The Indian MedTech market may see twofold rise as its size in value terms is likely to reach Rs. 55,040 crore by 2020 from the current level of Rs. 26,048, growing at a compounded annual growth rate (CAGR) of 15 per cent, a new recent report said.
According to the study titled, ‘Medical Technologies’, jointly conducted by ASSOCHAM and MRSSIndia.com, the Medtech sector is at a nascent stage with most of the indigenous manufacturing restricted to medical consumables.
The report sees growth of the global MedTech industry at 4-6 percent for the same period.
Imports still constitute over 75% of the current medtech market. India is looking to improve self-sufficiency in medtech as a part of the “Make in India” initiative, it adds.
The rapidly expanding sector presents immense opportunities to global players, it stated.
Syringes, Needles and catheters form major part of consumables and disposables. Consumables and Disposables are the only trade surplus segment of the medical device sector with domestic players having a larger market share. Key players include Hindustan Syringes, Lotus Surgicals, Sutures India, B Braun, Beckton Dickinson.
Most of the requirements are met through domestic manufacturing. Consumables and implants constituted 19 percent (4949 crore) of the industry in 2015-16. It is expected to grow at a rate of 14 percent over 2015–2020. Implants segment is expected to grow faster than the other segments in the medical device industry.
Patient aids and other products is the fastest growing segment of the medical devices industry in India and constituted 16 percent (4168 crore) of the total industry size in 2015-16.
It is expected to grow at a rate of 19 percent over 2015–2020.Hearing aids and Pacemakers form major part of the Patients Aids segments and constitute 70% of the market collectively.
Patient aids segment is basically an import driven segment with most products primarily sourced from Ireland, USA, Australia, Singapore, China and South Korea. Key Players include St Jude Medical, Shree Pacetronics, Medisafe International, Medtronics.
The global MedTech market is expected to grow from nearly USD 371 billion in 2015 to almost USD 529.8 billion in 2022, reflecting a seven-year compound annual growth rate (CAGR) of 5.2 percent, noted the joint study.