Indian Medical Industry
Medical Value Travel Industry in India
- A growing sector globally, in 2021 medical value travel was estimated to have a market size of INR 3.9L crores around USD 49. 6 billion and it is expected to grow at a CAGR of 29.3 % to reach a market size of 15L crores around USD 192.9 Billion by 2026.
- Marketwise, 46% is dominated by Asia Pacific region including India i.e., it comes from USD 22.8 billion.
- Based on the Medical Tourism Index 2020-21, India is ranked 10th out of the top 46 countries, 12th out of the world’s top 20 wellness tourism markets and 5th out of 10 wellness tourism destinations in Asia-Pacific.
- Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria and Tanzania account for about 88 per cent of the total international patients visiting India. Bangladesh alone accounts for 54 per cent of the total medical tourists.
- The medical tourism industry in India gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care as the cost of treatment in India is considered to be the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong.
- The government has implemented various initiatives to push India’s rise as a hub of medical tourism through promotion of ayurveda, yoga and other Indian systems of medicine in the international market.
Healthcare and Wellness Industry in India
In India, wellness is a concept which has been in practice since ancient times. Traditional medicinal and health practices like Ayurveda and Yoga have propounded the concept of mental and body wellness. With the progress of time, wellness as a concept has taken up a multi-dimensional definition by expanding its range to new generation offerings like preventive healthcare, luxury products and personalized services.
The growing wellness industry has attracted a large number of domestic entrants and international players. As per a recent study by the Stanford Research Institute International, the Indian Wellness Industry is a US$ 9.8 billion market
The wellness industry in the country will grow at a rate (CAGR) of approximately 30-35 per cent for the next five years, says a latest study by FICCI and Ernst & Young
Medical Devices & Electronics Industry in India
The Indian Medical Electronics industry is currently valued at around 1 billion and has been growing at an average rate of 17% for past couple of years. It is strongly believed that growth will outperform the pace, resulting in the Indian Medical Electronics market reaching close to USD ~6.5 billion by the year 2020.
The Medical electronics industry has witnessed a double digit growth in recent years and this growth trajectory is expected to continue due to the rising incidence of chronic diseases, increased urbanization and a growing elderly population and increased awareness about latest technology solutions to save augment life and rehabilitation. The influx of Medical Electronics technology has also reinforced the existing Healthcare infrastructure in various ways right from digitizing medical test, diagnostic and therapeutic procedures to enhancing the reach of Healthcare through Telemedicine and Health IT.
During the last two decades, there has been a tremendous increase in the use of electronic equipment in the medical field for clinical and research purposes. Human body is a source of numerous signals, highly significant for diagnosis and therapy. These signals are picked up from the surface of the body or from within which requires electrodes of different sizes, shapes and types. Also, there are some parameters like temperature, blood flow, blood pressure, and respiratory functions etc., which are routinely monitored. These parameters, which are basically non-electrical in nature, are converted into corresponding electric signals by various transducers.
Rising Demand for Medical Electronics
Growing population, ageing, income base and associated disposable income, increasing socio-economic inclusion of rural and deprived in mainstream economy are some factors which have heightened manufacturing and innovation to create customized products. The sector is designed to meet the needs of all income segments, changing disease prevalence pattern and growing awareness among the middle class to focus on early detection and disease prevention.
Non communicable Diseases (NCDs) have also emerged as major public health concern. NCDs most widely prevalent in India are cardiovascular diseases, diabetes, cancer, stroke and chronic lung diseases. Contrary to popular belief, the poor population is more vulnerable to NCDs. Main reasons for this are material deprivation, stress, unhealthy living conditions and limited access to quality health care.
A basic drive of such proportions is expected to generate demand in medical electronic equipment devices and disposables, examples X-Ray and imaging equipment, pathological analyzers, probes, mains and battery operated devices, mobile detection and therapeutic equipment, AEDs, equipment for sanitizing and infection protocols, robotics and radio-therapeutic equipment’s, cardiovascular & neurovascular detection, bionics, systems along with modular life support systems, patient monitoring, internal & external implants, minimally invasive and non-invasive surgery, distant monitoring, diagnosis and remedial management.
Furthermore, today various parameters of Indian demography offer opportunity for tremendous growth in Medical Electronics due to general demand for healthcare.
An extensive use of computers and microprocessors is now being made in medical instruments designed to perform routine clinical measurements, particularly in those situations where data computing and processing could be considered as part of the measurement and diagnostic procedures.