Opportunities for Western Companies in Indias Fast Growing Cancer Market

With a population of 1.2 billion, India has the 3rd largest medical device market in Asia. The total diagnostic and medical equipment market in India is valued at almost $4 billion and is growing 18% per year. However, India faces an increasing cancer burden. There are over 1 million new cancer cases diagnosed every year in India; this will grow five-fold over the next 10 years. Western medical device companies that help diagnose or treat cancer patients should find expanding opportunities in India’s medical markets.

Over the past 10 years, imaging equipment such as MRI machines and CAT scanners have become common in Indian oncology units and private practices. Diagnostic tests like biopsies and cytological sampling are also widespread. Chemotherapy, radiation, surgery and combination treatment therapies are offered in hospitals throughout India. More sophisticated diagnostic and imaging equipment, as well as increasingly advanced treatment technologies, are spreading quickly in India.

Western companies like GE, Siemens and Philips represent a majority of India’s cancer diagnostics and equipment market. They are marketing diagnostic and monitoring equipment targeted to the developing Indian market — simpler, easy-to-use, long lasting and with fewer bells and whistles – which cost about 50% as much as their main products. In another example, Qiagen earlier this year launched a durable, portable, cost effective and easy-to-use HPV test designed specifically for developing rural areas that lack healthcare resources and infrastructure.

India’s growing cancer care market offers many opportunities for Western medical device companies. To succeed in this market, Western firms should develop a strategy for the Indian market. Although some private hospitals are purchasing high-end cancer care products, most public hospitals need less complicated, easy-to-use, affordable and portable versions of Western therapeutic equipment and devices. These types of cancer diagnostic and treatment products should be very successful in India.

For more information, please see PBM’s recent article on the Indian Cancer Market.