Taking The Pulse Of The Indian Medical Electronics Market

Emerging technological innovations are changing the way healthcare is delivered around the world and in India. The outlook for the Indian medical electronics industry is indeed bright. However, while opportunities abound, the industry needs to leverage the tech advances and keep innovating to retain its competitive edge.

The Indian healthcare industry has become one of the coun-try’s largest economic sectors, with regard to both employment and revenue. According to the Indian Brand Equity Foundation (IBEF), the Indian healthcare industry is expected to reach a turnover of US$ 280 billion by 2020.

In recent years, the rapid adoption of digital and other tech advances in healthcare has led to exciting new applications. This has created a huge demand for electronic components, devices and products that are used for medical purposes. Medical electronics technology has reinforced the existing healthcare infrastructure in various ways, right from digitising medical testing, diagnostics and therapeutic procedures to enhancing the reach of healthcare through telemedicine. India, as an emerging market, continues to be relevant in the global medical technologies space, not just from a market point of view, but also as a global hub for innovation and manufacturing.

Market size

A Global Market Insights study states that the global medical electronics market size was US$ 73.3 billion in 2018 and is set to exceed US$ 169 billion by 2020 (Figure 1) with an expected CAGR of 13 per cent from 2019 to 2025. The same study also indicates that the increasing preference for minimally invasive surgeries is going to boost the growth of this market, as the use of patient monitoring equipment and other diagnostic devices is quite high in such surgeries.

Technological advancements will also accelerate the industry’s growth over the coming years. Key medical electronics industry players continuously focus on integrating advanced technology into their devices to enable accurate and efficient diagnosis as well as treatment.