The Indian MedTech market may see twofold rise as its size in value terms is likely to reach Rs. 55,040 crore by 2020 from the current level of Rs. 26,048, growing at a compounded annual growth rate (CAGR) of 15 per cent against the expected global industry growth of 4-6 percent, according to an ASSOCHAM-MRSSIndia.com joint paper.

The Medtech sector, which is an indispensible part of the Indian healthcare industry, is at a nascent stage with most of the indigenous manufacturing restricted to medical consumables. Imports still constitute over 75 percent of the current medtech market. India is looking to improve self-sufficiency in medtech as a part of the ‘Make in India' initiative. The rapidly expanding sector presents immense opportunities to global players, stated the study titled, ‘Medical Technologies,' jointly conducted by ASSOCHAM and MRSSIndia.com.

Diagnostic imaging represents the second-largest segment of the medical devices industry in India, constituting 31 percent (8075 crore) of the industry in 2015-16. It is expected to grow at a rate of 13 percent over 2015-2020. Building on the existing installed base of electro-diagnostic and radiation apparatus, imaging parts and accessories are expected to lead this segment, growing at a CAGR of 15 percent over the next few years.

Syringes, Needles and catheters form major part of consumables and disposables. Consumables and Disposables are the only trade surplus segment of the medical device sector with domestic players having a larger market share. Key players include Hindustan Syringes, Lotus Surgicals, Sutures India, B Braun, Beckton Dickinson. Most of the requirements are met through domestic manufacturing. Consumables and implants constituted 19 percent (4949 crore) of the industry in 2015-16. It is expected to grow at a rate of 14 percent over 2015-2020. Implants segment is expected to grow faster than the other segments in the medical device industry.

Patient aids and other products is the fastest growing segment of the medical devices industry in India and constituted 16 percent (4168 crore) of the total industry size in 2015-16. It is expected to grow at a rate of 19 percent over 2015-2020.Hearing aids and Pacemakers form major part of the Patients Aids segments and constitute 70 percent of the market collectively.

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