COVID-19 outbreak presents an opportunity to electronic component manufacturers in India to foray into the medical devices market and reduce the country’s import dependency on China, says GlobalData, a leading data and analytics company.
Recently, the Kerala State Electronics Development Corporation (Keltron), a state government-owned company which manufactures electronic equipment, announced foray into the medical devices sector to meet the increasing domestic demand for ventilators and oxygen concentrators due to the COVID-19 pandemic.
According to GlobalData, the demand for ventilators and oxygen concentrators to treat COVID-19 cases is set to drive India’s respiratory devices market, which is expected to grow at a compound annual growth rate (CAGR) of 5.5% to reach US$338m in 2025.
Rohit Anand, Medical Devices Analyst at GlobalData, comments: “COVID-19 patients with chronic respiratory disorders and cardiovascular diseases would need these devices and this will likely drive the market growth. Both private and public sector companies sense a big opportunity and are trying to gain market share by offering cost-effective devices.”
GlobalData’s research reveals that critical care ventilators and portable oxygen concentrators accounted for the highest market size and are expected to grow at CAGRs of 4.8% and 5.9%, respectively, through 2025.
Anand concludes: “Electronic component manufacturers can play a vital role in India’s medical devices industry. It is important to provide all the support and benefit to such companies to make their investment sustainable. This will gradually encourage other companies to manufacture medical devices and in turn help reduce India’s import dependency.”
