Medical Devices Industry in India

India is in the top 20 medical device markets worldwide and is the fourth-largest market for medical devices in Asia.

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.

* The medical technology sector in India is projected to reach US$ 50 billion by 2025.

Opportunities
in Export

* The Indian medical device market is driven by 75-80% 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 October 2021, the government announced a plan to draft a new drugs, cosmetics and medical devices bill to increase the acceptability of Indian medical devices in the global market.

* In November 2021, the Indian Council of Medical Research (ICMR) collaborated with Indian Institutes of Technology (IITs) to establish ‘ICMR at IITs’ by setting up Centres of Excellence (CoE) for Make-in-India product development and commercialisation in the medical devices and diagnostics space.

Increasing
Investments

* This sector has attracted significant investments over the years.

* In FY20, foreign investments in the medical devices sector increased 98% YoY to Rs. 2,196 crore (US$ 301.01 million), as against Rs. 1,108 crore (US$ 151.87 million) in FY19.

* FDI inflow in the medical and surgical appliances sector stood at US$ 2.41 billion between April 2000-March 2022.

Last updated: Aug, 2022

Medical Devices Clusters

  • Gujarat
  • Maharashtra
  • Karnataka
  • Haryana
  • Andhra Pradesh
  • Tamil Nadu
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