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India Medical Technology Market Report 2021-2025: Major Players are Opto Circuits, Philips, Siemens, TTK Healthcare, and Appasamy Associates – ResearchAndMarkets.com

DUBLIN – ()–The “Medical technology market in India 2021” Report was added ResearchAndMarkets.com Offer.

The market is estimated at INR 1,674.63 billion by 2025 and will grow at an average annual growth rate (CAGR) of ~ 22.75% over the forecast period.

Major players in the market include Opto Circuits Limited, Philips India Limited, Siemens Limited, TTK Healthcare Limited and Appasamy Associates.

In medical technology, technologies are used to develop cure-based systems that are used in hospitals. The medical technology market includes players supplying healthcare devices and instruments, diagnostic devices and reagents, bionics, implants, disposables, and consumables. India appeared to be a profitable destination for large global players due to increased income levels, private sector involvement in health care, an aging population, and the growth of medical tourism.

The market is in the early stages and fragmented, dependent on imports and limited opportunities for domestic production. The rapidly evolving technology landscape, conducive financial mechanism, and government push through initiatives from Make in India are expected to accelerate market growth in the period 2021-2025.

Effects of COVID-19

The pandemic has put a huge strain on the market by creating a gap between supply and demand. While the demand for personal protective equipment increased sharply, the supply side was massively restricted due to blocking measures. Sales declined sharply in the first quarter of fiscal 2021 due to a drop in sales of non-COVID-19 items. The actors followed various strategies to increase production capacity, collect payments from creditors, and meet the changing demand for business continuity.

Insights into market segments

The market is divided into instruments and devices, diagnostic imaging, consumables and implants, as well as patient aids and others. The instruments and devices segment dominated the market and accounted for 33.72% of total sales in 2020. Patient aids and others are expected to be the fastest growing segment over the forecast period.

Important growth drivers in the market

The increased demand for new applications has led to a growth in the medical technology market. For example, improved surgical techniques and new implant materials for joint replacement (e.g., hybrid replacement procedures used in hip replacement surgery) are factors driving the growth of the orthopedic segment

In India, non-communicable diseases (NCDs) are a major health problem. Diseases such as cancer, obesity, and diabetes are on the increase due to factors such as a sedentary lifestyle and high stress. By 2025, noncommunicable diseases would represent 75% of the disease burden in India. The significant increase in non-communicable diseases is driving demand in some key segments of the medical technology market

Main deterrent to the growth of the market

The lack of healthcare professionals and infrastructure is a major reason for insufficient market penetration. According to the World Bank, India only had 0.9 doctors per 1,000 patients in 2019. The health sector is also facing a major infrastructure challenge. India has an estimated 1.1 beds per 1,000 people, well below the 3.5 beds per 1,000 people proposed by the WHO (World Health Organization) for better health infrastructure.

Covered companies

  • Opto Circuits Limited

  • Philips India Limited

  • Siemens Limited

  • TTK Healthcare Limited

  • Appasamy Associates

  • BPL Medical Technologies Private Limited

  • Forus Health Private Limited

  • Hindustan Syringes & Medical Devices Limited

  • Nidhi Meditech Systems

  • Trivitron Healthcare Private Limited

Main topics covered:

Chapter 1: Executive Summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction

3.1. Market definition and structure

Chapter 4: Overview of the Indian Medical Device Market

4.1. Medical Technology Market Overview in India

4.1.1. Market Size and Growth Forecast (2019-2025e)

Chapter 5: Medical Technology Market Segmentation in India

5.1. Medical Devices Market in India Segmentation By Type

5.1.1. Medical technology market share (%) (2020 and 2025e)

5.1.2. Instruments and Devices Market Size and Growth Forecast (2019-2025e)

5.1.3. Diagnostic Imaging Market Size & Growth Forecast (2019-2025e)

5.1.4. Consumables and Implants Market Size and Growth Forecast (2019-2025e)

5.1.5. Patient Aids and Other Market Size and Growth Forecasts (2019-2025e)

Chapter 6: Effects of COVID-19

6.1. Effects of COVID-19

6.2. Effects on the value chain

6.3. Short term effects

6.4. Long term effects

6.5. Lessons learned and technological focus

Chapter 7: Trading Analysis

7.1. Trade analysis

7.1.1. export

  • In terms of value

  • In terms of volume

  • By country

7.1.2. Import

  • In terms of value

  • In terms of volume

  • By country

Chapter 8: Market Influencers

8.1. Market leader

8.2. Market challenges

Chapter 9: Government Initiatives

9.1. Government initiatives

Chapter 10: Market Trends

10.1. Market trends

Chapter 11: Competitive Landscape

  • Company information

  • Business description

  • Products

  • Key people

  • Financial snapshot

  • Key relationships

  • Key financial performance indicators

  • Important business areas

  • Important geographic segments

Chapter 12: Big Startups

12.1. Sattva MedTech Private Limited

12.2. Coeo Labs Private Limited

12.3. Wrig Nanosystems Private Limited

12.4. Cardiotrack

12.5. Axio Biosolutions Private Limited

12.6. Tricog Health Private Limited

12.7. Remidio Innovative Solutions Private Limited

Chapter 13: Latest Developments

Chapter 14: Appendix

For more information on this report, see https://www.researchandmarkets.com/r/bhoz0n