India Medical Technology Market Analysis 2023-2028, Featuring Profiles of Key Players Opto Circuits, Philips India, Siemens, TTK Healthcare, BPL Medical Technologies, Nidhi Meditech Systems and More

Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "Medical Technology Market in India 2023 - 2028" report has been added to's offering.

A transforming medical technology landscape, improving healthcare delivery and financing mechanisms, and changing patient profile are driving growth in the medical technology market. However, the industry has been stifled by some key impediments to growth. The foremost among these is the lack of - affordability, accessibility, awareness, and availability.

Market Insights:

In terms of revenue, the medical technology market was valued at INR 1,200.22 Bn in FY 2023 and is estimated to reach INR 3,810.45 Bn by FY 2027, expanding at a CAGR of ~26.50% during the FY 2024 - FY 2028 period.

Though medical technology market has volumes lower than some industries, many global organizations in this space are making India the hub for manufacturing, as well as innovation, for products that cater to, and are designed for, both local and global markets. Additionally, some organizations have now started focusing on India as a component manufacturing hub for assembly plants located across the globe.

These are early trends but are also firm strides that India is taking in both manufacturing and innovation to pave the way for in-country end- to-end product development. Home grown entrepreneurs and the rise of the start-up ecosystem in the country, the third largest globally, are also boosting the medtech trend in India. While boosting exports of manufactured products is one way of driving growth, moving up the value chain and delivering innovation is another important opportunity for medical technology in India.

Segment insights:

The medical technology market is segmented into instruments and appliances, diagnostic imaging, consumables and implants, and patient aids and others. In FY 2023, the instruments and appliances segment dominated the medical technology market, accounting for 33.48% of the revenue generated. Diagnostic imaging was the second-leading segment, with a contribution of 24.33 % in FY 2023, followed by patient aids and others segment (23.50%). The market share of the patient aids and others segment is estimated to increase to 27.78% in FY 2028.

With new features and increased security and scalability, the recently released eSanjeevani 2.0 has improved the telemedicine experience. India has also made considerable progress in its National Tele Mental Health Programme. Since its launch in October 2022, the Tele-MANAS Helpline has received over a million calls. More than 38 Tele MANAS Cells operate in 27 states and union territories, delivering mental health treatments in over 20 languages. First-line assistance are provided by 1,600 certified counsellors.

Key Topics Covered:

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Market overview
4.1. India medical technology market overview
4.1.1. Market size and growth forecast (FY 2022 - FY 2028e)

Chapter 5: Market segmentation
5.1. Medical technology market in India - Segmentation based on type
5.1.1. India medical technology market share (%) (FY 2023 and FY 2028e)
5.1.2. India instruments and appliances market size and growth forecast (FY 2022 - FY 2028e)
5.1.3. India diagnostic imaging market size and growth forecast (FY 2022 - FY 2028e)
5.1.4. India consumables and implants market size and growth forecast (FY 2022 - FY 2028e)
5.1.5. India patient aids and others market size and growth forecast (FY 2022 - FY 2028e)

Chapter 6: Impact of COVID-19
6.1. New era of technology driven healthcare in medtech
6.2. Rapid penetration of telehealth
6.3. Emergence of tele-radiology
6.4. Notable start-ups post COVID-19

Chapter 7: Trade analysis

Chapter 8: Market influencers
8.1. Market drivers
8.2. Market challenges

Chapter 9: Government initiatives

Chapter 10: Market trends

Chapter 11: Competitive landscape

  • 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

Chapter 12: Major start-ups

Chapter 13: Recent developments

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