The Rise of India’s Medical Devices Industry
India is fast emerging as a global powerhouse in medical devices, poised to become a $50 billion industry by 2030. Once heavily dependent on imports, the country is now transforming into a manufacturing and innovation hub, driven by government initiatives, private investments, and a growing demand for healthcare solutions. As per MRFR analysis, the India Medical Devices Market Size was estimated at 7.30 (USD Billion) in 2024. The India Medical Devices Market Industry is expected to grow from 7.96 (USD Billion) in 2025 to 17.29 (USD Billion) till 2034
With an increasing focus on indigenous production, cutting-edge technology, and export potential, India’s medical devices sector is attracting attention from across the globe. But what’s fueling this rapid transformation, and what does it mean for the future of healthcare in India and beyond?
The Growing Market and Government Push
India’s medical devices market, valued at around $11 billion in 2022, is one of the fastest-growing in the world. The sector is expanding at a compound annual growth rate (CAGR) of over 15%, driven by rising healthcare awareness, increasing demand for quality medical care, and technological advancements.
The Indian government has played a significant role in this expansion through initiatives such as the Production-Linked Incentive (PLI) scheme, which encourages domestic manufacturing and reduces reliance on imports. The Medical Devices Park Scheme has also been instrumental, with dedicated industrial parks in states like Telangana, Tamil Nadu, and Himachal Pradesh facilitating production and innovation.
Innovations and Investments: The Game Changers
The medical devices industry in India is witnessing a surge in innovation, particularly in AI-driven diagnostics, wearable health tech, and robotic surgery equipment. Indian startups and major players are developing cost-effective, high-quality alternatives to expensive imported devices.
One such example is Skanray Technologies, which has developed affordable ventilators, making life-saving equipment more accessible. Similarly, Tricog Health uses AI-based cardiac diagnostics to detect heart diseases in minutes, helping doctors make faster decisions.
Additionally, foreign investments are pouring in, with global giants setting up manufacturing plants in India. Companies like Medtronic, Siemens Healthineers, and GE Healthcare are strengthening their presence, boosting India’s global competitiveness.
Challenges That Could Slow Down Growth
Despite rapid progress, India’s medical devices industry faces several hurdles. Regulatory challenges, lack of skilled professionals, and inadequate infrastructure still pose significant roadblocks. While the government has introduced a Medical Devices Policy, ensuring standardization and quality control remains a work in progress.
Additionally, high dependence on imports for raw materials and components affects the sector’s self-reliance. Strengthening domestic supply chains and promoting research and development (R&D) will be critical for sustained growth.
The Future: Can India Become a Global Leader?
India is at a pivotal moment where it has the potential to dominate the global medical devices market. The country’s cost-effective manufacturing capabilities, coupled with a skilled workforce and government support, make it an attractive destination for global players.
With an ambitious target of becoming a $50 billion industry by 2030, India must continue fostering innovation, strengthening regulatory frameworks, and expanding its R&D efforts. If these factors align, India could soon be a leader in medical device exports, transforming global healthcare accessibility and affordability.
The revolution in India’s medical devices industry is already underway, and the world is watching. The question now is: Can India outpace global giants and redefine the future of healthcare?