COVID-19 medical industry has played a twin function for India. On one hand, it has rendered the population helpless amidst the pandemic crisis. This is because of the non-availability of a potent vaccine to combat the virus symptoms.
However, on the other hand, it has also boosted the medical device industry owing to the escalating requirement of equipment and surgical appliances.
This article substantiates the latter role of the pandemic in enhancing the demand for healthcare equipment in India. It outlines a substantial upsurge in the medical device country and its impact on the Indian population.
Medical Industry in India
The Association of Indian Medical Device Industry is expanding its reach to every corner of the nation. It aims to combat the COVID-19 emergency on the forefront and facilitates the physicians with top-notch medical instruments.
The Indian medical device industry ranks in the 4th position in Asia and among the top 20 in the world.
According to research studies, the industry represents a total of 6% of the healthcare sector. In fact, this dynamic industry has attained a value of 2.5 billion USD in 2020 and anticipates reaching a value of 50 billion USD by 2025.
This growth is recorded at a CAGR of 4.1% from 2020 to 2025.
Personal Protection Equipment on Rising
With the rising COVID-19 cases across the country, big and small hospitals, medical facilities, and nursing homes require Personal Protection Equipment (PPE) kits to fight back this life harming pandemic.
Before the COVID-19 outbreak, only 6 firms in the country manufactured PPE kits. However, this number has increased from 6 to 20 during this time of medical emergency.
In other words, India produces about 2 lakh PPE kits a day to fulfill the growing demand and heightening virus cases.
The “Local for Vocal” Medical Device Start-Ups in India
With a radical upsurge in the medical device industry, the government welcomes new start-ups featuring the manufacturing of medical devices.
Over here, the country proposes to no longer depend upon foreign imports and instead, fabricate its own devices and distribute them across the nation-states.
To foster this initiative, the Prime Minister has announced a package of INR 20 crores to nourish this department and bring it to the forefront.
Segmentation of the Medical Device Industry
Here is an outline of the multiple existing segregations in the medical device industry
Consumables and disposables (including PPE kits, needles, and syringes)
Dental products like braces, dentures, etc.
Prosthetic appliances such as leg and arm extensions.
Diagnostic imaging products such as x-ray, MRI, ultrasound, etc.
Patient aids like pacemakers and hearing aids.
Growth Opportunities in the Medical Device Industry in India
With the COVID-19 outbreak and peaking up diagnostic rate, you can also expect growth opportunities in the medical device industry. Some of the relevant field worth consideration are as follows:
Advanced Medical Technology Manufacturing
Medical Devices Manufacturing Industries in India
There are a total of 6 medical device manufacturing clusters in the country.
Haryana: Low-end medical consumables, factories in Chandigarh, Manesar, Faridabad, and Ballabhgarh.
Gujarat: Pharmaceutical industries, Ahmedabad (Vapi industrial corridors).
Andhra Pradesh and Telangana: Hyderabad (AMTZ Medical park in Vishakapatnam); Sultanpur (upcoming in Telangana)
Maharashtra: Pharmaceuticals, Mumbai, Nagpur, and Pune.
Karnataka: Stents and implants, insulin pens, medical electronics, Mangalore, and Bengaluru.
Tamil Nadu: Medical Electronics (HLL Medipark, Chennai).
Other Relevant Points to Consider
Around 65% of domestic manufactures in India deal with medical device consumables.
Only top multinationals use high tech devices to sell their medical goods to foreign nations.
There exist around 700-800 medical device manufacturers in India.
The average investment in this industry ranges from 2.3 to 2.7 million dollars.
The average returns in this industry range between 6.2-6.9 million dollars.
Recently, the states of Andhra Pradesh, Kerala, Tamil Nadu, and Kerala have got government approval for building medical device parks.
8% more Indians are expected to earn more than 12,000 dollars per annum by 2026.
Life expectancy in India anticipates crossing the age of 70. This shall foster a hike in demand for homecare medical devices.
Altogether, the medical device industry has a bright future in India. It is soon going to become a powerful and popular hub for medical device production and procurement.
It also caters to the growth of medical procurement companies like ZEPNURhealth. Based in Bangalore, the company facilitates easy and comfortable medical equipment procurement solutions across India.
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