The Indian market for medical equipment is valued at around US$2,729 million in 2011. Despite strong growth rates, the market remains disproportionately small, ranking among the top 20 in the world but with low per capita spending. High quality products are sought after, particularly in the private sector, and the high-tech end of the medical device market is dominated by multinationals with extensive service networks. Indian manufacturers of good quality mid-tech products struggle with a stigma for unreliability. Indian purchasers are, however, price-sensitive and seek value for money. Continued investment in the private sector infrastructure, coupled with increased healthcare funding from the government, should result in a steady increase in the market for medical equipment.
For 2011, Espicom estimates market growth to be in the region of 131%, one of the fastest growing markets in the world. High rates of growth are not uncommon in the Asian region, but on the back of a huge market size, China's growth is particularly pronounced. In 2011, the country's market valuation, at US$8.6 billion, makes it one of the largest in the world. The Chinese medical device market is largely supplied by imports or products made locally by multinational joint ventures especially at the higher end of the technology scale. The Chinese market represents many opportunities for foreign business, and if new regulatory reforms prove successful and the inadequacy of rural healthcare is effectively addressed, then the sheer number of previously untapped consumers makes China an attractive proposition.
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