What is medical equipment?
Taking a cue from the definition of medical devices given by the World Health Organization, healthcare devices are instruments or machines used to diagnose and treat diseases. Medical equipment requires calibration, periodic maintenance, repairs, and technical training for practical usage.
Hospitals are required to be well-equipped to handle various health hazards. The primary instruments and machinery needed to tackle simple to moderate complications include the following:
Though the list is in exhaustive, the devices mentioned above are mandatory to operate a hospital with the necessary care management.
What are the latest trends in the medical device industry?
Hospital product manufacturers are cashing in on the phenomenal growth trajectory of the medical equipment sector. Some of the latest trends are listed below:
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With the increase in life expectancy, the demand for medical equipment has increased appreciably. The world's elderly population, estimated at 607 million in 2015, is expected to touch 1.8 billion by 2060.
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IoT (Internet of Medical Things) is an amalgamation of medical devices and applications to bring IT systems to healthcare.
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The increase in robotics surgery is defining the healthcare devices industry.
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Expansion in the usage of 3D printing technology
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Computer vision is catching up as the latest trend.
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The global medical contract manufacturing industry was worth around $210 billion in 2021 and is expected to grow at a CAGR of 9.6% by 2030.
What is the market scenario of the Indian healthcare equipment sector?
India is among the top 20 markets for medical equipment worldwide. The market size was estimated at around $10.36 billion in 2020. It’s expected to grow at a CAGR of 37% to touch the $50 billion mark by 2025.
Though India is still heavily import-dependent in this sector, the export figure stood at around $2.51 billion in 2019-20. This figure is estimated to reach $10 billion by 2025.
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