India: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in India

The Indian diagnostic equipment market surged to $X in 2021, with an increase of 100% against the previous year. Overall, consumption showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Diagnostic Equipment Production in India

In value terms, diagnostic equipment production contracted to $X in 2021 estimated in export price. In general, production, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 20% against the previous year. Diagnostic equipment production peaked at $X in 2020, and then shrank in the following year.

Diagnostic Equipment Exports

Exports from India

After three years of growth, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -33% to X units in 2021. Overall, exports saw a mild setback. The most prominent rate of growth was recorded in 2019 with an increase of 27% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, diagnostic equipment exports soared to $X in 2021. Over the period under review, exports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 51% against the previous year. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

The United States (X units) was the main destination for diagnostic equipment exports from India, with a 792% share of total exports. Moreover, diagnostic equipment exports to the United States exceeded the volume sent to the second major destination, China (X units), fourfold. The third position in this ranking was taken by Germany (X units), with a 204% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+27.5% per year) and Germany (+60.5% per year).

In value terms, the United States ($X) remains the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from India, comprising 41% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 8.2% share of total exports. It was followed by China, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+26.6% per year) and China (+12.2% per year).

Export Prices by Country

In 2021, the average diagnostic equipment export price amounted to $X per unit, jumping by 78% against the previous year. Overall, the export price recorded a resilient expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Nepal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-1.9%), while the prices for the other major destinations experienced a decline.

Diagnostic Equipment Imports

Imports into India

Diagnostic equipment imports into India skyrocketed to X units in 2021, growing by 50% on the year before. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, diagnostic equipment imports skyrocketed to $X in 2021. Over the period under review, total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X units), South Korea (X units) and China (X units) were the main suppliers of diagnostic equipment imports to India.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR (with a CAGR of +38.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and South Korea ($X) constituted the largest diagnostic equipment suppliers to India, together comprising 62% of total imports. These countries were followed by Hong Kong SAR, Germany, the Netherlands, Singapore, Japan, Austria, Italy, the UK and Israel, which together accounted for a further 31%.

Among the main suppliers, Hong Kong SAR, with a CAGR of +32.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diagnostic equipment import price stood at $X per unit in 2021, picking up by 3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2015 an increase of 11% against the previous year. The import price peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+22.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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