New Delhi, 19 May (IANS). India’s orthopedic and cardiac implant sector is expected to reach $ 4.5 to 5 billion by financial year 2028 due to strong domestic demand and increasing export presence. This information was given in a latest report released on Monday.
According to CARARAGE ratings, in FY 2024 the region (including exports) rose from 2.4 to 2.7 billion to $ 2.7 billion.
Indian implant manufacturers are moving rapidly in the domestic market and gradually increasing their presence in the export market.
The report stated that most of the coronary and orthopedic implant products are unlikely to reduce tariffs with any possible trade deal with the US with only 7.5 percent customs duty, there is no possibility of any significant change in market mobility for domestic manufacturers.
However, getting a discount in the price range can change the competitive landscape for domestic manufacturers compared to MNC.
The sales of domestic implant manufacturers increased from CAGR 28 percent (including 37 percent of CAGR for export) during the four years ended in FY 2024, which has overtaken the CAGR, 12 percent for MNC during the same period.
The increase in sales quantity of domestic institutions was even higher due to competitive pricing and increasing participation in sponsored insurance schemes by the government.
Carey Ratings Director Krunal Modi said, “India’s medical implant area is on a strong growth path inspired by strong domestic demand and increasing exports.”
India’s export growth for implant during the last 5-6 years has surpassed the implant imports.
The report said that per capita income and affordability increase, increasing awareness towards healthcare, growing age population, expansion in infrastructure of healthcare and increase in insurance penetration are expected to speed up domestic demand for implants in the long term.
Price Cap adversely affected the high-margin products of foreign multinational companies, forcing them to shut down some of their premium products from the Indian market.
However, this improved affordability, especially for manufacturing implants by domestic companies, which helped them expand their market parts.
According to the report, schemes like Ayushman Bharat further improved affordability and expanded the market.
-IANS
SKT/ABS