Valued at $6.5 billion in 2013, India’s medical electronics market will grow to be worth as much as $11.7 billion by 2017, according to new research from Frost & Sullivan.
The market-research company expects the Indian market to receive a boost from a combination of factors, including the burgeoning population and higher middle-class incomes.
Government schemes to provide basic healthcare facilities in rural parts of India have also driven the adoption of medical equipment based on a convergence of electronics, IT and telecoms.
Although government spending on healthcare in India is just 1.2% of GDP – less than one third the proportion spent in the US, the UK and Australia – authorities have set a target of increasing public spending to 2.5% of GDP in their twelfth five-year plan.
However, Frost & Sullivan urges Indian authorities to create a strong framework for the development of medical devices standards – arguing this will boost domestic manufacturing and reduce the time it takes to introduce new technologies in medical electronics.
“In India, medical devices need to be made for Indian operating conditions,” said Niju V, the director of automation and electronics practices for Frost & Sullivan. “Focused policy on medical devices factoring in all industry stakeholders including technology developers, manufacturers, healthcare providers, insurance providers, and patient groups can give a big boost to the sector.”
Ultimately, Frost & Sullivan sees an opportunity for Indian manufacturers to take a lead in developing miniaturized, ultra-low-power and low-cost devices that can be used for patient monitoring, imaging and surgical requirements.
It also says that so-called wearable devices could help doctors to offer extended care outside the clinical environment – boosting efficiency and increasing access to healthcare throughout the country.