• A medical device is defined as any instrument, apparatus, appliance, implant, in vitro reagent or calibrator, software, material, or other similar or related object under Section 3(b)(iv) of the Drugs and Cosmetics Act, 1940. Medical device producers create and manufacture their products to be used as standalone instruments or in conjunction with other tools to diagnose, prevent, treat, monitor, and/or alleviate ailments.
• Medical devices are split into many types according to their risk factors and intended uses. The Drugs Technical Advisory Board's schedule M-annex III's IX is the basis for the classification (DTAB). The bifurcation for the same is shown in the table below.

• Key products and their segments are explained by the help of the table below:

Market:

• According to Netscribes, the Indian medical devices market has grown from Rs. 734.73 bn in FY20 to Rs. 816.42 bn in FY21, showcasing an growth of 11% year on year (y-o-y). The core reason for this growth was an increase in the incidence of non-communicable diseases, expansion of purchasing power and affordability, changing landscape of medical devices, and a substantial rise in investments in the healthcare industry.
• In India, there is now a substantial disparity between supply and demand for medical devices. The medical equipment business in India is currently led by large international corporations with substantial service networks. There are 750–800 domestic medical device firms in India, with average investments of Rs. 185 Mn and average sales of Rs. 480 Mn.
• While According to Netscribes, healthcare spending increased dramatically, from Rs. 2730 bn to Rs. 4720 bn from FY20 to FY21. Along with the exports has also increased from Rs 44 bn in FY18 to Rs 69.82 bn at a CAGR of 16.56% and imports grew from Rs 98.32 to Rs 107.85 bn at a CAGR of 3.13%. In which major export was to the USA accounting for 21.84% of the total value and major imports were from China accounting up to 21.55% of total import value.
• According to Global Manufacturing and Markets,the size of Indian Thermometer market is Rs. 27.96 bn in FY21 and is forecasted to grow at a CAGR of 6% to a value of Rs 41.59 bn till FY28. The same is explained wih the help of a table on below.

Key Trends:

• The major key trends in the industry are 3D printing, augmented reality, virtual reality & CAD/CAE applications for the Research & development segment, Automation & Robotics for the Manufacturing Segment, Artificial intelligence, and machine learning in the supply chain segment and Big data and data analytics in Sales & Marketing segment for the Medical Devices sector .
• Were as the trends as per products are Artificial intelligence (AI) and big data transforms the medical technology market, Robotics and patient-specific medical technology ,Sensor technology, Wearables for continuous health monitoring and Innovative startup being born.
• Few challenges for the sector are shallow penetration of medical devices, shortage of healthcare professionals and infrastructure, regulatory challenges and high reliance on imports.
• Along with it without industry-specific regulation, lower-quality products have entered the market, increasing price and quality discrepancies within the same product category as well as the penetration and demand growth is rapid in urban India but adoption of healthcare facilities remains low in rural areas, small cities, and towns due to lack of awareness, accessibility, and affordability . This is justified by the literacy rate of the country as the overall literacy rate of the country is 74% in 2011 out of which 85% in urban out of total urban population will in rural segment the literacy rate just 69% of the total rural population in the country.
• Covid 19- Covid 19 had both positive and negative long term impacts on the sector. The positive impacts the like pandemic has created manufacturing opportunities in the import-driven medtech market in India ,medical technology companies and academic institutions have worked together to create cutting-edge medical technology solutions and  Masks, ventilators, PPE kits, and other COVID-19 necessities are now being produced on non-medtech enterprises' new production lines. While the negative impacts are curtailing of R&D investments owing to financial stress, industrial facilities closing due to a lack of workers and supply-demand imbalances and demand decline, payment delays, and low consumer engagement.

Major Players:

• Major listed players in these sectors are Tarson Products Ltd, Poly Medicure Ltd, Wipro GE Healthcare Pvt. Ltd. and Siemens Healthineers, Inc.
  
  

Listed Peers:

• The listed peers of Hicks Thermometers Ltd, as per its market capitalization and portfolio sizes, are Mohini Health & Hygiene Ltd  and Centenial Surgical Suture Ltd