medical devices 2019-06-21

Innovation in the Medical Devices’ Market is Fostering the Indian Healthcare Industry

Healthcare equipment ranging from products like wheel-chairs and massagers to medical equipment like X-Ray machines and monitoring and testing devices, are witnessing steady demand from the market. Read on...

By Features Writer
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.

star franchise india
Related opportunities
  • Ayurvedic, Herbal & Organic Products
      Andariki Ayurvedam was established in the year 1997 by Dr. Elchuri..
    Locations looking for expansion hyderabad
    Establishment year 1997
    Franchising Launch Date 2000
    Investment size Rs. 30lac - 50lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Madhapur hyderabad
    Locations looking for expansion Maharashtra
    Establishment year 1991
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Superstores
    QUIKTILE ( NEXT GEN RETAIL ) is a patented and..
    Locations looking for expansion Delhi
    Establishment year 1990
    Franchising Launch Date 2021
    Investment size Rs. 20lac - 30lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
  • Herbal, Ayurvedic, Homeopathic & Natural Care Products
    Locations looking for expansion Madhya pradesh
    Establishment year 2015
    Franchising Launch Date 2017
    Investment size Rs. 10000 - 50000
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Indore Madhya pradesh
Insta-Subscribe to
The Franchising World
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

ads ads ads ads