A new report by visiongain, a London-based business information provider, predicts that the Indian medical device market will be worth $11 billion by 2023.
The emerging regions of India and China hold huge opportunities for the medical device manufacturers, as their markets expand at double digit rates. Last year, the Indian medical device market generated $3 billion in sales.
"The Indian medical device industry has experienced tremendous growth in recent years, as a result of increased awareness amongst the end-users, and affordability of healthcare products and services with the increasing spending power," says Rupali Vadhera, a healthcare industry analyst.
Vadhera also credits the growth to the government for expanding healthcare coverage to rural areas and to the growth in the private hospital sector.
"The availability and easier access to healthcare has increased the use of medical devices," he says. "Though for a majority of the population, private healthcare is unaffordable."
Future growth in this market is also expected to be driven by patient demographics, particularly with the rise in the country's aging population, which has fuelled increased incidence of age-related diseases, such as cardiovascular disease and Alzheimer's disease.
Although the prospects for the market appear promising, the lack of strict regulation of several medical devices in the country will be a challenge in the future as the devices reaching the market become more complex and the end-users demand quality for the price.