India’s medical devices industry is expected to grow significantly, reaching $50.1 billion by 2030 from $15.2 billion in 2025, with a compound annual growth rate of 26.9%. This growth is attributed to government initiatives like the National Medical Devices Policy and Production-Linked Incentive Scheme.
The report highlighted that medical devices exports in FY25 amounted to $4.1 billion, while imports stood at $8.6 billion, indicating a substantial reliance on imports to meet domestic demand, especially for advanced devices. Consumables accounted for a significant portion of exports, while electro-medical equipment dominated imports.
Currently, India ranks as the fourth-largest medical devices market in Asia and is among the top 20 globally. The government aims to increase India’s global market share from 1.6% to approximately 12% in the near future, with key export destinations being the US and Germany, and major import sources being the US and China.
The Union Budget-FY27 emphasized support for bio-pharma research, reflecting a positive outlook for the industry. Factors such as rising income levels, expanding health insurance coverage, and growth in medical tourism are expected to drive the demand for affordable mass-use devices and specialized care solutions.
The domestic manufacturing sector comprises around 800 manufacturers, with private equity and venture capital investments witnessing a significant increase. States like Uttar Pradesh, Maharashtra, Haryana, and Karnataka are pivotal in supporting the industry through shared infrastructure, skilled labor, and supplier networks, as per the report.
The India-EU Free Trade Agreement is seen as a beneficial development for the Indian medical device sector, offering advantages in access to life-saving drugs for both parties. While zero tariffs on medical devices are advantageous, addressing non-tariff barriers is crucial for further growth and development.
