Swedish firm Getinge is targeting a market share increase in India’s healthcare sector, particularly in premium ventilators, with plans to grow from 30% to 45% over the next five years. With installations across 2,000 hospitals and a focus on introducing innovative products, Getinge aims to cater to hospitals of varying sizes while investing in life sciences as demand for sterile injectables rises.
Getinge, a prominent Swedish healthcare firm, has been operational in India for over twenty years and is now keenly pursuing expansion within the healthcare sector, specifically eyeing the premium ventilator market. The company has set a target to increase its market share from 30 percent to 45 percent over the next five years by unveiling new products across both premium and mid-range categories. Currently, Getinge boasts installations in more than 2,000 hospitals, including esteemed chains like Apollo Hospitals and Fortis. The Indian ventilator industry is projected to reach approximately Rs 820 crore, with the premium segment expected to amount to Rs 37.3 crore in 2024, reflecting a robust compound annual growth rate (CAGR) of 8.12 percent. Aruna Nayak, Managing Director of Getinge India, underscores the importance of the Indian market by stating, “India is a key growth market for us, and we are investing in our operations here, including expanding our product portfolio and strengthening our distribution network.” In an effort to cater to a diverse range of hospitals, from large metropolitan facilities to those in Tier-II and Tier-III cities, Getinge plans to launch innovative technologies, including advanced tools for radio imaging during breast and thyroid surgeries, alongside a high-end operating table tailored for premium healthcare setups. Furthermore, as the demand for sterile injectables and vaccines rises within India’s pharmaceutical industry, Getinge is amplifying its focus on the life sciences sector, anticipating an accelerated growth rate of 30-35 percent, despite currently having a modest market share in sterile manufacturing.
The Indian healthcare market presents significant opportunities for foreign companies, particularly as the country continues to develop its healthcare infrastructure and technologies. Getinge’s focus on expanding its operations in India is aligned with the rising demand for healthcare solutions, including ventilators and life sciences products. The company’s strategy involves not only enhancing its product offerings but also strengthening distribution networks to reach various hospitals across different tiers of urbanization.
Getinge is strategically positioned to augment its market presence in India, specifically targeting an increase in its share of the premium ventilator market. By introducing new technological solutions and expanding its product line, the company aims to meet the diverse needs of the Indian healthcare system. Additionally, Getinge’s commitment to investing in the life sciences sector indicates its recognition of the evolving pharmaceutical landscape in India, projecting substantial growth in coming years.
Original Source: www.business-standard.com
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