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'The Indian Medical Devices Market Will be Worth $11.0bn by 2023' says Visiongain Report
PR Newswire LONDON, November 28, 2012
LONDON,November 28, 2012/PRNewswire/ --
A new report byvisiongain, a London-based business information provider, predicts that the Indianmedicaldevice market will be worth$11.0bnby 2023. The market generated sales of$3.0bnin 2011. Currently the US dominates the global medical device market, holding a 39.8% m arket share. However this market, in addition to the European and Japanese markets are well established, while countries in Far East Asia and Latin America are regarded as potential target regions for medical device manufactures, as they remain relatively underpenetrated. The emerging regions of India and China hold huge opportunities for the medical device manufacturers, as their markets expand at double digit rates.
Rupali Vadhera, healthcare industry analyst, says: "The Indian medical device industryhas experienced tremendous growth in recent years, as a result of increased awareness amongst the end-users, and affordability of healthcare products and services with the increasing spending power. The government also aims to expand the healthcare coverage to rural areas. Additionally, the private hospital sector in India has grown rapidly over the last few years, with several well known private companies opening their healthcare centres/hospitals in metropolitan and tier 1/2 cities. The availability and easier access to healthcare has increased the use of medical devices, though for a majority of the population private healthcare is unaffordable."
Visiongain's research suggests that the Indian medical devices market will benefit from the expansion of medical insurance. Future growth in this market is also expected to be driven by patient demographics, particularly with the rise in the country's aging population, which has fuelled increased incidence of age-related diseases, such as cardiovascular disease and Alzheimer's disease. Although the prospects for the market appear promising, the lack of strict regulation of several medical devices in the country will be a challenge in the future as the devices reaching the market become more complex and the end-users demand quality for the price. Visiongain predicts that this market will grow steadily to 2023. The future of the medical devices market in India appears promising and has significant potential for growth and investment with the increasing demand for safer and cost-effective therapies. This new report adds to visiongain's wide range of analytical reports in healthcare and other industry areas.
For sample pages and further information concerning the Visiongain report Indian Medical Device Market Outlook 2013-2023 please visithttp://www.visiongain.com/Report/933/Indian-Medical-Device-Market-Outlook-2013-2023
For an executive summary please contact: Sara Peerunsara.peerun@visiongainglobal.comor Tel: +44-(0)20-7336-6100
Companies Listed
Abbott Accurex Biomedical Adonis Medical Systems Agappe Diagnostics AGD Biomedicals Agilent Alere Medical Allengers Alpha X-Ray Technologies AMX Medical Systems Analytical Automation Pvt Ltd. Antia Medical Ark Diagnostics B. Braun Bangalore Medical Systems Baxter Beckman Coulter Becton, Dickinson & Company Bhat Bio-tech India Bhram Systems bioMerieux Bio-Rad Laboratories
BioRad Medisys Blue Star Limited Boston Scientific BPL Health Management Solutions Cappella Medical Devices Chayagraphics Clindiag India CPC Diagnostics Cura Medical Danaher Corporation DePuy Diatron Dirui Electromed Electromedicals Erbis-Toshiba Medical Systems Esaote India Fujifilm Medical Systems Gemini Medical Networks (representing XGY) General Electric (GE) Hitachi Medical Corporation Horiba Medical Human Imperial Bio Medic InspireMD Iris Healthcare J Mitra John F. Welch Technology Centre (JWFTC) Johnson & Johnson Kirloskar Technologies Komega Konica Kruise Pathline Labindia Healthcare Logotech M.E. X Ray Mars Medical Systems Masters Medical Equipment Maxx Medical Med Rad MediRay Healthcare Meditronics Medi-waves Inc. Medtronic Melet Scholesing Meril Life Sciences Mindray Medical Mitsubishi Chemical Medience Corporation Nectar Lifescience Nihon Kohden Novo Healthcare Nuclear Healthcare Ltd (NHL) Olympus Corporation Opto Eurocor Healthcare Orphee Medical Ortho-Clinical Diagnostics Peerless Biotech PESO Medicare Philips Piramal Healthcare Prognosys Medical Systems Radiometer Randox Laboratories Rapha Diagnostics Recorders & Medicare Systems RMD Mediaids Roche S3V Vascular Technologies Sahajanand Medical Technologies Sandvik AB Sanrad Medical Systems Schiller India Shimadzu Medical Siemens Medical
Smith & Nephew SonoSite Span Diagnostics Stryker Suyog Diagnostics Suzi Medi Equipp. Thyrocare Group Toshiba Medical Systems Transasia Bio Medicals Trivitron Healthcare TTK Healthcare Tulip Diagnostics Urilab Systems Diagnostics Vision Medicaid Equipments Zimmer
Notes for Editors
About visiongain Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, visiongain produces a host of business-2-business conferences, newsletters, management reports and e-zines focusing on the Energy, Telecoms, Pharmaceutical, Defence, Materials and Automotive sectors.
Visiongain publishes reports produced by its in-house analysts, who are qualified experts in their field. Visiongain has firmly established itself as the first port-of-call for the business professional, who needs independent, high quality, original material to rely and depend on.
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongainglobal.comor call her on +44-(0) 207-336-6100
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