India’s medical devices industry is set for exponential growth, with projections estimating the market will reach $50.1 billion by 2030, up from $15.2 billion in 2025. According to a report by Rubix Industry Insights, the sector is expected to grow at a robust compound annual growth rate (CAGR) of 26.9 percent.
The rapid expansion is being driven by strategic government initiatives including the National Medical Devices Policy, the Production-Linked Incentive (PLI) Scheme, the Scheme for Promotion of Medical Devices Parks, and MedTech Mitra. These policy measures aim to strengthen domestic manufacturing and reduce import dependence.
Despite steady progress, imports continue to account for 70–80 percent of domestic demand, particularly for technologically advanced equipment. In FY25, medical device exports reached $4.1 billion, while imports stood at $8.6 billion. Consumables contributed around 47 percent of exports between April and September FY25, while electro-medical equipment made up nearly 60 percent of imports.
India currently ranks as the fourth-largest medical devices market in Asia and is among the top 20 globally. The government aims to significantly boost India’s global market share from 1.6 percent to around 12 percent in the coming years.
Rising income levels, expanding healthcare infrastructure, increasing insurance penetration, and growing medical tourism are further fueling demand for both affordable mass-use devices and advanced specialised care solutions.
The domestic manufacturing ecosystem includes approximately 800 manufacturers. Investment momentum is also strengthening, with private equity and venture capital deal sizes rising from $56 million in 2022 to $137 million in 2024. States such as Uttar Pradesh, Maharashtra, Haryana, and Karnataka are playing a pivotal role by offering shared infrastructure, skilled labour, and robust supplier networks.
Experts also note that the India–EU Free Trade Agreement (FTA) could provide fresh momentum to the sector, particularly with zero tariffs on medical devices. However, addressing non-tariff barriers remains crucial to unlocking the full potential of international trade.
With sustained policy backing and growing global integration, India’s medical devices sector is poised to become a major force in the global healthcare ecosystem.
