The Indian medical electronics market is expected to grow at a rapid pace, in part due to growing middle-class incomes and increasing prevalence of lifestyle diseases like diabetes.
A new Frost and Sullivan report projects that the medical electronics market in India will grow to $11.7 billion in 2017, up from $6.5 billion in 2013.
That represents a compound annual growth rate of 16%.
A growing population coupled with higher middle-class incomes and burgeoning awareness of the benefits of healthcare system are some of the factors driving the market growth, the report found. Further, the Indian government initiatives have led rural areas to adopt medical equipment, thereby boosting the medical electronics industry.
The increase in so-called “lifestyle diseases” like diabetes is creating the need for a focus on improving healthcare access and providing affordable and preventive healthcare. In fact
Such objectives can be fulfilled with the convergence of medical electronics, IT and telecommunications, the report fund.
But for companies looking to enter the Indian market, it is important to note that medical device regulation is not formalized adequately in the Asian nation.
The report said that the Indian “Drugs and Cosmetics (Amendment) Bill, 2013 is now considering recognizing medical devices as separate from pharmaceutical products in the regulatory structure.”
“Focused policy on medical devices factoring in all industry stakeholders including technology developers, manufacturers, healthcare providers, insurance providers, and patient groups can give a big boost to the sector,” said Niju V, director of Automation & Electronics Practices, Frost and Sullivan, in a news release about the report.
What kind of devices will serve the Indian market best?
“Five aspects including miniaturization through System on Chip (SoC) designs, wireless integrated circuits, efficient power management, intelligent sensors, and connected IT infrastructure will dominate future technology landscape of the Indian medical electronics industry,” Niju V said.