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Medical Devices

Overview

The Indian medical devices sector is a relatively smaller segment of the overall Indian healthcare industry, but it is one of the fastest growing. India is one of the top 20 markets for medical devices globally.

Growth in this market has been driven by an increase in healthcare spending and growing awareness with the spread of cheap telecom and Internet connectivity. Currently, factors such as ongoing healthcare reforms, industry consolidation, and price pressures are playing a role in the evolution of this highly competitive sector. Companies are trying to balance the demands of regulations with the spirit of innovation and emphasis on quality assurance.

The Medical Devices Sector in India: A Snapshot

Key Stats
  • The Indian medical devices sector is valued at about US$4.9 billion
  • India is the fourth-largest market for medical devices in Asia, after Japan, China, and South Korea
  • The sector is expected to register a compounded annual growth rate of 15% over the next few years
  • Multi-national companies dominate the Indian medical devices market
  • The Government of India plans to manufacture 181 medical devices/products locally
Challenges
  • The domestic medical devices sector is highly fragmented
  • The sector is highly dependent on imports as technology has not yet evolved to international standards
  • Excise duties make imported medical devices expensive by Indian standards
  • Lack of standardization in clinical practices
Trends for the future
  • R&D in the medical devices sector will result in more local innovation
  • Government push to manufacture devices in India will bring down prices and reducing price pressure
  • Companies that have a strong product pipeline and high-quality infrastructure will be able to succeed in this intensely competitive market

Selective Consultants in the Medical Devices Sector

The medical devices sector plays a critical role in the entire sphere of the healthcare continuum. With the changing economic and regulatory landscape, the medical devices sector is going to grow significantly.

We offer a holistic ecosystem that ensures that the professionals who are hired for this sector are able to meet the changing demands with the required flexibility. People with extremely desirable skill sets are in demand, and we are seeing the migration of talent from similar sectors such as pharmaceutical to the medical devices sector, attracted by the growth opportunities here.

Our Expertise

  • Dental Fittings

  • Medical Furniture

  • X-Ray Devices

  • Orthopaedic Devices

  • Pacemakers

  • Hearing Aids

  • Computed Tomography

  • Syringes & Needles

  • Electro-diagnostic Devices

  • Surgical Appliances

  • Therapeutic Respiration Devices

  • Opthalmic Devices

How We Help

  • With a push on local manufacturing, we expect companies to look for professionals with strong research skills and technical expertise
  • We work with organizations and professionals across the whole of the medical devices supply chain to recruit the best and brightest talent
  • Our vast experience ensures that we have worked with companies that specialize in designing and developing hearing aids, electrocardiology and ultrasonic diagnostic equipment, to companies designing and developing surgical lasers, ventilators, heart valves, implants, pacemakers, and defibrillators
  • We help medical devices companies manage change by hiring professionals that know how to deal with change