Indian medical equipment electronics market is expected to reach $2 billion (about Rs 9,000 crore) by the end of 2015, according to a study conducted by the Indian Semiconductor Association (ISA). The medical equipment electronics market is now valued at around Rs 3,850 crore, and is growing at a CAGR of 17 per cent.
“The overall Indian healthcare market is valued at around $63 billion (Rs 3 lakh crore). By the end of 2015, the medical equipment electronics market is expected to reach around $2 billion from the current $0.8 billion,” said Vidya Mulky, ISA head (research).
Cashing in on the growing needs of the medical equipment sector, the ISA has taken steps to promote policies and initiatives to encourage domestic equipment manufacture. The association is also planning to support and sponsor research and development of medical equipment and also to promote export-based equipment market in India.
ISA president Poornima Shenoy said, “The medical equipment market is witnessing more traction, and even semiconductor start-up companies are focusing on medical equipment business.”
The study lists the growth of medical tourism, entry of corporates into the healthcare business, rise of lifestyle diseases as some of the reasons for the stupendous growth of Indian health industry.
Narayana Hrudayalaya managing director Devi Prasad Shetty said, “Healthcare technologies should be ubiquitous and affordable to the poor in the country. Usage of semiconductor and technology is critical to reduce the cost of equipments and it will help in taking the best practices of healthcare to the common man.”
Narayana Hrudayalaya is planning to open 90 specialty hospitals in various smaller cities across India with hi-tech facilities to provide affordable healthcare to the rural population.
