Innovation in the Medical Devices’ Market is Fostering the Indian Healthcare Industry
The Indian healthcare sector has seen some major transformation in the past few decades, thanks to the amalgamation of innovation and healthcare practices. The medical devices’ market has witnessed a complete makeover as technological innovations happened in the industry. The current market size of the medical devices’ industry in India is estimated to be a whopping $5.2 billion.
Healthcare equipment ranging from products like wheelchairs and massagers to medical equipment like x-ray machines and monitoring and testing devices, are witnessing a steady demand from the market, which is further pushing the entire healthcare industry towards the growth path.
Market Potential of Healthcare Equipment
The Indian medical devices’ industry is largely dominated by MNCs with 70-75% of the demand being met through imports. Approximately, 30 % of the market share is occupied by domestically manufactured devices that are exported, in which the consumable and disposables’ segments have the largest share.
The industry is divided into five major segments:patient aid, consumables and disposables, equipment and instruments, implants, and stents. Among these,the equipment and instruments segment that includes MRI machines, CT scanners etc form the largest part of the industry, followed by the patient aid segment, which is poised to become the fastest growing vertical by 2020.
The market is quite unorganised and highly fragmented, and this paves the way for various opportunities that could be explored by the budding entrepreneurs in the field.
Major Growth Drivers of the Industry
The disease burden has shifted from acute to chronic diseases due to lifestyle changes and ageing. As the aged population is increasing and newer generation facing more and more diseases than ever, the market for medical devices is witnessing a drastic boost.
Awareness levels among consumers are increasing, which in turn is giving rise to the medical devices’ market. The increase in diagnosis and treatment has given rise to the purchase of medical devices.
The purchasing power of the consumers is also rising, which paves the way for the market growth.
The increase in medical tourism is also one of the major growth catalysts of the medical devices’ market.
Franchising the way to Accessible Healthcare
One of the biggest challenges that face the medical devices’ industry is the lack of accessibility of these devices. The uneven distribution of these devices often acts as a barrier to the growth of this industry. Franchising could be a way to overcome this issue as franchising provides easy and affordable business options. It provides an immense opportunity for those who want to spread their wings in the healthcare and wellness industry.
Big Indian players, such as My Get Well Store, a unit of Bajaj Life Care, is a well-established brand in healthcare industry and offers franchising opportunities in the field of medical devices. To buy a franchise of My Get Well Store, an investment of Rs 15-20 lakhs in tier 1-tier 2 cities, Rs 10 lakhs in tier 3 cities, and Rs 5 lakhs in smaller cities is required for an area of about 300 to 1000 sq ft.
With such low-cost franchises available for entrepreneurs in the field of medical devices, these devices could be easily accessible in every nook and corner of the country, as well as being a great opportunity for an entrepreneur to grow into a successful businessman.