Publication: May 2025
Report Type: Tracker
Report Format: PDF DataSheet
Report ID: MD492 
  Pages: 110+
 

India Medical Device Market Size and Forecast by Device Type, Patient Demographics, Distribution Channel, and End User: 2019-2033

Report Format: PDF DataSheet |   Pages: 110+  

 May 2025  | 

India Medical Device Market Growth and Performance


  • 2024 saw the India medical device market size rose to US$ XX Billion, marking a XX.7% YoY growth.
  • DataCube Research foresees, the medical device market in India is set to make significant strides on the global stage, with projected revenue reaching US$ XX Billion by 2033. Moreover, our analysis indicates a promising trajectory, an anticipated CAGR of XX.1% from 2024 to 2032.

India Medical Device Market Outlook

The Evolving Landscape of India’s Medical Device Market

The India medical device market has emerged as a crucial component of the country’s healthcare sector, driving innovation and improving patient care. With a strong push toward research and development (R&D), the India medical device ecosystem has witnessed rapid expansion. Currently valued at approximately USD XX billion, the market accounts for about X.3% of the global industry. However, with the recently approved National Medical Devices Policy, India aims to capture a over 8% global market share in the next 2 decades.

 

Government policies and private sector initiatives are playing a pivotal role in transforming India into a self-reliant hub for medical device manufacturing. Indigenous production, affordability, and accessibility are the key focus areas. The establishment of the Medical Technology Assessment Board (MTAB) and incubation centers like the Biotechnology Industry Research Assistance Council (BIRAC) are facilitating innovation and encouraging cross-sector collaborations between academia and industry stakeholders.

India’s Growing Medical Device Manufacturing Capabilities

The India medical device industry has significantly evolved, with a broad spectrum of products being manufactured domestically. From consumables like syringes, catheters, and cannulas to high-tech implantable devices such as cardiac stents, intraocular lenses, and orthopedic implants, the country is making strides in advanced medical technology. However, despite this progress, India still imports nearly 70% of its medical devices, creating a massive gap between supply and demand. This dependency has driven leading global and domestic manufacturers to ramp up production to meet the growing market potential.

 

The capital-intensive nature of the India medical device sector necessitates continuous investments in workforce training and technological upgrades. Major players are leveraging government initiatives to reduce the import burden and strengthen local production. With rising healthcare needs, India is becoming a lucrative destination for medical device manufacturers looking to tap into an underpenetrated market.

Government Initiatives Fuelling Market Growth

The Indian government has implemented multiple policies and initiatives to boost the India medical device landscape, prioritizing domestic manufacturing and innovation. Key measures include:

  • National Medical Devices Policy 2023: Approved in April 2023, this policy aims to streamline regulations, enhance affordability, and drive the market toward a USD 50 billion valuation by 2030.
  • Production-Linked Incentive (PLI) Scheme: As of 2024, the scheme has approved 26 projects with a committed investment of INR 1,206 crore (USD 147 million), fostering manufacturing and technological advancements.
  • Export Promotion Council for Medical Devices: Established in September 2022 under the Department of Pharmaceuticals, headquartered in Noida, to enhance India’s global competitiveness.

These initiatives are strategically designed to bolster domestic capabilities, minimize import reliance, and position India as a leading global player in medical device manufacturing.

Recent Developments Shaping the Market

The India medical device market size is witnessing dynamic changes, driven by significant developments in the industry. Key milestones include:

  • April 2024: Amkay Products, a manufacturer of medical devices, launched an IPO to raise INR 12.6 crore (USD 1.51 million) to expand its product portfolio and market reach.
  • March 2024: The government inaugurated 27 new Bulk Drug Park projects and 13 Medical Device Manufacturing Plants under the PLI scheme to enhance domestic production capacity.
  • February 2024: OMRON Corporation received well-known trademark status in India, solidifying its brand presence and recognition in the market.
  • March 2024: Union Minister Mansukh Mandaviya announced the establishment of 27 new Bulk Drug Park projects and 13 Medical Device Manufacturing Plants, reinforcing India’s commitment to self-reliance.

These developments highlight the rapid transformation of India’s medical device ecosystem, backed by both government and private sector initiatives.

Competitive Landscape: Startups and Investments Driving Growth

India has become a breeding ground for medical device startups, with over 250 emerging players actively innovating in areas such as medical robotics, imaging, and AI-driven diagnostics. Venture capital (VC) and private equity (PE) funding have accelerated the growth of these startups, enabling them to scale operations and enter global markets.

 

Collaborations between hospitals, manufacturers, and research institutions are essential to making cutting-edge medical technology affordable and accessible. Singapore’s Health Technologies Consortium serves as an exemplary model, fostering stakeholder engagement and innovation. A similar approach in India could further strengthen the country’s standing as a global hub for medical device manufacturing and research.

Future Outlook: Achieving Self-Sufficiency and Market Leadership

To achieve self-sufficiency, Indian policymakers are crafting a strategic roadmap to reduce the nation’s dependency on imported medical technologies. NITI Aayog is leading initiatives to bolster domestic production and innovation. According to industry forecasts, the India medical device sector is poised to grow to USD 50 billion by 2030, driven by government incentives, private sector investments, and increasing healthcare demands.

 

At BioAsia 2021, industry leaders projected that India could achieve self-sufficiency in medical device manufacturing by 2025-26. Initiatives such as the PLI scheme, Make in India, and Innovate in India are reinforcing the foundation for a robust domestic industry. Companies investing in India’s medical device market are expected to benefit from a growing customer base, competitive manufacturing costs, and a favorable policy environment.

 

Author: Mahesh Y (Asst. Manager – Healthcare and Medical Device)


 

 

India Medical Device Market Scope



*Research Methodology: This report is based on DataCube’s proprietary 3-stage forecasting model, combining primary research, secondary data triangulation, and expert validation. [Learn more]