Is India’s Orthopaedic and Cardiac Implant Industry Set to Hit $5 Billion by FY28?
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Synopsis
Discover how India's orthopaedic and cardiac implant industry is on the brink of a $5 billion valuation by FY28, fueled by increasing domestic demand and expanding exports. Understand the dynamics of this growing sector and what it means for the future.
Key Takeaways
- Projected growth of India's orthopaedic and cardiac implant sector to $4.5-$5 billion by FY28.
- Domestic manufacturers are rapidly increasing market share.
- Government initiatives like Ayushman Bharat enhance affordability.
- Sales growth outpaces foreign MNCs significantly.
- Future demand driven by rising income and healthcare infrastructure expansion.
New Delhi, May 19 (NationPress) The orthopaedic and cardiac implant industry in India, which includes exports, is projected to attain a value of $4.5 to $5 billion by FY28, fueled by significant domestic demand and a gradually expanding export footprint, according to a report published on Monday.
The industry (including exports) stood at $2.4 to $2.7 billion in FY24, as noted by CareEdge Ratings.
Domestic implant manufacturers are rapidly advancing in the local market and are steadily increasing their presence internationally.
The report indicated that with a mere 7.5 percent customs duty on the import of most coronary and orthopaedic implant products, any forthcoming trade agreement with the US that results in tariff reductions is unlikely to significantly impact the market dynamics for local manufacturers.
Nonetheless, substantial changes in non-tariff barriers, such as easing price caps, could considerably reshape the competitive landscape for domestic manufacturers when compared to multinational corporations (MNCs).
The sales of indigenous implant manufacturers have surged at a compound annual growth rate (CAGR) of 28 percent (including a 37 percent CAGR for exports) over the four years leading up to FY24, surpassing the sales CAGR of 12 percent for foreign MNCs during the same timeframe.
The growth in sales volume for domestic players was even more pronounced, driven by their competitive pricing strategies and increased involvement in government-sponsored insurance programs.
“India's medical implant sector is on a strong growth path, supported by robust domestic demand and rising exports,” remarked Krunal Modi, Director at CareEdge Ratings.
India's export growth rate for implants has notably outstripped implant imports over the past 5-6 years.
Factors such as increasing per capita income and affordability, heightened healthcare awareness, an aging populace, expansion of healthcare infrastructure, and greater insurance penetration are expected to propel domestic demand for implants in the long run, the report indicated.
Price caps have negatively impacted foreign MNCs’ high-margin products, compelling them to withdraw some premium offerings from the Indian market.
However, this has significantly enhanced affordability, particularly for implants produced by domestic firms, enabling them to bolster their market share. Initiatives like Ayushman Bharat have further improved affordability and broadened the market, according to the report.
Point of View
I see India's orthopaedic and cardiac implant industry as a significant player in the global medical market. With rising domestic demand and the potential for export growth, this industry reflects India's commitment to improving healthcare accessibility and affordability. The future looks promising, especially for homegrown manufacturers who are rapidly gaining ground.
NationPress
13/06/2025
Frequently Asked Questions
What is the projected value of India's orthopaedic and cardiac implant industry by FY28?
The industry is expected to reach between $4.5 to $5 billion by FY28.
What factors are driving the growth of this sector?
Strong domestic demand, rising healthcare awareness, and government initiatives like Ayushman Bharat are key drivers.
How have domestic manufacturers performed compared to multinational corporations?
Domestic manufacturers have shown a CAGR of 28%, outpacing foreign MNCs, which had a CAGR of 12% during the same period.
