For medical device imports, India is one country that charges one of the highest customs tariff rates not just in Asia but across the globe as well and still, the medical device imports rose 41 percent and touched Rs 63,200 crore in 2021-2022. And another report stated that 70 to 80 percent of the medical devices sector is import dependent in the country.
At the same time, a KPMG report show that the Indian medical devices domain might reach USD 47 billion by FY30. With that said, the exact growth potential of the market will be depended on the changing market conditions and the commitment from the government to facilitate its growth. The Diagnostic Imaging, Prosthetics, and Medical Disposable verticals are three of the most prominent segments in the Indian medical devices industry.In this article, let’s analyze these markets and the changes happening in these segments.
Diagnostic imaging and increased safety By 2025, Indian elderly population is expected to surpass 155 million and the constant advancements in treatment protocols, healthcare standards and medical equipments can be attributed to this. At the same time, this increasing population of the elderly and the increased health consciousness of the population are set to boost the demand for improved diagnostic imaging equipments in the country.
Other than that, the rising of chronic diseases including cancer, gastrointestinal and cardiovascular disorders, and the growing number of genetic mutations will also accelerate the demand for innovative diagnostic imaging equipments going forward. Even with that being the case, healthcare professionals and medical experts have major concerns regarding the alarming rise in ionizing radiation exposure which can get into the human body and cause harm for the cells.
To increase patient’s safety, experts are advocating for the use of newer imaging equipments and use of techniques to reduce the amount of dose. Owing to this, there has been an increasing demand for radiation dose monitoring software in the Indian healthcare market.
Augmento from DEEPTEK, India is one of the most innovative software in this segment and this AI-powered communication system platform makes dose monitoring software accessible and affordable. Augmento which has a simple interface also offers greater flexibility as it is able to outsource the radiology readings seamlessly. Apart from that, though the Augmento mobile app, radiologists, technicians, and physicians can collaborate regardless of their locations.
Medical disposables and sustainability The global medical disposable market had an estimated value of USD 51 billion in 2020 and till 2030, the market is expected to grow at a steady pace.
The primary factors that are attributed to this growth are the rising importance and concerns regarding chronic diseases, as well as the increasing number of HAIs or Hospital Acquired Infections. Even with that being the case, health experts and policy makers are concerned regarding the adverse environmental impacts caused by many medical disposable products.
In the US, manufacturers of medical devices are under increasing pressure from the regulators, customers, and hospitals to reduce the environment impact caused by these devices. At the same time, more and more hospital systems across the globe have started to focus more on sustainability while purchasing these medical disposable products. Operating out of Mumbai, India, KNYA Med is an innovative medical apparel venture that was established by the dynamic husband and wife duo of Vanshika Choudhary and Abhijeet Kaji.
The company recently launched their market disruptive EcoFlex scrub suits for healthcare workers. These are made from recycled polyester that is acquired from PET bottles found in ocean waste. Since their inception, KNYA Med has also been able to create an impressive product portfolio that includes scrubs for both men and women, as well as scrub masks, ankle socks, reusable masks etc.
Prosthetics and improved customizability The Indian prosthetics industry is a highly fragmented one which allows newer players to enter the vertical much more easily. Even with that being the case, the lack of compensation policies, customization options and market awareness have adversely impacted the industry’s growth in India. Other than that, the primary issue faced by Indian prosthetics companies is the high cost of manufacturing customized, and highly functional prosthetics for amputees. Recently, researchers from IIT Guwahati made a breakthrough in the Indian prosthetics market as they in association with other research partners including Guwahati Neurological Research Centre (GNRC), and 151 Army Base Hospital, Guwahati designed a reasonably priced prosthetic leg that is custom made to cope with Indian conditions.
One of the key features of this product is that it can be adjusted according to the different age group of the users. And through this breakthrough design, researchers are aiming to make customizable prosthetics more reliable and affordable for amputees.
Over the years, India which is currently Asia’s fourth largest medical devices industry has emerged as a popular destination for medical devices outsourcing. From market leading multinationals to emerging small and medium companies, the Indian medical devices industry has immense potential to grow and become a key contributor to the nation’s economy. And the strong inflow of FDIs into the Indian medical devices industry acts as a testament that showcases the potential of the Indian market.
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