India Homecare Medical Equipment Market is expected to show robust growth due to increasing instances of chronic diseases in the forecast period, FY2017-FY2027.
According to TechSci report on, “India Homecare Medical Equipment Market, By Region, Competition Forecast & Opportunities, FY2017 – FY2027” India homecare medical equipment market has shown promising growth in historical years until FY2021 and is expected to continue its growth in upcoming forecast years FY2023 to FY2027. India homecare medical equipment market owes its growth to the factors like shifting consumer preference toward homecare and patient care through regular monitoring and checkups. Rising concerns among the population to maintain their health and regularly monitoring their health status more in the case they have family history of chronic diseases increases the demand for medical equipment for home care further drives the growth of the India homecare medical equipment market in the upcoming five years. Rapidly increasing geriatric population of the country is also supporting the market growth. Geriatric population is highly susceptible to chronic diseases. Higher therapeutic approaches like surgical ventures for cardiovascular diseases, surgical removal of cancerous cells, and neurological surgeries requires prolonged recovery time from the diseases and healing post-surgery requires bed rest for patients. Hospitals often advise patients for homecare setting or out-patient setting for these durations. Higher patient burden on hospitals also supports the growth of the India homecare medical equipment market in the next five years. FDI investments along with governmental investments, favorable schemes, and planning further aids the growth of the India homecare medical equipment market in the future five years. India imports medical devices and equipment from global giants in the counties like the United States, Russia, and Germany due to higher technological advanced equipment availability in the countries. Established research & innovative product development is steadily growing in the country and substantiating the growth of the India homecare medical equipment market in the forecast years, through 2027.
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The India homecare medical equipment market segmentation is based on type, distribution channel, regional distribution, top 3 states analysis, and competitional landscape. Based on type, the market is further bifurcated into therapeutic equipment, patient monitoring equipment, mobility aids & patient support equipment, and others. Patient monitoring equipment are blood glucose monitors, blood pressure monitors, Holter monitors, peak flow meters, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and others. Patient monitoring equipment is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on grounds of increasing demand for home based patient care. Rising concern among population to maintain and monitor their health through monitoring blood pressure, blood sugar level, oxygen consumption further drives the growth of the market. Among patient monitoring equipment, blood glucose monitors are anticipated to hold the largest revenue shares due to higher prevalence of diabetes among the population. Increasing instances of obesity, higher inclination of younger population toward fast food & beverages consumption creates higher risks of blood sugar level increase and thus substantiate the growth.
Therapeutic equipment includes home respiratory therapy equipment, home IV equipment, home dialysis equipment, and others. The segment of therapeutic equipment may register significant growth in the next five years due to increase in the demand for home respiratory therapy equipment. Degrading environment conditions, increasing instances of pulmonary disorders, and increasing pollution levels in the country is driving the growth of the segment. Also, the home IV equipment is expected to register fastest CAGR growth. Due to pandemic, the patients suffering from COVID-19 were being treated in out patient and homecare settings. Lack of hospitals & clinics in case of pandemic upsurged the demand for IV equipment for homecare setting and thus aided the growth of the India homecare medical equipment market.
A partial list of market players in the field includes:
· India Medtronic Pvt Ltd.
· Johnson & Johnson Medical India Limited
· Abbott India Limited
· Becton, Dickinson Private Limited
· Roche Diagnostics India limited
· Wipro GE Healthcare Pvt. Ltd.
· Mindray Medical India Pvt Ltd.
· Siemens India
· Philips India Ltd.
· Hitachi Medical Systems India
· Stryker India Private Limited
· OttoBock Healthcare India Private Limited
· Vissco Rehabilitation Aids Pvt. Ltd.
· Ostrich Mobility Instruments Private Limited
· Karma Healthcare Ltd.
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“Growing investments and favorable government schemes to promote medical device development would drive the market growth. Global giants have penetrated the market and through imports the demands from the country are being fulfilled. New market players must focus and invest in research and development of affordable, simpler GUI, and portable medical devices and equipment for the homecare setting to enhance their brand establishment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Homecare Medical Equipment Market By Type (Therapeutic Equipment {Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, Others}, Patient Monitoring Equipment {Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate Monitors, Baby Monitors, Electronic Thermometers, Others}, Mobility Aids & Patient Support Equipment {Wheelchairs, Walking Assist Devices, Bathroom Safety Equipment, Others}, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region (By Top 3 States), Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India homecare medical equipment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India homecare medical equipment market.
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