Market Size and Structure of the Indian Medical Device Market

Welcome to the second post of the BlueSalt Group’s blog. Here I discuss the size and structure of the market for medical devices India. To put it succinctly, this market is quickly growing, but still nascent and highly fragmented with limited indigenous manufacturing. The lack of indigenous manufacturing provides an excellent opportunities for manufacturers abroad to step in and make up the shortfall.

According to an analysis undertaken by Deloitte and the Confederation of Indian Industry, the Indian healthcare market as a whole was estimated at 35 billion USD in 2007, and has seen double-digit growth rates in the intervening years. Health related markets as a whole are growing at 13-15% annually.

The size of the medical devices market alone was $4.0 billion in 2013 and expected to grow to $7.0 billion by the end of 2016, based on figures from the US – India Business Council. Currently the market is dominated by medical instruments and appliances used in specialties such as ophthalmic, dental and renal medicine (see table below). As I mentioned in my previous post, imports constitute over 65-70 percent of the estimated market share. For higher-end medical technology products, imports constitute nearly 75% of the Indian medical technology market.

(Source: Cygnus Business Consulting and Research Pvt Ltd)

I hope you’ve enjoyed this post. Our next post will cover growth drivers in the Indian medical device market. Please check back here regularly for updates. If you have any questions, or have an idea for a topic you’d like to see covered here, please contact me at info@bluesaltgroup.com Send Mail