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Medical Device Market Insights for India.

Medical Device Market Insights for India.

Market Synopsis

Topline Medical Device Market Stats

  • Projected Market Size (2030): USD 50 billion (CAGR 16.4%).
  • Diagnostic Equipment Market: USD 4 billion in 2023 → USD 6 billion by 2027.
  • Diagnostic Imaging Equipment: USD 2.06 billion in 2025 → USD 3.01 billion by 2030 (CAGR 7.92%).
  • Exports: Grew 88% between FY19–FY25, reaching USD 3.64 billion.
  • Export Ambition: Targeting USD 20 billion by FY30.
  • FDI Inflows (Apr 2000–Jun 2025): USD 3.96 billion into medical & surgical appliances.
  • Domestic Production: Increased share from 10% to 30% of domestic requirements in last 5 years.
  • Advanced Class C Devices: India now manufactures 20% domestically at 10 - 40% lower costs.
  • Policy Support:
    • National Medical Devices Policy 2023.
    • Production Linked Incentive (PLI) scheme worth USD 400 million.
    • Medical device parks and cluster development
  • Government Budget Allocation (2025–26): USD 11.48 billion for healthcare sector.
  • Employment & Innovation: Strong focus on AI, wearables, and longevity science; India emerging as a hub for affordable, high quality medtech solutions.
Factors Driving the Medical Device Market in India (2026) :-
1. Government Policy & Incentives
  • National Medical Devices Policy 2023 – focuses on self reliance, quality, and affordability.
  • Production Linked Incentive (PLI) scheme – USD 400 million allocated to boost domestic manufacturing.
  • 100% FDI allowed via automatic route – attracting global players to set up in India.
  • Medical Device Parks & Clusters – Gujarat, Tamil Nadu, Maharashtra, and Andhra Pradesh hosting specialized hubs.
2. Rising Healthcare Demand
  • Expanding hospital infrastructure in Tier 2/3 cities.
  • Growing burden of non communicable diseases (cardiac, orthopedic, diabetes, oncology).
  • Increased demand for diagnostic imaging, implants, and surgical devices.
3. Digital Health & Technology Adoption
  • Integration with Ayushman Bharat Digital Mission (ABDM) – 450M+ health IDs and 1.2B+ records digitized.
  • Surge in telemedicine, wearable devices, and AI driven diagnostics.
  • Strong demand for remote monitoring and home care devices.
4. Export Growth
  • Exports grew 88% between FY19–FY25, reaching USD 3.64 billion.
  • Targeting USD 20 billion exports by FY2030.
  • India UK FTA (2025) provides zero tariff access for Indian certified devices.
5. Private Sector & Global Partnerships
  • Investments from Medtronic, Siemens Healthineers, Omron, Amazon Diagnostics.
  • Collaborations with Indian hospital chains (Apollo, Fortis, Manipal) to integrate advanced devices.
  • Expansion of domestic manufacturing share from 10% to 30% of requirements in the last 5 years.
Industry insights

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