Omron Healthcare India Pvt. Ltd., a subsidiary of Japanese company Omron Healthcare Co. Ltd., which is into the supply of home healthcare monitoring devices in India, is planning to double its revenue in 3 to 5 years, the company’s Managing Director Tetsuya Yamada said in an interview.
He said India offered huge potential for growth considering the very low penetration levels and the demand for home monitoring devices, which would grow with more awareness on hypertension and heart-related diseases.
“Our turnover in India is just 3% of the global turnover. This 3% is also same as Brazil. But look at the population of Brazil [about 22 crore] and India [140 crore]. Now we plan to double our sales in 3 to 5 years,” he said.
He said the current penetration of blood pressure monitors in India is 2% of the exposed population [people who are already diagnosed with hypertension] as compared with 20% in Brazil, 35% in China and 40% in Russia. “So, you can imagine the potential for growth in India,” Mr. Yamada said.
He said the company would achieve its targets by simply doubling the volume of business through increased awareness and distribution.
While the company’s primary focus area would be blood pressure monitors, it would continue to grow in the respiratory segment. It currently sells 10 products which are imported from Japan.
Earlier this year Omron Healthcare Manufacturing India, another subsidiary of Japan’s Omron Healthcare Co. Ltd., had announced to set up a production unit in Chennai, Tamil Nadu with an investment of ₹128 crore. This factory is scheduled to start production from 2025 starting with blood pressure monitors.
To broad base its offerings the company is planning to collaborate with healthcare service providers who are into remote health monitoring.
Recently it had announced its foray into the remote home heart monitoring and management segment through a collaboration with Bengaluru based Tricog, a heart health AI company which is focusing on early diagnosis and management of heart disease in India.
“We want to promote home-based blood pressure monitoring. We want to do the same thing for the ECG. It is still not the habit for people to conduct ECG at home. We want to increase awareness on home ECG measurement in India as well. We also want to increase the distribution channel coverage to be available everywhere,” Mr. Yamada added.