One of the biggest roles in the healthcare of a country or a place is played by the medical equipment and supplies. Without medical equipment manufacturers in India, it would be impossible to provide proper medical attention to different medical emergencies and issues. Therefore, medical equipment is vital for any medical practice. Without them, registering the right doses of a medicine or vaccine and performing effective surgery would be impossible. They also play a crucial role in the correct diagnosis of ailments and preventing the transmission of germs and diseases.
What is medical equipment?
It is perhaps essential to first take a look at what precisely medical equipment is. Medical equipment is anything that is used for medicinal practices. This ranges from things like syringes to scalpels, bandages to walking sticks.
Medical equipment must also be properly calibrated because their accuracy decreases over time. Accuracy in readings is vital in medical treatment and cure so maintaining the quality of the medical devices through calibration (of tubes, thermometers and other measuring devices) is indispensable. Without good-quality medical equipment manufacturers in India, it would be impossible to provide healthcare to so many people.
Trends of medical expenditure in India.
India does not spend a lot on its medical devices as compared to other countries like the US. Other nations spend approximately $7 to $42 billion on their medical equipment, whereas India spends a mere $3 billion per annum. Therefore, several sizeable medical equipment manufacturers in India are looking at the lack of presence of foreign brands in India to boost their hold on the medical equipment market in India.
India ranks amongst the highest few countries with a top 20 global market for medical devices. The market in India is expected to grow at an accelerating rate with a 35.4% growth each year. It is said to be at its 2020 record of about USD 11 billion and grow into an industry that rakes in USD 50 billion by the end of 2025. The main takeaways from this are that the medical equipment industry is said to:
- Extend at a 35.4% CAGR
- Succeeded in getting $50 billion in 2025
- Bettered their record of the year 2020, which was $11 billion in the coming year.
Medical Equipment Manufacturers In India
The medical equipment industry in India is controlled and run mainly by large multinational organisations and other smaller but prominent companies. There is some interference of foreign brands in medical equipment manufacturers in India; however, most of them are native to the country.
There are five dominant companies today which lead in medical equipment manufacturing in India. They are mentioned below:
1. Johnson & Johnson
It's almost unlikely that you haven't heard of this medical powerhouse. Be it a vaccine for the Corona Virus or something as simple as baby products, this is a brand that is everywhere. Johnson & Johnson is an American-based company that is the leading medical equipment manufacturers in India. As a result, they have a significant hold on the medical equipment industry in India. With a massive annual revenue and the fact that this company has managed to make itself a household name, there is rarely anything anyone can hold against them. They use their latest technology and modern devices to make the best of medical equipment and they ensure that the hygienic conditions are well-maintained.
2. Novartis AG
Novartis International AG is a Swiss- American based pharmaceutical company. It is based in several different locations and states across America and in Switzerland. They are one of the leading medical equipment companies in the world. They have a massive yearly revenue, and they are very famous for their latest innovations and technology. They take great pride in ensuring that they have the latest technology in their factories and the company to help them make whatever devices they want. They are the second biggest medical equipment manufacturers in India.
Also read: Syringe Manufacturers in India
3. Abbott Laboratories
Much like the others mentioned before, this too is a foreign brand. Abbott Laboratories is an American-based multinational corporation. It deals with medical equipment and health care. Moreover, its headquarters are based in Abbott Park in Illinois, United States. As a result, this is also a household name in several different countries as a medical giant. It is one of the leading medical equipment manufacturers in India. Besides, it has substantial annual revenue and has robust control over the medical equipment market of India.
4. Medtronic PLC
Medtronic PLC is also a foreign brand that's among the leading medical equipment manufacturers in India. This is an American- Irish registered company which deals with medical equipment and healthcare. Though this company primarily dominates and stays in the US, it also has branches and locations in other parts of the world. This is why it is a dominant force in the Indian medical equipment industry.
5. Baxter International
This is an American multinational healthcare company. It has its headquarters in Deerfield, Illinois. This company produces medical equipment at a large scale and has an excellent annual turnover in India. They are amongst the leading medical equipment manufacturers in India. They mainly dabble in medicines and medical equipment for kidneys, chronic illnesses, and acute medical conditions.
What to keep in mind when buying medical equipment?
There are some basic safety points that you must keep in mind while buying medical equipment from any medical equipment manufacturers in India. Some of these things are:
- Check the brand: the most important thing to look for is the brand. Check to see if the brand is competitive and reliable. Do not buy equipment from a company that hasn't been heard of. This is because a slight issue in the syringe or medical equipment could cost very heavily to your or someone else's health. Do your research before buying.
- Check the date of manufacture: It is always important to check the manufacture date and be sure not to buy outdated equipment since their chances of working are less and even they can be dirty and disintegrating.
- Check the seal: Perhaps the seal is the necessary precaution that you must always take. Do not buy any medical equipment which is not properly sealed. Not being sealed well could be a sign of unhygienic and unreliable equipment.
These are all the things you should know about the Medical Equipment Manufacturers In India. These companies have revenue of several billion when combined. Therefore, they are essential for the medical industry to thrive and exist.
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Q. Where is most medical equipment produced?
Ans. Most medical equipment is produced in the US. The leading medical equipment manufacturers are in California, Massachusetts, and Minnesota. However, the other states also contribute to the manufacturing of medical equipment.
Q. Which medical equipment manufacturing company is the most reliable?
Ans. Johnson & Johnson, Novartis AG, Abbott Laboratories, Medtronic PLC and Baxter International are some of the most reliable companies for their medical equipment.
Q. How many Indian companies manufacture medical devices?
Ans. Around 700 to 800 small-time Indian companies manufacturing medical devices, which are not as big as multinational companies, have a significant hold on the Indian market.
Q. Does India export medical devices?
Ans. India currently has about 80% import dependency on medical devices. On the other hand, it had a total of $2.1 billion worth of exports in 2019. This figure is expected to reach $10 billion by 2025.
Q. What's the annual revenue of the Indian medical equipment industry?
Ans. The Indian medical equipment industry generates anywhere between $3 billion to $ 5 billion per year. The target is to move this figure forward and provide better medical services for Indians.
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