Market Size of India General Surgical Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India General Surgical Devices Market Analysis
The Indian general surgical devices market is expected to register a CAGR of 6.8% during the forecast period.
The impact of COVID-19 was severe on the market studied, owing to the cancellations of elective procedures, including surgical procedures, which impacted the market. The pandemic brought an unprecedented burden on the country's economy and the healthcare system. The healthcare facilities, such as hospitals and diagnostic centers, were investing heavily to maintain the supply of essential equipment and drugs. The lockdown measures have significantly decreased public mobility and impacted the healthcare industry, decreasing the uptake of various non-emergency surgeries. The surgical procedures postponed due to the pandemic were completed in the last two years since the restrictions were lifted, which led to the market's recovery.
The market is expected to grow due to factors such as rising demand for minimally invasive surgeries, a high rate of injuries and accidents, and an increasing prevalence of chronic diseases.
As per the Road Accidents in India report, number of traffic accidents in the country increased from 3,68,828 in 2020 to 4,22,659 in 2021. Also, according to IDF, the number of people affected with diabetes in 2022 is likely to be 774,194,700 in India. Hence, the high prevalence of diabetes is associated with high risk for acquiring a heart disease or a stroke. The high burden of road accidents and increasing injury, trauma, and diabetes in the country is estimated to boost the surgical procedures, thereby propelling the market's growth.
Healthcare in developing countries like India is undergoing rapid changes. Growing population in the country is likely to lead to increased demand for medical devices. According to the Elderly in India 2021 report, around 137.9 million people over the age of 60 years were living in India. The numbers are projected to rise to 193.8 million by the year 2031. Around 23% of the elderly population have multi-morbidities, with elderly women being more likely to have such disorders. As a result of huge geriatric population, demand for minimally incasive surgeries is estimated to increase in India. These factors have been increasing the demand for general surgical devices in India.
Additionally, the key players have been involved in various strategic alliances, such as acquisitions, and collaborations, along with the launch of advanced products to secure their position in the global market. For instance, in April 2021, Messe Frankfurt India collaborated with Andhra Pradesh MedTech Zone (AMTZ) to launch MedTech Innovation Forum in India. The initiative would create a platform for medical device manufacturers to exchange advancements and innovations for the development of the Indian medical devices industry which also includes surgical devices.
However, reimbursement issues have dissuaded many market players to enter the market. This has restrained the market growth.
