Medical Technology Market in India 2021

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Market Scenario

Medical technology involves the use of technology to develop cure-based systems that are used in hospitals. The medical technology market comprises players supplying health devices and instruments, diagnostic equipment and reagents, bionics, implants, disposables, and consumables. India appeared to be a profitable destination to major global players, owing to increase in income levels, private sector participation in healthcare, an aging population, and growth of medical tourism. The market is at a nascent stage and fragmented, dependent on imports and limited capabilities for indigenous manufacturing. The rapidly evolving technology landscape, conducive financial mechanism, and governmental thrust through Make in India initiatives are projected to expedite market growth during the 2021 – 2025 period. It is estimated to reach INR 1,674.63 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~22.75% during the forecast period. Major players in the market include Opto Circuits Limited, Philips India Limited, Siemens Limited, TTK Healthcare Limited, and Appasamy Associates. Impact of COVID-19 The pandemic has put an enormous burden on the market by creating a supply-demand gap. While the demand for personal protective equipment rose steeply, the supply side was massively constrained due to lockdown measures. The revenue fell sharply in the first quarter of FY 2021 due to a drop in sales volume for Non-COVID-19 items. The players adopted various strategies to boost production capacities, collect payment from creditors, and address the changing demand to maintain business. Market segment insights The market is segmented into instruments and appliances, diagnostic imaging, consumables and implants, and patient aids and others. The instruments and appliances segment dominated the market, accounting for 33.72% of the total revenue in 2020. Patient aids and others is expected to be the fastest-growing segment during the forecast period. Key growth drivers of the market • An increase in demand for new applications has led to the growth of medical technology market. For instance, improved surgical techniques and new implant materials for joint replacement (e.g., hybrid replacement method 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 including cancer, obesity, and diabetes are on the rise as a result of factors such as a sedentary lifestyle and high stress levels. By 2025, NCDs would account for 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 Key deterrents to the growth of the market Shortage of healthcare professionals and infrastructure is a significant reason behind the under-penetration of the market. According to the World Bank, in 2019, India had only 0.9 physicians per 1,000 patients. Besides, the healthcare sector faces a significant challenge in terms of infrastructure. India has an estimated 1.1 beds per 1,000 people, which is far behind the 3.5 beds per 1,000 people suggested by the WHO (World Health Organization) for better health infrastructure. Companies covered • 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

Table of Contents

Chapter 1: Executive summary Chapter 2: Socio-economic indicators Chapter 3: Introduction 3.1. Market definition and structure Chapter 4: India medical technology market overview 4.1. India medical technology market overview 4.1.1. Market size and growth forecast (2019–2025e) Chapter 5: India medical technology market segmentation 5.1. Medical technology market in India – Segmentation based on type 5.1.1. Medical technology market share (%) (2020 and 2025e) 5.1.2. Instruments and appliances market size and growth forecast (2019 – 2025e) 5.1.3. Diagnostic imaging market size and growth forecast (2019 – 2025e) 5.1.4. Consumables and implants market size and growth forecast (2019 – 2025e) 5.1.5. Patient aids and others market size and growth forecast (2019 – 2025e) Chapter 6: Impact of COVID-19 6.1. Impact of COVID-19 6.2. Impact across value chain 6.3. Short-term impact 6.4. Long-term impact 6.5. Lessons learnt and technology focus Chapter 7: Trade analysis 7.1. Trade analysis 7.1.1. Export - Value-wise - Volume-wise - Country-wise 7.1.2. Import - Value-wise - Volume-wise - Country-wise Chapter 8: Market influencers 8.1. Market drivers 8.2. Market challenges Chapter 9: Government initiatives 9.1. Government initiatives Chapter 10: Market trends 10.1. Market trends Chapter 11: Competitive landscape 11.1. Opto Circuits Limited - Company information - Business description - Products/Services - Key people - Financial snapshot - Key ratios - Key financial performance indicators - Key business segments - Key geographical segments Note: Financial information covered only for public companies. 11.2. Philips India Limited 11.3. Siemens Limited 11.4. TTK Healthcare Limited 11.5. Appasamy Associates 11.6. BPL Medical Technologies Private Limited 11.7. Forus Health Private Limited 11.8. Hindustan Syringes & Medical Devices Limited 11.9. Nidhi Meditech Systems 11.10. Trivitron Healthcare Private Limited Chapter 12: Major start-ups 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: Recent developments Chapter 14: Appendix 14.1. Research methodology 14.2. About Netscribes 14.3. Disclaimer


This research report involves complete picture of the market with the help of in-depth secondary and primary research. This research report studies several aspects of the market and analyze vital industry influencers. Extensive secondary research has been conducted using paid as well as open access data sources in order to gather information on the market and parent market. These key findings are then analyzed and validated with the help of in-house data models and primary discussions with key industry participants and experts across the value chain


Research Tools and Models

  • Top-Down Approach and Bottom-Up Approach
  • QFD Modeling for Market Size and Share Calculation
  • Regression, Variable and Impact Analysis
  • Penetration Modeling

Qualitative Research

  • It comprises briefing about market dynamics and business opportunities and strategies.
  • Finally, all the research findings are validated through interviews with in-house industry experts, freelance consultants and key opinion leaders etc.

Quantitative Research

It involves various mathematical tools, models, projection, and sampling techniques. It involves following steps:

  • Identification of market variables and market size derivation
  • Assessment of future prospects, opportunities and market penetration rates by analyzing product commercialization, regional trends etc.
  • Evaluation historical market trends and derivation of present and future year-on-year growth trends

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