Medical Devices Industry in India

Recent Investments and Developments

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

• A report published on January 20, 2026, highlights that Uttar Pradesh’s Medical Device Park at Sector 28, Yamuna Expressway Industrial Development Authority (YEIDA), is a major step toward strengthening India’s medical devices sector. The project, with an approved cost of Rs. 439.49 crore (US$ 47.45 million) including Rs. 100 crore (US$ 10.8 million) central support, aims to reduce import dependence, lower manufacturing costs, and build a globally competitive medtech ecosystem. It has already attracted strong investment interest from companies such as Wipro GE, Philips, Siemens, and Panacea, reflecting growing investor confidence in India’s medical device manufacturing landscape.
• FDI inflow in the medical and surgical appliances sector between April 2000- December 2025 stood at Rs. 30,402.49 crore (US$ 4.24 billion).
• India’s medical devices industry is seeking a larger footprint in the United Kingdom’s (UK) Rs. 161.16 crore (US$ 18.17 million) medtech market, with an ambition to triple exports to Rs. 2,917-3,493 crore (US$ 329-394 million) by 2030 from Rs. 1,117 crore (US$ 126 million) in 2024.
• India's domestic medical device production increased its market share from 10% to 30% of domestic requirements in the last five years. Even for advanced Class-C medical devices, India manufactures 20% domestically at 10-40% cheaper costs. The India MedTech Expo 2025 saw strong global participation indicating growing export potential and government commitment to making India 'Atmanirbhar' in medical devices.
• Emerging focus on AI, wearables, and lifestyle science in India is building the next generation of longevity and human performance ecosystems, indicating growth in tech-enabled medical devices.
• 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.