India: Medical Instruments Market 2024

Medical Instruments Market Size in India

The Indian medical instruments market expanded markedly to $X in 2022, with an increase of 5.5% against the previous year. Overall, consumption, however, showed a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Medical Instruments Production in India

In value terms, medical instruments production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 8.4% against the previous year. Medical instruments production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Medical Instruments Exports

Exports from India

Medical instruments exports from India dropped to X tons in 2022, declining by -9.8% against the year before. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 90% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, medical instruments exports expanded rapidly to $X in 2022. Over the period under review, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2019 when exports increased by 39%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for medical instruments exports from India, with a 27% share of total exports. Moreover, medical instruments exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+43.0% per year) and Belgium (+37.3% per year).

In value terms, the United States ($X) remains the key foreign market for instruments used in medical sciences exports from India, comprising 27% of total exports. The second position in the ranking was held by Germany ($X), with an 11% share of total exports. It was followed by Belgium, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+18.7% per year) and Belgium (+14.0% per year).

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, jumping by 25% against the previous year. Over the period under review, the export price, however, recorded a abrupt curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($X per ton) and Spain ($X per ton), while the average price for exports to Costa Rica ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (-16.9%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into India

Medical instruments imports into India fell to X tons in 2022, with a decrease of -9% on the year before. Overall, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.1% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of 22%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, medical instruments imports expanded sharply to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 40% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of medical instruments imports to India, together accounting for 57% of total imports. The Netherlands, Japan, Hong Kong SAR, Singapore, Belgium, Switzerland, Vietnam, the UK, Italy and Denmark lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +27.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Germany ($X) were the largest medical instruments suppliers to India, together comprising 57% of total imports. The Netherlands, Japan, Hong Kong SAR, Singapore, Belgium, Switzerland, Vietnam, the UK, Italy and Denmark lagged somewhat behind, together comprising a further 32%.

Among the main suppliers, Belgium, with a CAGR of +30.0%, saw 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

In 2022, the average medical instruments import price amounted to $X per ton, rising by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and the United States ($X per ton), while the price for Singapore ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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