In Short:
The Indian medical diagnostic equipment industry is expected to grow to nearly $6 billion by 2027, with a 12% annual growth rate. The clinical and immunoassay segments are projected to be the largest. Domestic players focus on high-quality products at competitive prices, while Asian and Western MNCs offer sophisticated solutions. Growth drivers include expanding diagnostic labs, rising disposable income, and increasing medical tourism. New players may emerge leveraging technologies like AI and molecular diagnostics.
The Indian Medical Equipment Market Poised for Significant Growth
Exciting news for the Indian medical diagnostic equipment industry! Experts predict that by 2027, the market is set to soar to nearly $6 billion, up from the current $4 billion in CY23. This growth is fueled by a variety of positive factors, promising a bright future for the sector.
Market Growth and Projections
According to Praxis Global Alliance, a leading management consulting firm, the diagnostic equipment market in India is expected to grow at a robust CAGR of about 12 per cent over the next four years. The clinical and immunoassay segments are anticipated to lead the way, each boasting a market size of around $1 billion by CY27. Other segments like clinical chemistry, immunoassay, and histopathology are also on the rise, with projected CAGRs of 14 per cent, 16 per cent, and 18 per cent, respectively. However, segments like X-ray, CT, and MR equipment are likely to experience slower growth rates.
Key Players Making Waves
In the medical equipment market, three main segments dominate the landscape – domestic players, Asian MNCs, and Western MNCs. Domestic companies like **Transasia**, **Trivitron**, and **Accurex** focus on providing high-quality products at competitive prices, tailored to the specific needs and preferences of the local market. On the other hand, Asian and Western MNCs offer a wide range of sophisticated solutions with strong manufacturing capabilities and cutting-edge technology, catering to different customer segments.
Driving Forces Behind Market Growth
Several factors are driving the growth of the medical equipment market in India, including the expansion of diagnostics labs in smaller towns, increasing disposable income, an ageing population, rising prevalence of non-communicable diseases, and the growth of medical tourism. Tier 1 cities currently dominate the pathology equipment market, holding a 46% market share, while there is significant room for growth in tier 2 cities in terms of radiology equipment penetration.
Moreover, the market is set to witness the emergence of new players leveraging technologies such as AI, IoT, and molecular diagnostics to meet evolving market demands and differentiate themselves. Personalized medicine through tailored diagnostic tests and services, genomic testing, and predictive analytics are also poised to revolutionize patient care and outcomes.
With such promising growth prospects and technological advancements, the Indian medical equipment market is on an upward trajectory, poised to transform the healthcare landscape in the years to come.
