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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.
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.
The Indian government has implemented multiple policies and initiatives to boost the India medical device landscape, prioritizing domestic manufacturing and innovation. Key measures include:
These initiatives are strategically designed to bolster domestic capabilities, minimize import reliance, and position India as a leading global player in medical device manufacturing.
The India medical device market size is witnessing dynamic changes, driven by significant developments in the industry. Key milestones include:
These developments highlight the rapid transformation of India’s medical device ecosystem, backed by both government and private sector initiatives.
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.
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)