India medical device technology market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the rising spending on the healthcare infrastructure and rising prevalence of chronic and infectious diseases in the country. India is considered as one of the promising nations in terms of medical devices manufacturing and marketing. As per the India Brand Equity Foundation (IBEF), in 2019, India was the fourth largest medical devices industry in Asia-Pacific region after Japan, China and South Korea. Moreover, with the changing lifestyle and rising urbanization is leading to the rise in the consumption rate of unhealthy diet and lack of physical activity. This, in turn, is augmenting the need for medical devices for the treatment of chronic diseases and infectious diseases in the country. Furthermore, the rise in the medical tourism is another factor driving the purchasing rate of medical devices in hospitals, clinics in India. 

The medical device technology market is classified on the basis of device type, which includes in vitro diagnostics devices, diagnostic imaging devices, cardiology devices, ophthalmology devices, orthopedic devices, and others. Among these devices, the cardiology devices segment holds a significant share in the market, owing to the rising incidences and prevalence of CVD across the region. Such rising incidences of CVD is rising the development of advanced technologies in order to cater the wide patient pool across the region. The India have high incidence and prevalence rate of heart diseases due to sedentary lifestyle, excessive consumption of alcohol, consumption of junk food, high intake of cholesterol and huge number of diabetic and obese patients.

The India medical device technology market is influenced by product development and advancements conducted by the market players. The key players of the medical device technology market include Thermo Fisher Scientific Inc., General Electric Co., Accurex Biomedical Pvt. Ltd., Abbott Laboratories, Johnson & Johnson Services Inc., and Koninklijke Philips N.V. These players are playing a significant role in the growth of the medical device technology market by providing various products and adopting several strategies such as merger and acquisition, partnerships and collaboration, technological development, and others.

RESEARCH METHODOLOGY

The study of the India medical device technology market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary sources include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation:

1. India Medical Device Technology Market Research and Analysis by Device Type

The Report covers:

• Comprehensive research methodology of the India medical device technology market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting yIndia medical device technology market.
• Insights about market determinants which are stimulating the India market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.