India medical device technology market is projected to grow at a significant CAGR of around 2.8% during the forecast period (2020-2026). The medical device technology market in India is expected to grow at a considerable growth, owing to the rise in the prevalence of chronic and infectious diseases, such as cancer and CVD. Moreover, the government support for the growth of the healthcare industry in India due to the rising medical tourism is further backing up to the growth of the Indian medical device technology market in the country. Furthermore, the increase in the medical institutions and hospitals will further augment the demand for medical device technology in India.
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The government initiatives, such as ‘Make in India’ are bolstering the growth of the market in India. Such initiatives are motivating the medical device manufacturers and end-users of medical devices to augment the domestic market in terms of the medical device. In March 2020, the Government of India announced a package of around $1.9 billion for the setting up of the bulk drugs and medical devices parks in the country. With such huge allocation of fund for the manufacturing of the medical devices, the pharma manufacturing and medical device manufacturing industry will project growth during the forecast period.
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Market Coverage
- Market number available for- 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered- By Product Type
- Key Companies Profiled- Thermo Fisher Scientific Inc., General Electric Co., Accurex Biomedical Pvt. Ltd., Abbott Laboratories, Johnson & Johnson Services Inc., and Koninklijke Philips N.V.
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment dominates the market in base year?
- Which segment will project fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
- Recovery Timeline
- Deviation from pre-COVID
- Most affected segment
- Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
India Medical Device Technology Market – Segmentation
By Product Type
- In Vitro Diagnostics Devices
- Diagnostic Imaging Devices
- Cardiology Devices
- Ophthalmology Devices
- Orthopedic Devices
- Others (Endoscopy Devices and Respiratory Care Devices)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
