Medical Devices in India - Infographic

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

* 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

* 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 stood at Rs. 25,959.25 crore (US$ 3,735.93 million) between April 2000-September 2024.

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