-grade accuracy of its AI-powered RPM sensor.

     

    After dominating the ventilator market, Max Ventilator is prepared to grow its market share by releasing intelligent devices like monitors, ECGs, and pulse oximeters. The company has developed solutions that offer top-notch quality at a reasonable price after recognising the need for smart and innovative technology in the healthcare industry.

     

    In comparison to the typical price range on the market, the pulse oximeter is a cost-effective option. It has built-in audio and visual alarms and a keypad with all of the functions available.

     

    The special oximeter, which weighs less than 800 g, has a reliable memory storage capacity of up to 96 hours, allowing for the easy observation of graphical trends in SpO2 and pulse rate values. This would greatly aid doctors in making decisions regarding the course of treatment.

     

    COVID-19 IMPACT ON INDIA MEDICAL DEVICE MARKET

    Manufacturing companies for medical equipment have been impacted by the COVID-19 pandemic’s ongoing spread. The industry additionally faces supply chain disruptions as well as a number of other potential problems, such as financial constraints and crises. Despite the ongoing crisis, this presents fresh research opportunities.

     

    Medical facilities that treated many patients at once were the only places where these tools could be used before they were developed. These devices are now common in smaller healthcare facilities thanks to the COVID-19 protocols. The demand for medical devices that can be used at home is rising as more people opt for home healthcare.

     

    Due to the pandemic, several new factories were constructed. The price of each ventilator was very high before COVID-19. However, the cost has greatly decreased as a result of the Indian ventilator industry stepping up production. There are no longer any export restrictions on ventilators made in India. Also, there were more businesses due to the production of millions of PPE kits.

     

    Similar to this, there are more businesses that produce masking. Millions of people have already received the free N95 respirator supply. While the price of N95 masks has decreased, the buffer quantity distributed to governments has increased.

     

    There is a steady need in the market for a variety of surgical instruments, cancer diagnostic tools, orthopaedic and prosthetic tools, imaging, DNA sequencers, orthodontic and dental implants, as well as electro medical equipment.

     

    The idea of Aatma Nirbhar Bharat (self-reliant) has also brought about a number of opportunities for many sectors, chief among them the Indian market for medical device production. Local manufacturers have a lot of opportunity to win over this market niche. The following suggestions for organisations or start-ups should be taken into account for better industry growth.

     

    MAJOR PLAYERS IN INDIA MEDICAL DEVICE MARKET

    1. Johnson & Johnson
    2. Novartis AG
    3. Abbott Laboratories
    4. Medtronic PLC
    5. Baxter International
    6. Danaher Corporation
    7. General Electric
    8. 3M Company
    9. Siemens Healthineers
    10. Stryker Corporation

                  

    THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

    1. What is the average transaction price of India medical device Market right now and how will it change in the next 5-6 years? 
    2. Market share of India medical device market right now and their upcoming products
    3. The cost advantage for OEMs who manufacture India medical devices right in-house
    4. 5 key predictions for the next 5 years in India medical device Market  right latest trends in every market segment
    5. The market size (both volume and value) of the  India medical device Market is right in 2022-2027 and every year in between
    6. Global production breakup of India medical device Market right, by suppliers and their OEM relationship
    7. What is happening overall in the India medical device Market right now?
    8. Who are the major players in the India medical device Market right now?
    9. What are the business opportunities in the India medical device Market right now and  What is the target group?
    10. What are the plans for the market in next India medical device Market right in five years?
    11. What are the Threats in the India medical device Market right in the next five years?

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2022-2027
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2022-2027
    19 Market Segmentation, Dynamics and Forecast by Application, 2022-2027
    20 Market Segmentation, Dynamics and Forecast by End use, 2022-2027
    21 Product installation rate by OEM, 2022
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2022
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

     

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