Medical Devices Industry in India

The National Medical Devices Policy is expected to help India's medical devices sector market grow to US$ 50 billion by 2030 alongside achieving a 10-12% global market share over the next 25 years.

Advantage India

Increasing
Demand

* Rising number of medical facilities will boost the demand for medical devices in the market.

* Various government initiatives such as ‘Production Linked Incentive (PLI) Scheme for Medical Devices 2020’ and establishing medical parks will augment demand.​

* Diagnostic equipment market to reach to US$ 6 billion by 2027, up from US$ 4 billion in CY23.​

Opportunities
in Export

* The Indian medical device market is driven by 70-80% imports from countries such as the US, China and Germany.​

*India and Russia have set the bilateral trade target at US$ 30 billion by 2025. Trade is expected to increase by an additional US$ 5 billion per annum, with opportunities in pharmaceuticals & medical devices, minerals, steel, and chemicals.​

* Medical devices are a highly attractive export area for US firms.​

Policy
Support

* In November 2023, six strategies have been formulated as part of National Medical Policy to maximize the sector's potential, along with a detailed action plan for their execution.​

* 100% FDI is allowed in the medical devices sector In India. Categories such as equipment and instruments, consumables and implants attract the most FDI.

* In May 2023, Export Promotion Council for Medical Devices was established under the Department of pharmaceuticals, with its headquarters in Noida.​

Increasing
Investments

*FDI inflow in the medical and surgical appliances sector stood at US$ 3.28 billion between April 2000 - March 2024.​

*In the Interim Budget 2024-25, Rs. 98,461 crore (US$ 11.85 billion) was allocated for the pharmaceutical and healthcare sector.

*In March 2024, 27 new Bulk Drug Park projects and 13 Manufacturing Plants were inaugurated for Medical Devices under the PLI Scheme.

Last updated: Jul, 2024

Medical Devices Clusters

  • Gujarat
  • Maharashtra
  • Karnataka
  • Haryana
  • Andhra Pradesh
  • Tamil Nadu
Medical Devices India

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