India is one of the fastest-growing healthcare markets in the world, with a huge demand for medical devices and services. The medical device market in India is projected to grow at a compound annual growth rate (CAGR) of 15.7% between 2021 and 2026, reaching a size of USD 50 bn by 2030³. This growth is driven by factors such as a rising geriatric population, increasing prevalence of chronic diseases, and a growing focus on healthcare infrastructure development⁴.
However, India also faces several challenges in the medical device sector, such as low affordability, accessibility, and awareness of medical devices, high dependence on imports, lack of standardization and regulation, and limited innovation and research capabilities⁶. To overcome these challenges, India needs to foster a conducive ecosystem for medical device innovation and manufacturing, leveraging its strengths in information technology (IT), engineering, and human resources.
In this article, we will highlight some of the key trends and developments in the medical device sector in India, showcasing some of the leading companies and innovators that are making a difference in the healthcare industry.
Diagnostic Imaging Medical Devices Innovations in India
Diagnostic imaging is one of the largest segments of the medical device market in India, accounting for about 30% of the total market share⁴. Diagnostic imaging includes technologies such as X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear medicine. These technologies are used to diagnose various diseases and conditions, such as cancer, cardiovascular diseases, neurological disorders, and orthopedic injuries.
Some of the leading players in the diagnostic imaging segment in India include Siemens Healthineers, Philips Healthcare, GE Healthcare, Canon Medical Systems, and Hitachi Medical Systems. These companies offer a range of products and services for different applications and settings, such as hospitals, clinics, diagnostic centers, and mobile units. Some of the popular products offered by these companies include the Siemens SOMATOM go CT scanner, the Philips EPIQ Elite ultrasound system, the GE Revolution CT scanner, the Canon Aquilion Prime SP CT scanner, and the Hitachi ARIETTA 850 ultrasound system.
However, these products are often expensive and inaccessible for many patients in India, especially in rural and remote areas. Therefore, there is a need for affordable and accessible diagnostic imaging solutions that can cater to the diverse needs of the Indian population. Some of the emerging companies and innovators that are addressing this need include:
- ACHIRA LABS PVT.LTD:
ACHIRA LABS is a Bangalore-based company that develops point-of-care diagnostic devices using microfluidic technology. The company has developed a device called ACIX 100 that can perform multiple blood tests on a single disposable cartridge using a small sample of blood. The device can be connected to a smartphone or tablet for data analysis and reporting. The company aims to provide affordable and accessible diagnostics for chronic diseases such as diabetes, anemia, thyroid disorders, and infectious diseases such as malaria and dengue⁴.
- Muse Diagnostics:
Muse Diagnostics is a Hyderabad-based company that develops portable ultrasound devices that can be operated by non-specialists using artificial intelligence (AI) and cloud computing. The company has developed a device called Muse Scan that can perform various ultrasound scans such as abdominal, obstetric, gynecological, cardiac, vascular, musculoskeletal, and pediatric scans. The device can be connected to a smartphone or tablet for data analysis and reporting. The company aims to provide affordable and accessible ultrasound services for rural and remote areas⁴.
- Niramai Health Analytix:
Niramai Health Analytix is a Bangalore-based company that develops an AI-based breast cancer screening solution using thermal imaging. The company has developed a device called Thermalytix that can detect breast cancer at an early stage using a non-invasive, radiation-free, and privacy-preserving method. The device can be connected to a laptop or tablet for data analysis and reporting. The company aims to provide affordable and accessible breast cancer screening for women across India⁴.
Source:
(1) Revving up innovation and manufacturing in India for the Medtech sector. https://health.economictimes.indiatimes.com/news/medical-devices/revving-up-innovation-and-manufacturing-in-india-for-the-medtech-sector/99593629.
(2) Top 20 Medical Devices Companies In India 2023 - Inventiva. https://www.inventiva.co.in/trends/top-medical-devices-companies-in-india/.
(3) Current Status and Challenges of Medical Device Innovations ... - NIScPR. http://nopr.niscpr.res.in/bitstream/123456789/44433/1/JIPR%2022%286%29%20329-335.pdf.
(5) India Medtronic Private Limited. https://connect.medtronic.com.
(6) How Technology Is Changing Health Care in India. https://knowledge.wharton.upenn.edu/article/technology-changing-health-care-india/.
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