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Medical electronics market to reach Rs 33000 cr

Posted: 27 Dec 2011     Print Version  Bookmark and Share

Keywords:medical electronics  healthcare industry 

Indian medical electronics industry is expected to reach around Rs.32,653.06 crore ($6.4 billion) by the year 2020, growing at a compounded annual growth rate (CAGR) of up to 19 per cent, according to FICCI-Deloitte study.

The industry, which is currently valued around Rs.5,102.04 crore ($1 billion), has been growing at an average rate of 17 per cent for past couple of years. "It is strongly believed that growth will outperform the pace, resulting the industry to touch Rs.32,653.06 crore ($6.4 billion) mark by 2020."

The Indian healthcare industry has witnessed its share of high growth rates and the current market size is pegged at Rs.2.55 lakh crore ($50 billion).

According to the FICCI-Deloitte thought paper titled 'Medical Electronics Industry: Outlook 2020', "It's foreseen that India in near future will be on the cutting edge of technology in this domain which won't be possible without multi-lateral collaborations between governments, sharing of research and development effort, joint product development and launch simultaneous to global markets to achieve economies of scale."

Indian government is planning to increase its healthcare outlay and take the total allocation on healthcare to 2-3 per cent of GDP by 2012. "Future trends also include business model innovation across the value chain and resource prudent innovation which will generate significant benefits in making medical electronics more affordable."

"To move towards the desired medical ecosystem, convergence of technologies—medical, IT and telecom needs to be adopted," said A Vaidheesh, chairman, FICCI-Medical Electronics Forum.

For more statistics and forecasts, click here.

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