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Industry Developments
The India Medical Device Second Opinion Market has witnessed significant developments recently, underscored by the rise in telehealth services, enhancing access to medical expertise. Companies like Medtronic and Siemens Healthineers are actively expanding their digital platforms to facilitate remote consultations. Notably, Fortis Healthcare has strengthened its second opinion offerings, catering to an increasing demand for specialized healthcare insights. The recent merger of Apollo Hospitals with a tech startup in July 2023 is expected to enhance their telemedicine capabilities, streamlining patient access to expert opinions.In terms of market growth, Johnson and Johnson reported a substantial increase in their medical device revenue, indicating a robust demand trajectory within India. The regional health technology landscape has also evolved due to strategic alliances; for instance, Thermo Fisher Scientific's collaboration with local health institutions aims to improve diagnostics services. The Indian medical device market is projected to cross USD 25 billion by 2025, highlighting its significant growth potential. Recent regulatory support from the Indian government, including streamlined approval processes for medical devices in September 2022, further amplifies opportunities in the sector, making it a dynamic area for investment and innovation.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 0.31(USD Billion) |
| MARKET SIZE 2024 | 0.35(USD Billion) |
| MARKET SIZE 2035 | 1.53(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 14.31% (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 | Medtronic, Fortis Healthcare, Johnson and Johnson, Apollo Hospitals, Siemens Healthineers, Philips Healthcare, Thermo Fisher Scientific, Cleveland Clinic, Narayana Health, Tata Medical Center, Becton Dickinson, GE Healthcare, Max Healthcare, Abbott Laboratories, Stryker |
| SEGMENTS COVERED | Application Outlook, Source of Service Outlook, Services Outlook, Type Outlook |
| KEY MARKET OPPORTUNITIES | Telemedicine adoption growth, Rising chronic disease prevalence, Increased patient awareness, Collaborations with hospitals, Regulatory support for telehealth |
| KEY MARKET DYNAMICS | Increasing patient awareness, Rising demand for accuracy, Growth in telemedicine services, Regulatory support for innovations, Collaboration between hospitals and specialists |
| COUNTRIES COVERED | India |
FAQs
What is the expected market size of the India Medical Device Second Opinion Market in 2024?
The India Medical Device Second Opinion Market is expected to be valued at 0.35 billion USD in 2024.
What will be the estimated market size of the India Medical Device Second Opinion Market by 2035?
By 2035, the market is projected to reach a value of 1.53 billion USD.
What is the expected CAGR for the India Medical Device Second Opinion Market from 2025 to 2035?
The market is expected to grow at a CAGR of 14.31 percent from 2025 to 2035.
Which application segment represents the largest market share in the India Medical Device Second Opinion Market?
Among the application segments, Cancer is expected to hold the largest market share with a projected value of 0.39 billion USD by 2035.
What are the projected market values for Diabetes as an application in 2024 and 2035?
The market value for Diabetes is expected to be 0.07 billion USD in 2024, increasing to 0.3 billion USD by 2035.
What is the expected growth rate of the Cardiac Disorders segment from 2024 to 2035?
The Cardiac Disorders segment is projected to grow from 0.08 billion USD in 2024 to 0.36 billion USD by 2035.
Who are the key players in the India Medical Device Second Opinion Market?
Major players in the market include Medtronic, Fortis Healthcare, Johnson and Johnson, Apollo Hospitals, and Siemens Healthineers.
What is the current market value for Neurological Disorders in 2024 and its projection for 2035?
The Neurological Disorders segment is valued at 0.06 billion USD in 2024 and is expected to reach 0.25 billion USD by 2035.
What is the projected market size for Respiratory Disorders in the upcoming years?
The market for Respiratory Disorders is estimated at 0.05 billion USD in 2024 and is expected to grow to 0.23 billion USD by 2035.
What are the growth drivers for the India Medical Device Second Opinion Market?
Key growth drivers include increasing prevalence of chronic diseases and advancements in medical technology.
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