The market will undergo significant changes, driven by mounting patient awareness of advancements in medical technology, and an aging population
The medical devices space in India will see impressive expansion, rising from $10.4 billion in 2014 to reach $17.6 billion by 2020, representing a robust Compound Annual Growth Rate (CAGR) of 9.4 per cent, according to research and consulting firm GlobalData.
The company’s report states that although this market will not see the same level of growth as the pharmaceutical sector, it will still undergo significant changes, driven by mounting patient awareness of advancements in medical technology, and an aging population.
Adam Dion, Senior Industry Analyst, GlobalData says that India’s medical device market is one of the fastest-growing, thanks to the country’s strong economic growth and improving living standards.
In terms of current opportunities within the medical devices arena, ophthalmic devices take up the largest proportion of market share.
Dion notes that,“Johnson & Johnson Vision Care and Essilor International are the current market leaders in India’s ophthalmology devices space, but they face competition from several major players, such as Carl Zeiss, Bausch & Lomb (i.e. Valeant), and Novartis’ Alcon subsidiary.”
EP News Bureau – Mumbai