Healthcare and Lifesciences

Attractiveness of Indian MedTech market for global players

13 Jun 2024

In this edition, we explore the vast potential of the Indian market for medical device companies. With its burgeoning healthcare industry, favorable government policies, and rapidly growing economy, India presents a golden opportunity for businesses looking to expand their global footprint. Let's delve deep into why India is an attractive destination for medical device companies and how to navigate this dynamic market effectively.
Medical devices are segregated into four major segments:

Consumables & disposables includes needles and syringes, etc
Equipment & instruments include MRI, X-ray, ultrasound, etc
Implants include dentures, braces, stents, etc
Patient aids include hearing aids and pacemakers, etc

Why India? The Allure of a Growing MedTech Market

The Indian medical device market has been identified as a sunrise sector by the Government of India (GOI). The Indian medical device industry was worth US$ 11.6B in CY23, rising to US$ 50B by CY30 at a CAGR of 16.4%. India is an attractive market for global players with a growing market, successful growth stories of foreign players, cost-efficient manufacturing opportunities, an alternative to China, and favorable government policies (Exhibit 1).

How can global companies enter India?

There are multiple ways through which a global player can enter the Indian market. Many global companies have adopted one way or the other to enter the market. Exhibit 2 gives a detailed snapshot of how global companies have entered the market.

Our holistic toolkit for developing GTM strategy

At Praxis Global Alliance, we are committed to supporting medical device organizations in navigating this evolving landscape. By leveraging the right strategies and technologies, we believe that a GTM strategy can be formulated, ensuring coverage to every part of the country.