Medical devices firm Zimmer India, a wholly-owned subsidiary of NYSE-listed Zimmer Holdings Inc, is targeting revenues of Rs.250 crore by the end of this financial year, on the back of launch of new products to cater to the growing demand for knee replacements. The total orthopaedic market is about Rs.1,400 crore in India, of which about 35 per cent is knee replacement.
“For Zimmer Holdings, which is globally the largest orthopaedic company, India is a key growth market. We are growing at CAGR of 26 per cent. We expect that by the end of this calendar year we should be around Rs.200 crore in terms of revenue and by fiscal end (March 2015), we expect revenues to be Rs.250 crore,” Sanjay Banerjee, Regional Managing Director, South Asia, Zimmer told The Hindu.
Zimmer Holdings is a $4.8 billion revenue company globally and is headquartered in Warsaw, Indiana. The company, which recently introduced ‘Persona’, its new knee replacement system, said the market for knee replacement in India was only growing.
According to Ashok Rajgopal, Chairman, Medanta Bone & Joint Institute, and past-President of Indian Society of Hip and Knee Surgeons, last year a total of 1,00,000 knee replacements were carried out in India. It was expected that the number would grow by 18-20 per cent this year. “There is a kind of explosion in this segment. Knee replacement is the largest growing orthopaedic procedure not just in India, but across the world,” Rajgopal said.
Stating that reasons for the rapid growth in the segment was reliable outcomes and state-of-the-art facilities now available in India, he said people from across the globe were now coming to India to get these surgeries done. “We don’t actually lag behind from what is available in the west. In fact, we have fairly large segment of overseas population, what fashionably is called medical tourism industry. So we do get large segment of these patients who are coming to our country seeking surgery from us. We are pretty much covering large part of Asian markets and African markets,” he said.