India is The 4th Largest Market for Medical Devices in Asia
SNAPSHOT Fostering innovation for improved health The medical devices industry in India consists of large multinationals, with extensive service networks, as well as small and medium enterprises (SMEs). The current market size of the medical devices industry in India is estimated to be $ 5.2 bn. As per the Department of Pharmaceuticals, the estimated retail market for medical devices is between $ 9.3 bn – $ 10.8 bn.
Diagnostic imaging, consumables, and other medical devices form 86% of total export trade for Indian medical devices industry in FY 2016-17. The U.S. is the largest exporter, accounting for 15% of the export trade.
Singapore, Germany, and China are the other leading exporters, accounting for 7%, 6.7%, and 6.4% respectively. The European Union constitutes 27.1% of the total export trade. Furthermore, the U.S., Germany, China, Japan, and Singapore constitute the five largest exporters of high technology medical equipment to India. India’s medical devices industry is poised for significant growth in the next five years.