The medical technology industry has become a major part of the healthcare sector in India in recent years and is likely to witness steady growth in the coming years. However, India’s indigenous production of medical equipment needs to rise in order to facilitate growth of the market. India’s medtech market was valued at INR 40,000 Cr in 2016, and could well reach evaluations exceeding INR 100,000 Cr by the middle of the next decade. Here’s a look at the key factors that will affect the trajectory of the market:
70% of India’s medical technology market is made up of imported products, illustrating the scale of the operation facing the leading lights in the industry. Major products in medical technology are usually imported in India, while low-value equipment such as test kits and consumables is mainly produced in India. The low-cost operational models incorporated in several others parts of India could thus be useful in the medical technology sector as well. The development of modular medical equipment that can be improved over time could also open up medical technology production in India. However, the positive impact of the proliferation is tempered somewhat by the fact that the low-cost model doesn’t ideally fit the medical technology industry.
Lack of Skilled Personnel
While low-cost manufacturing operations can reduce the prices of indigenous medical technology, the extreme competitiveness of the industry has elevated the status of research and development operations, making the procurement of skilled research personnel vital for sustained success in the medical technology market. This is a significant untapped opportunity for the medical technology sector in India.
Lack of Awareness
The factor most likely to hamper the growth of the medical technology industry in India is the lack of awareness regarding the latest advancements and lack of comprehensive systems analyzing the healthcare framework as a whole.