Market insights:
In India, the medical devices industry is small, with a disproportionate reliance on imports and a complex regulatory environment. Imports constitute around 75% of the medical devices industry sales in India. A range of factors contributes to this high percentage share of imports. To bridge the gap existing in medium – high-end technology products, an increasing number of multinational companies are establishing their presence in India. Almost all the top 40 global medical device companies today have a presence in the country. The share of multinational firms is around 40% – 50% in consumables and instruments and appliances and 80% – 90% in all other sub-segments. Most multinational companies have their production base outside India and import their products to the Indian market.
The medical devices market in India is expected to reach INR 4,358.64 Bn by FY 2027, expanding at a compound annual growth rate (CAGR) of ~41.93% during the FY 2023 – FY 2027 period.
Impact of COVID-19:
By the end of 2021, nearly all medical device markets had fully recovered from the initial, significant dip in device sales caused by the pandemic. However, with the increasing number of cases of the Omicron variant, in January 2022, many elective procedures were once again postponed. But the associated device sales in 2022 were impacted far less than expected compared to the previous year. Financial statements throughout 2022 by some of the largest medical device companies also indicated a strong recovery for most of their business units, although the duration and sustainability of their recent growth remain volatile, as the current rate of global vaccinations and administration of booster shots may struggle to keep off emerging, potentially even more fatal variants of concern, such as the B.1.617.1 variant in India.
Market Influencers:
Market drivers:
There is a growing prevalence of chronic disorders, including diabetes, cancer, and other infectious diseases, owing to the adoption of sedentary lifestyles and other factors. Also, healthcare agencies in India are focusing on increasing the diagnosis and treatment rates through growing number of awareness programs. With the rising prevalence and awareness of such conditions among the population in India, the patient population requiring diagnostic procedures and tests is also increasing.
Also, rapid rise in the geriatric population is increasing the demand for ophthalmic and orthopedic procedures due to increasing incidence of impaired vision and joint fractures in the elderly population.

Key challenges of the market:
The medical devices market has witnessed notable growth in the past decade due to new technological implementations and design modifications. However, the devices are expensive, which includes a comparatively higher acquisition cost and maintenance, thereby leading to an overall increased device cost and ownership.