India’s orthopaedic, cardiac implant industry to reach $5 billion by FY28

INDIA’S orthopaedic and cardiac implant sector, including exports, is expected to reach $4.5 to $5 billion by FY28, driven by strong domestic demand and gradually growing export presence, according to a report released on Monday.

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The sector (including exports) stood at $2.4 to $2.7 billion in FY24, according to CareEdge Ratings.

The Indian implant manufacturers are making rapid strides in the domestic market and are gradually expanding their presence in the export market.

The report cited that with only 7.5 per cent customs duty on the import of most coronary and orthopaedic implant products, any potential trade deal with the US resulting in tariff reduction is not likely to materially change the market dynamics for domestic manufacturers.

However, material changes in non-tariff barriers, such as the relaxation of price caps, can significantly alter the competitive landscape for domestic manufacturers compared to MNCs, it added.

The Indian implant manufacturers are making rapid strides in the domestic market and are gradually expanding their presence in the export market.