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Industry Developments
The India Medical Device Market has seen considerable developments in recent months, particularly marked by the increasing focus on domestic manufacturing and innovation in response to the COVID-19 pandemic. Baxter International has enhanced its presence in the market by expanding its portfolio of renal care products. Olympus Corporation has also been actively engaging in partnerships to bolster its endoscopic technologies within India. In April 2023, Medtronic announced a strategic collaboration aimed at expanding access to minimally invasive surgical technologies across multiple regions in India.
Recent acquisitions have been notable as well; in June 2023, Stryker Corporation acquired a local firm specializing in orthopedic technologies, emphasizing its commitment to the Indian market. The ongoing growth and investment in the Indian healthcare sector, expected to reach a market valuation of approximately USD 50 billion by 2025, has become a catalyst for companies like Johnson Johnson and Philips Healthcare to invest heavily in localized strategies. Major events such as the "Make in India" initiative have further propelled the local manufacturing of devices, while policy reforms enhancing ease of doing business have drawn attention from multinational companies like GE Healthcare and Thermo Fisher Scientific.
India Medical Device Market Report Scope
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 33.4(USD Billion) |
| MARKET SIZE 2024 | 35.74(USD Billion) |
| MARKET SIZE 2035 | 75.45(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 7.03% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Baxter International, Olympus Corporation, Medtronic, Stryker Corporation, Johnson and Johnson, Boston Scientific, Cardinal Health, Siemens Healthineers, Philips Healthcare, Thermo Fisher Scientific, Fresenius Medical Care, Zimmer Biomet, Nipro Corporation, GE Healthcare, Abbott Laboratories |
| SEGMENTS COVERED | Device Type Outlook, Application Outlook, End User Outlook |
| KEY MARKET OPPORTUNITIES | Telehealth technology adoption, Point-of-care diagnostics growth, Government healthcare spending increase, Innovative surgical devices demand, Home healthcare solutions expansion |
| KEY MARKET DYNAMICS | Growing aging population, Increasing healthcare expenditure, Rising awareness of health issues, Government initiatives for Make in India, Technological advancements in devices |
| COUNTRIES COVERED | India |
FAQs
What is the projected market size of the India Medical Device Market in 2024?
The India Medical Device Market is expected to be valued at 35.74 billion USD in 2024.
What is the expected market size for the India Medical Device Market by 2035?
By 2035, the market is anticipated to reach a value of 75.45 billion USD.
What is the compound annual growth rate (CAGR) for the India Medical Device Market between 2025 to 2035?
The CAGR for the India Medical Device Market is estimated to be 7.03% from 2025 to 2035.
Which device type segment is expected to have the highest market value in 2035?
The Diagnostic Devices segment is projected to reach a market value of 18.0 billion USD by 2035.
What is the market value for Drug Delivery System in 2024?
The Drug Delivery System segment is valued at 5.5 billion USD in 2024.
Who are the key players in the India Medical Device Market?
Major players include Baxter International, Medtronic, Johnson and Johnson, and Siemens Healthineers among others.
What is the expected market value for Electronic Medical Devices in 2035?
The Electronic Medical Device segment is estimated to reach 17.95 billion USD by 2035.
What are the significant growth drivers for the India Medical Device Market?
The market's growth is driven by advancements in medical technology and increasing healthcare expenditures.
What is the market value for Invasive Devices in 2024?
The Invasive Devices segment is valued at 6.0 billion USD in 2024.
How large is the Respiratory Therapeutic Devices segment projected to be in 2035?
The Respiratory Therapeutic Devices segment is expected to reach 15.0 billion USD in 2035.
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