The Prospects Of The Indian Healthcare Electronics Industry

The Indian medical electronics segment faces tremendous demand but inadequate local supply, making it over reliant on imports. For medical electronics equipment to be uniformly available across the country, action is needed on many fronts – government policy, industry participation, and nurturing a startup ecosystem.

- Nijhum Rudra

The healthcare industry is an im-portant sector in India. For the past couple of years, the growth of the medical electronics products, devices and components market in the country has been positive. The inflow of sophisticated medical electronics technology has completely transformed medical practices— ushering in digital diagnostics and medical examinations, and remote delivery of health services by way of telemedicine. According to FICCI, the healthcare sector is expected to register double digit growth due to increased urbanisation, the spread of chronic ailments and a rising elderly population.

According to technology experts, the industry is growing at a very rapid pace, while the infrastructure has also improved across the nation.

An overview of the Indian medical electronics industry

The economic reforms of the 1990s played a pivotal role in shaping Indian industry. The healthcare industry has also grown considerably, and the current market is estimated to be US$ 50 billion. The medical electronics segment of this industry is growing at a rapid CAGR of 17 per cent, say market researchers in FICCI. India is now one of the largest medical electronics markets in the world, and speculated to reach US$ 25 billion by 2025. Khaleej Times recently mentioned that the healthcare industry in India has become one of the largest sectors of the economy, both in terms of employment and revenue.

As of now, the market for medical devices in India is estimated to be around US$ 10 billion. A Khaleej Times report further added that the Indian medical devices industry comprises over 800 Indian manufacturers, of which close to 65 per cent have a turnover of over US$ 1.5 million, and 2 per cent have a turnover of more than US$ 73 million.