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Opto Circuits Expects To Grow At 25% During
The Current Year
The focus on research and development activities has enabled
the company to develop devices which are technologically superior to other
devices available in the market.
Opto Circuits India, the leading global medical devices and
technology group with a diversified product portfolio, dealing in products like
vital signs monitoring, emergency cardiac care, vascular treatments and sensing
technologies expects to grow at 25% during the current year.
The company has already achieved last year revenues in the
first three Quarters [April to Dec 2018]of the year and expected to deliver good
fourth quarter performance. This would result in 25% growth in revenues and
profitability of the company during the current year.
The company has undergone various market related challenges
across the geographies and is fairly able to come out of majority of them and
had started fresh life last year with a profit of Rs. 35 crore and revenues of
Rs. 225 core.
Going forward the company is expecting good growth from both
domestic and international business. The company’s subsidiaries also seeing good
flow of orders.
The Indian medical device market is growing steadily and it
is valued at US $4.8 billion. With the company’s focus on driving organic growth
in India and with the Indian medical device industry though in its nascent
stages shows great potential for the company.
Other factors like strong private healthcare system, growing
middle class with increasing income levels, change in the disease profiles
(lifestyle diseases), greater penetration of health insurance, Government focus
on healthcare infrastructure development and arising awareness of personal
health care the company sees a great scope for its growth in India.
Currently the company along with its subsidiaries are engaged
in the design, development, manufacture, marketing and distribution of a range
of medical products that are used by primary, secondary and tertiary healthcare
establishments as well as in public access facilities such as schools, fire
stations, policy offices in over 150 countries.
The company specializes in vital signs monitoring, emergency
cardiac care, vascular treatments and sensing technologies. The US FDA listed
and CE marked products are manufactured in India, Malaysia, Germany and the
United States.
The company’s biggest competitive advantages is the propriety
technology developed by the in house teams which gives the company the control
over features and intellectual property costs of devices and helps minimize
their dependence on third party technologies. The focus on research and
development activities has enabled the company to develop devices which are
technologically superior to other devices available in the market.
Commenting on the development, Mr. Vinod Ramnani, Chairman,
Opto Circuits India said, “As India's economic, healthcare, and social
landscapes evolve, its medical device market emerges as a promising opportunity
for manufacturers like us. Also, with medical tourism and luxury healthcare
markets are among India's fastest growing industries, which create significant
demand for specialized, high-tech medical equipment. We have streamlined all our
businesses and on the path of delivering healthy growthfor the next two to three
years.”
https://www.biospectrumindia.com/news/74/13036/optocircuits-expects-to-grow-at-25-during-the-current-year.html
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Ascent Meditech Embarks On Rs.70 Crore Expansion Plan To
Achieve Four Times Growth In Next Five Years
Aiming to grow four times in the next five years, Ascent Meditech, a
Mumbai-based leading player in orthopedic soft goods (OSG), mobility, wound-care
and healthcare products, has embarked on a Rs.70 crore expansion plan to set up
a state of the art integrated manufacturing plant spread over 15-acre land in
South Gujarat.
The plant will be operational by Q1 in fiscal 2020-21 and is expected to
increase the production of orthopedic soft goods, mobility, wound-care and
healthcare products to around 2 lakh units from the existing 40,000 pieces at
five plants in Daman to cater to the growing demands in domestic and global
markets, said Rajiv Mistry, founder and managing director, Ascent Meditech
Limited.
The company, which currently has more than 350 products under the Flamingo
brand, has raised growth capital of Rs.70 crore from the UK-based private equity
player LeapFrog which will be utilized to set up advanced manufacturing
facility, he informed.
The plant will comply with regulatory norms governing all medical devices from
April 2020 and help the company overcome the capacity constraints, he said,
adding that as of now certain products in wound care segment are regulated under
Medical Devices Rules 2017 but orthopaedic soft goods are unregulated.
The orthopaedic soft goods market is highly unorganized in the absence of
regulations thus hampering the growth of the segment.
Currently, OSG industry in India is estimated to be worth Rs.2,000 crore growing
at a rate of 15-18% annually but we are growing at 35% CAGR over last 27 years.
Our current turnover stands at Rs.140 crore. Of them, export constitutes 20% of
the turnover. The company exports products to 47 countries including UK, Canada,
Australia, he stated.
Talking about changing trend in OSG segment, Mistri said “Earlier critical
patients used OSG on the advice of medical practitioners. Now people started
buying OSGs for pain management on their own thus fueling the growth of the
segment. An OSG can be used in injuries caused by fractures, muscle pain, and
other orthopedic complications. The industry is at a nascent stage and that
awareness can help increase user base.”
Shedding light on business prospects, he said “The aim of the company is to make
product affordable and exploit the untapped potential of Asian, African markets.
We want to reach out to emerging markets having higher population to reap
benefits. We will soon foray into sports, fitness and mobility products in a big
way.”
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