Medical Devices Industry in India

The size of the Indian medical devices market is estimated at Rs. 90,000 crore (US$ 11 billion) in 2022 and is expected to grow to US$ 50 billion by 2030 with a CAGR of 16.4 %.

Advantage India

Increasing
Demand

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

*The medical technology sector in India is projected to reach Rs. 4,33,150 crore (US$ 50 billion) by 2030.

*Diagnostic equipment market to reach to Rs. 51,978 crore (US$ 6 billion) by 2027, up from Rs. 34,652 crore (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 Rs. 260,880 crore (US$ 30 billion) by 2025. Trade is expected to increase by an additional Rs. 43,480 crore (US$ 5 billion) per annum, with opportunities in pharmaceuticals & medical devices, minerals, steel, and chemicals.

*India's medical technology industry is poised to reach exports of up to Rs. 1,69,000 crore (US$ 20 billion) by FY30, according to the Confederation of Indian Industry (CII).

Policy
Support

*Comprehensive policy support through the National Medical Device Policy 2023, PLI & MDP schemes, cluster assistance, HR development, standards, export promotion, and PPPs is driving growth in India’s MediTech sector.

*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

*Union Chemicals and Fertilisers Minister Mr. JP Nadda launched a Rs. 500 crore (US$ 59.24 million) scheme to boost India's medical devices industry, focusing on manufacturing key components, skill development, clinical studies support, common infrastructure, and industry promotion.

*FDI inflow in the medical and surgical appliances sector between April 2000-March 2025 stood at Rs. 27,458.82 crore (US$ 3.91 billion).

*In the Union Budget 2025-26, Rs. 99,858 crore (US$ 11.48 billion) was allocated as a budget for the healthcare sector.

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Last updated: Oct, 2025

Medical Devices Industry Report

Aug, 2025

Introduction

India’s healthcare and medical device sectors have grown rapidly over the past decade, positioning the country as the fourth-largest medical devices market in Asia and among the top 20 globally. The industry produces a wide range of products, from consumables such as syringes and catheters to high-value implants like cardiac stents, intraocular lenses, and orthopaedic devices.

While India still imports 70-80% of its medical devices, this gap offers a significant growth opportunity. Both domestic and global manufacturers are investing to meet rising demand, supported by government policies that have recognized medical devices as a sunrise sector since the launch of Make in India in 2014.

Initiatives such as the Production-Linked Incentive (PLI) scheme, the creation of medical device parks, and 100% FDI under the automatic route are strengthening the sector’s foundation. In addition, the Union Budget 2025-26 allocated Rs. 99,858 crore (US$ 11.48 billion) to healthcare, reflecting a strong policy push to boost innovation and infrastructure.

With rising investments, expanding domestic capacity, and growing exports, India’s medical device industry is well on its way to becoming a global hub for affordable and high-quality healthcare solutions.

Market Size

The medical devices sector in India is a diverse mix of large multinationals, mid-sized firms, and emerging start-ups, making it one of the fastest-growing segments of the healthcare industry. Valued at US$ 15.35 billion in 2023, the industry is projected to more than triple, reaching US$ 50 billion by 2030. Its growth is underpinned by strong innovation, with the sector increasingly attracting seed and venture capital funding.

Within this space, the diagnostic imaging equipment market is emerging as a major driver. Estimated at Rs. 17,606 crore (US$ 2.06 billion) in 2025, it is forecast to expand to Rs. 25,726 crore (US$ 3.01 billion) by 2030, registering a healthy CAGR of 7.92% during the period.

Medical Devices Market in India (2023-20230, in US$ billion)

India’s position in the global healthcare ecosystem is also strengthening through exports. Between FY19 and FY25, drugs and pharma exports rose by 59%, from Rs. 1.55 lakh crore (US$ 17.12 billion) to Rs. 2.47 lakh crore (US$ 28.90 billion). Medical device exports recorded even faster growth, surging 88% to reach Rs. 31,120 crore (US$ 3.64 billion) in FY25. This momentum has been supported by government initiatives, particularly the Rs. 3,420 crore (US$ 400 million) Production

Linked Incentive (PLI) scheme, which is driving manufacturing competitiveness and boosting India’s role as a trusted global supplier.

To increase export of medical devices in the country, the Ministry of Health and Family Welfare (MOHFW) and Central Drugs Standard Control Organisation (CDSCO) implemented the following initiatives:

Re-examination and implementation of Schedule MIII (a draft guidance on good manufacturing practices and facility requirements)
System for export labelling
Clinical evaluation and adverse reporting clarification
State licencing authority to extend free sales certificate validity from 2 years to 5 years to allow exports.
Create a list of manufacturers with export licencing for easy access to regulatory authorities worldwide.

Recent Investments and Developments

Some major investments and developments in the medical devices sector are as follows:

FDI inflow in the medical and surgical appliances sector between April 2000-March 2025 stood at Rs. 27,458.82 crore (US$ 3.91 billion).
As of August 2025, India, now the world’s third-largest transplant hub, has transformed organ transplantation through surgical innovations, advanced preservation, and improved donor-recipient matching, giving thousands a renewed chance at life.
The India-UK FTA signed on July 24, 2025, introduces a Mutual Recognition Agreement for medical devices, granting Indian-certified products zero-tariff access to the UK market and boosting competitiveness against non-FTA exporters.
Announced in June 2025, Amazon India has entered the health-tech space with Amazon Diagnostics, an at-home lab testing service offering 800+ tests across six cities, promising rapid sample collection, digital reports, and seamless integration within its healthcare ecosystem.
In April 2024, Amkay Products who manufactures, assembles and markets a comprehensive portfolio of medical devices, came with an IPO to raise Rs. 12.6 crore (US$ 1.51 million).
In March 2024, Mr. Mansukh Mandaviya Inaugurates 27 Greenfield Bulk drug park projects and 13 Greenfield Manufacturing Plants for Medical Devices under the PLI scheme.
In February 2024, OMRON Corporation announced that its corporate brand OMRON has received well-known trademark status in India, as recognized by the Registrar of Trademarks. This designation acknowledges the brand's significant nationwide recognition within the country.
In March 2024, Mr. Mansukh Mandaviya, Union Minister for Chemicals & Fertilizers and Health & Family Welfare inaugurated 27 new Bulk Drug Park projects and 13 Manufacturing Plants for Medical Devices under the PLI Scheme. The medical device parks are expected to reduce manufacturing costs as these will be equipped with the necessary infrastructure where companies can plug and play.
In December 2023, MedTech Mitra, an online platform was launched to support medtech innovators with clinical assessment, regulatory help, and product adoption.
On December 2023, Agappe,2023 Kerala’s leading diagnostic technology brand, unveils its first indigenously manufactured HX series haematology equipment and Mispa i200 Immunology CLIA analyser, marking a new era in diagnostics era.
In November 2023, LTTS partnered with Nvidia to create AI-driven, software-based designs for endoscopy devices, aiming to improve image quality and scalability. This collaboration was disclosed in a regulatory filing by the engineering services firm.
In November 2023, National Medical Policy, six strategies have been formulated to maximize the sector's potential, along with a detailed action plan for their execution.
In April 2023, Healthvista India, the parent company of the healthtech startup Portea Medical, received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs. 200 crore (US$ 24 million) and an offer for sale (OFS) of up to 56,252,654 shares worth Rs. 800 crore (US$ 95.9 million).
In March 2023, SMT was selected as the exclusive distributor of Penumbra’s peripheral and coronary vascular thrombectomy technologies in select domestic geographies in India.
In August 2023, Union Health Minister Mr. Mansukh Mandaviya said that India is poised to become a global centre for medical technology and devices, while addressing the India MedTech Expo 2023.
In August 2023, Manipal Academy of Higher Education (MAHE), Manipal and Siemens Healthineers signed a Master Research collaboration (MRA) for continued strengthening of future cooperation between both organisations in achieving shared outcomes for the stakeholders.
As announced in August 2023, Omron Healthcare India Pvt. Ltd., a subsidiary of Japanese company Omron Healthcare Co. Ltd., which is in the supply of home healthcare monitoring devices in India, is planning to double its revenue in 3-5 years.
In August 2023, Omron Healthcare India announced a collaboration with supermodel, film producer, and fitness enthusiast Mr. Milind Soman to enhance awareness around adopting home monitoring as an essential constituent of the health regime.
In May 2023, Medtronic announced an investment of approximately Rs. 3,000 crore (more than US$ 350 million) to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad. MEIC is Medtronic’s largest research and development (R&D) centre outside of the US.
In May 2023, Omron Healthcare, a Japan-based manufacturer, and distributor of personal healthcare products, announced that it will set up a medical device manufacturing plant in Tamil Nadu at a cost of Rs. 128 crore (US$ 15.5 million).
Hindustan Syringes & Medical Devices Ltd, in April 2023, has achieved another milestone of supplying 1.75 billion syringes of the total 13.3 billion COVID-19 vaccines administered globally.
In March 2023, Siemens Healthineers, a medtech company that is into precision medicine, transforming care delivery, improving the patient experience, and digitalising healthcare, announced that it would invest Rs. 1,300 crore (US$ 157.2 million) at Bommasandra in Bengaluru to set up a full-fledged campus.
Medtronic bolstered its presence in India by investing approximately Rs. 3,000 crore (US$ 362.8 million) to expand Medtronic Engineering & Innovation Center in Hyderabad.
BeatO, a supplier of diabetes treatment, has raised US$ 33 million in a Series B fundraising, which was headed by Light rock India. Health Quad and current investors Orios Venture Partners, Blume Ventures, and Leo Capital also participated.

Government Initiatives

The Government of India has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100% FDI for medical devices to boost the market.

The Union Cabinet approved the National Medical Devices Policy, 2023 on April 26, 2023. The National Medical Devices Policy, 2023 is expected to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality, and innovation. The policy is expected to help the Medical Devices Sector grow from the present US$ 11 billion to US$ 50 billion by 2030.
Under the PLI scheme for Medical Devices, a total of 26 projects have been approved, with a committed investment of Rs. 1,206 crore (US$ 147 million) to enable growth and innovation in the MedTech industry and make India as the global hub for manufacturing and innovation in the coming years.

Road Ahead

India’s medical devices sector is on the cusp of transformation, with policymakers focusing on reducing the country’s high import dependency, currently at 70-80%. NITI Aayog is preparing a strategic roadmap to build a globally competitive industry, while initiatives such as the Production Linked Incentive (PLI) scheme and the development of dedicated medical device parks are creating an enabling ecosystem for manufacturing.

Industry stakeholders remain optimistic that India can achieve near self-sufficiency in domestic medical device production over the next few years. With the market projected to reach US$ 50 billion by 2030, the focus is on fostering indigenous innovation, scaling manufacturing capabilities, and strengthening exports.

Going forward, medical device companies will play a critical role by leveraging India as both a manufacturing hub and an innovation centre. Greater collaboration under flagship programmes like ‘Make in India’ and ‘Innovate in India’, combined with efforts to design and produce affordable low- to mid-tech devices for the underpenetrated domestic market, will be central to driving sustainable growth and enhancing India’s global competitiveness.

References: Government Websites, Press Releases, Media Reports, Deloitte Report, Union Budget 2024-25

Note: Conversion rate used for July 2025 is Rs. 1 = US$ 0.012

Medical Devices Industry Report

Aug, 2025

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