Rising consumer awareness about self-testing devices useful for monitoring and regulating chronic diseases and rapid technological transformations are boosting the market growth, says RNCOS.
Noida, UP -- (SBWIRE) -- 05/15/2014 -- As per the new research report by RNCOS, “Indian Medical Device Market Outlook to 2017”, market for medical devices in India is going through an exciting phase. Boosted by various factors like a rapidly expanding healthcare infrastructure and rising demand of high quality medical devices by medical tourists, the market is expected to grow at a high double digit growth rate to reach around US$ 11 Billion by 2017.
The study reveals that the demand for self medication and home-based treatment is increasing, with more and more patients resorting to both the diagnosis and treatment of specific diseases at home. Driven by an increasing awareness of lifestyle disorders demand is rapidly rising especially for self-monitoring diabetes and diagnosing breathing disorders. The rapid technological developments that home-use devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have undergone is contributing to this trend. The use of remote communication technology to allow healthcare professionals to support the home-based patients is further aiding to the preference for home and self care.
The study further delves into the market by categorizing it on the basis of application of medical devices. The major categories covered involve Medical and Diagnostic Equipments; Medical Implants; Medical Disposables and Supplies. Also, the market has been studied on the basis of imports, exports and local manufacturing of products. Insights on the current market and future outlook to 2017 will equip companies with business intelligence that will help them in aligning their operations with market growth and maximize their earnings.
Other important parameters that will particularly help foreign medical device manufacturers in knowing India better include knowledge on the distribution system and regulatory environment in India. India has a unique distribution channel consisting of over 300 distributors for the sales of medical devices. Unlike in West, distributor’s relationship with influencers is of critical importance in the country. India's billion citizens speak 24 major languages, practice 6 major religions, and are divided into thousands of ethnic groups. Finding a suitable distributor with market depth and experience is thus of utmost importance before entering the Indian market. Besides, India’s regulatory environment, though laxer than the West, is difficult to wade through without proper knowledge. The report will help built understanding on the various registration requirements in the country and will help companies in their regulatory compliance planning and efforts.
Besides, the study provides the latest market trends, drivers and challenges with an overview of the current competitive landscape. All in all, the report is a comprehensive review of the current and expected outlook of the Indian medical device market by 2017, making it a must buy for everyone keen on making the most in one of the fastest growing medical devices market in the world.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.