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Israel-India Business Guide - MedTech, Pharma & Biotech
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MedTech
India: An attractive
destination for outsourced
manufacturing
International collaborations and cooperation in R&D can speed
growth even further
Sateesh Kulkarni
The advancement in medical technology, substantial
demand, coupled with ongoing standardization
of regulation and accreditation, has made India
an attractive destination for foreign companies to
outsource manufacturing of high end devices. Imminent
consolidation, international tie ups and the demand
created by insurance industry will similarly aid diagnostic
players to deliver world class services. It is anticipated that
these developments will enable health care providers to
synergize medical and service excellence, thus, enabling
them to deliver need-based, high quality patient care. With
demand for accurate and timely medical care going up,
statistics indicate that there has been an approximately 25
percent increase in laboratory business due to screening
and follow up for lipid profile3, blood glucose levels,
glycosylated haemoglobin, speciality tests for thyroid
hormone levels, basic cancer markers.
The Medical Technology (‘MedTech’) market in India is
estimated to be around USD 5 billion at present and
growing at 15% yearly. The MedTech market in India is
estimated to grow to $29 billion in 2025. India’s medical
device market is currently the fourth largest market in
Asia with 700 medical device makers, and ranks among
the world’s top 20. Although there is no consistent
methodology for segmentation of the market, in general,
the MedTech market is categorized into the following
categories - The following sub segments are included in
the above categories - Consumables, Diagnostic Imaging,
Dental Products, Orthopaedic & Prosthetics, and Patient
Aids. Diagnostic Imaging is one of the biggest segment of
the Indian MedTech market.
Medical equipment
The medical equipment segment constitutes the largest
share of the medical technology sector with over 55%
of the total size of the market. This segment includes the
following:
• Imaging equipment like SPECT, MRI, CT
• In-vitro diagnostic equipment
• Equipment used for therapy like linear accelerators,
gamma knife, cath labs etc.
Medical implants
Themedical implants segment constitutes the next biggest
segment with over 25% of the market. This segment
includes the following:
• Cardiac implants such as stents, pacemakers, heart
valves, Orthopedic implants for knee, hip, spine
• Eye implants such as intra-ocular lenses
• Ear Implants such as cochlear implants
• Dental implants
Medical disposables & furniture
Medical disposables and furniture constitute around 20%
Outsourcing Opportunities
Indian Medical Devices Size and Market
Forecast (in USD million)