The Korea Trade-Investment Promotion Agency (KOTRA) recently cited a report from the Indian Ministry of Health and Family Welfare, revealing that the Indian medical device market is currently valued at around $12.5 billion and has been growing at an annual rate of over 15 percent since 2018.
This growth rate far exceeds the global average of 6 to 7 percent.
With a population exceeding 1.4 billion and rising incomes boosting spending power, the report predicts increased consumption across various medical fields.
By 2030, the number of Indians aged 60 or older is projected to surpass 170 million, further expanding the market for elderly-related medical devices.
Government support programs, such as annual financial assistance of 50,000 rupees ($597) for low-income and vulnerable individuals, are also contributing to market growth.
KOTRA reported that India relies heavily on medical device imports, with dependence reaching 70 to 80 percent.
The agency also noted that to manage inventory, distributors and dealers sometimes sell outdated or lower-quality devices at reduced prices, which can negatively impact consumers and pose serious risks.
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