As the GDP per capita increases, India’s affluent market will drive demand for best-in line drug delivery devices and reward innovations in the years to come, according to GlobalData. According to the company’s latest report, ‘India Drug Delivery Devices Market Outlook 2023 – Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices’, the marker was worth US$411 million (mn) in 2016 and is on course to reach US$510mn by 2023.
Recent trends indicate that medical tourism will also bolster the demand for sophisticated devices and emerge as an important source of revenue for the Indian medical industry. Additionally, relatively affluent patients from more developed countries are opting for India to get the standard care at a fraction of the cost compared to their home country.
With the rise in demand for sophisticated products, the Indian government is ready and willing to take strong measures to control the prices of devices, which will allow the devices to be sold cost efficiently within its borders.
According to GlobalData, the country’s aging population will ensure future volume growth, as the current 1.9% of the population of India is 75 or above. James Spencer, Medical Devices Analyst at GlobalData says: “India is the ‘diabetes capital’ of the world, and the number of people suffering from diabetes is expected to increase. This means that the demand for insulin delivery systems will also grow as time progresses.”
Spencer continues by saying: “India is projected to be one of the fastest growing markets in the drug delivery devices sector from 2016 to 2023 due to the unfortunate rise in chronic diseases, new advancements in technologies and demand for controlled drug release. Understanding the key opportunities of the market and the regulatory landscape will enable players to capture the projected market size.”