India’s medical-device sector is gaining prominence as a regional innovation hub, with exports hitting $4 billion by FY2025. The country has been recognized as Asia-Pacific’s ‘access-led innovator,’ according to a report by Bain & Company. India currently exports medical devices to more than 125 countries and imports high-end medical devices worth $5.5 billion, signaling a significant opportunity for further innovation.
The report, developed in collaboration with various entities including Bain & Company, highlighted Asia-Pacific’s growing importance as a key demand center for the global medtech industry. By 2030, the region’s share of global medtech demand is projected to reach $132 billion, expanding at an annual rate of 6.9%, outpacing the global market growth.
With increasing demand and innovation capabilities in the region, the future growth of Asia-Pacific’s medtech sector will rely not only on innovation but also on enhancing capabilities in clinical evidence generation, regulatory strategy, commercialization, and market access. The report emphasized that solutions tailored for resource-constrained healthcare environments are gaining global recognition, with Indian medical device exports hitting $4 billion by FY25, showcasing the competitiveness of Indian companies on a global scale.
Dhruv Sukhrani, Partner and head of Bain & Company’s Healthcare & Life Sciences practice in India, highlighted the significant growth potential in India’s healthcare sector. He projected a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at a compound annual growth rate (CAGR) of over 20% through 2030, reaching $8 billion. Sukhrani emphasized that India’s future growth in the medtech industry will hinge not only on manufacturing scale but also on building globally competitive innovation through enhanced clinical evidence, regulatory capabilities, and commercialization strategies.
