4The domestic medical equipment market is estimated to more than double in the next five years and surpass Rs 9,735 crore (over $ 2 billion). It is forecast to see a growth of 150 per cent by 2015.
The industry, valued at Rs 3,850 crore, is growing at a CAGR of 17 per cent.
The figure is over one per cent of the overall national healthcare market of Rs 300,000 crore.
These are the findings of a sector report on the opportunities in the Indian medical electronics field released by the Indian Semiconductor Association (ISA).
According to the 140-member ISA, semiconductors are vital components in the medical equipment, from power supply to display, and are extensively used in medical imaging, patient monitoring systems, digital hearing aids and infusion pumps.
Dr Devi Shetty of Narayana Hrudayalaya, released the report on Thursday in the presence of Dr Bobby Mitra, ISA Chairman, Ms Poornima Shenoy, ISA President, and Mr Vivek Sharma, Convener of the ISA Medical Electronics Segment.
Each year, medical equipment worth around Rs 2,450 crore is made in the country; of this, Rs 350 crore is exported.
Siemens with a market share of 18 per cent, Wipro GE at 17 per cent and Philips with 10 per cent share lead in the space; however, smaller, niche domestic players together command 45 per cent of the market.
Dr Vidya Mulky, Head – Research at ISA, said, “By the end of 2015, the medical equipment electronics market is estimated to grow at a CAGR of 17 per cent to reach around $2 billion from $0.8 billion in 2009.”
Mr Vivek Sharma, Regional VP- Greater China and S. Asia- India Operations, ST Microelectronics, and ISA Convener, Medical Electronics Segment, said, “Medical electronics is a critical enabler for this industry. With the arrival of nanotechnology, telemedicine and innovative semiconductor devices, the industry is well poised to help India leapfrog on to a new level of quality healthcare driven by affordability and accessibility.”
Semiconductor components such as microcontrollers, amplifiers, sensors, digital signal processors and application specific integrated circuits are widely used by equipment makers.
The report said semiconductor components become increasingly critical as the medical devices become smaller and portable. Some of the factors driving the segment are governments’ efforts in healthcare, increasing demand for affordable, portable and quality healthcare, use of telecommunications in telemedicine.
The Hindu Business Line