Report: Drug delivery devices market in India to reach $510m by 2023
The drug delivery devices market in India is expected to rise at a compound annual growth (CAGR) of 3.1% from $411m in 2016 to $510m by 2023, according to a report by GlobalData.
Titled ‘India Drug Delivery Devices Market Outlook to 2023, – Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices’, the report anticipates the demand growth to be driven by the country’s affluent market and medical tourism.
The demand for sophisticated devices is expected to increase due to medical tourism, supported by relatively affluent patients from more developed countries where healthcare prices have been on the rise.
With the Indian Government expected to take strong measures price control measures, devices sold within India’s borders will be effective as well as cost-efficient, states the report.
“The ageing population ensures volume growth in the drug delivery devices market in the future.”
The ageing population ensures volume growth in the drug delivery devices market in the future. An estimated 1.9% of India’s population is currently aged above 75 years.
Diseases such as diabetes are prevalent and the patients are only expected to increase, hinting at the potential growth for demand for insulin delivery devices with time, according to GlobalData medical devices analyst James Spencer.
The drug delivery devices market in the country is characterised by dominance by overseas companies and high competition.
Infusion systems market is expected to witness a CAGR of 3.7% during the forecast period, while the market for metered dose inhaler devices, central venous catheters, and needle-free injections is expected to grow at CAGRs of 2.5%, 3.2% and 4.9% respectively.