Indian orthopaedic device market expected to reach $2.5 billion by 2030
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Hyderabad: The Indian orthopaedic device market is expected to grow around 20% a year for the next decade to reach $2.5 billion (Rs16,000 crore) by 2030, according to a new report titled “Indian Orthopaedic Devices Market” by consulting firm Sathguru Management Consultants.
The growth of the India market is in contrast with the global orthopaedics industry, which is estimated to grow at a comparatively modest rate of 5% annually to reach $41 billion by 2019.
“As a largely out-of-pocket healthcare market with less than 300 million Indians covered by insurance, the orthopaedic devices market benefits from higher disposable income in an economy growing at around 7-7.5%,” the report said.
Additionally, growing incidence of diabetes, obesity, osteoarthritis and osteoporosis are further expanding the clinical need, the report added.
The Indian orthopaedic devices market is worth around $375 million or Rs2,400 crore, of which knee and hip joints constitute 54%, while the rest comes from trauma-spine implants.