India's medical machinery market has increased dramatically

In 2011, India’s medical device market generated sales of US$3 billion. Opportunities exist in emerging areas of the country. According to Visiongain, a London-based business information provider, it is estimated that by 2023 India's medical device market will be worth about US$110, making it the most profitable in the global medical device market.

The report said that the Indian medical device market mainly relies on imports, providing important opportunities for multinational medical device manufacturers. Most domestic manufacturers are engaged in low value-added products such as syringes, needles, catheters, blood collection tubes, medical electronics, medical devices and implants.

Visiongain’s report also stated that India’s medical device market will benefit from health insurance, which is currently the country’s fastest growing non-life insurance sector. The composition of patients will also drive the growth of the future medical device market, particularly in the aging of the country's population, and the rising incidence of age-related diseases such as cardiovascular disease and Alzheimer's disease. Although the market outlook is promising, the country lacks strict supervision over some medical devices. In the future, the process of medical devices entering the market will become more complicated, and end users will not be able to buy good quality.

Due to the high cost of treatment and the long waiting time in developed countries, India has gradually become a choice for medical tourism. According to the Visiongain report, the medical tourism market in India maintains a double-digit growth rate of 30% and is expected to reach 2 billion U.S. dollars by 2015.