India’s medical device market will experience a compound annual growth rate (CAGR) of 17 percent over the next five years. The market will expand by 150 percent in 2015, reaching a value of $2 billion.
The homecare and handheld devices sector will more than triple. Meanwhile, therapeutics, imaging devices and patient monitoring will account for the remainder of the estimated growth.
Currently, imaging is the largest sector followed by therapeutics, patient monitoring, and then homecare and handheld products. By 2015, homecare and handheld products will likely outstrip the patient monitoring sector.
With a current value of $850 million, the medical device sector makes up a little over one percent of the national healthcare industry, estimated to be worth $66 billion this year. Pharmaceuticals currently comprise 19 percent of the market.
Looking to capitalize on this growth, the Indian Semiconductor Association (ISA) is working to promote Indian regulation and policy to encourage domestic manufacture of medical equipment. The ISA is also looking to fund research and development of device for export. With devices increasingly being designed for portability, semiconductors will likely play a critical role in this market.