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 devices sector in India is projected to reach US$ 50 billion by 2025.

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 July 2022, the government tabled a draft for the new Drugs, Medical Devices and Cosmetics Bill 2022, to assure and offer thorough legal protections to ensure that the medical items sold in India are reliable, efficient, and up to required standards.

* 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 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$ 2.71 billion between April 2000-June 2022.

Last updated: Jan, 2023

Medical Devices Clusters

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

Posters

MORE
MEDICAL DEVICES INDUSTRY IN INDIA

MEDICAL DEVICES INDUSTRY IN INDIA

The healthcare and medical device sectors have grown significantly in the last decade. There is a huge gap in the current...

IBEF Campaigns

MORE
Gulfood Dubai 2023

Gulfood Dubai 2023

APEDA India Pavilion Gulfood February 20th-26th, 2022 | World Trade Cent...

India Organic Biofach 2022

India Organic Biofach 2022

Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nurember...

Case Studies

MORE

Growth and Expansion of India’s Edtech Industry

Growth and Expansion of India’s Edtech Industry

Education has always been a prominent sector in the development and growth of India, and the government has always been focused on implementing polici...

Rise of the Indian Aviation Market

Rise of the Indian Aviation Market

India has become the third-largest domestic aviation market in the world and is expected to overtake the UK to become the third-largest air passenger ...

India's Agritech Ecosystem

India's Agritech Ecosystem

Agriculture plays a crucial role in developing India's economy. According to Census 2011, almost 54.6% of the country's workforce is engaged i...

IBEF BLOG

MORE
ONDC to present opportunities to India’s local retailers
13 Mar 2023

ONDC to present opportunities to India’s local retailers

Introduction India is the world's second-largest digital economy in te...

Indian Media and Entertainment Industry: Seizing Opportunities and Overcoming Challenges
13 Mar 2023

Indian Media and Entertainment Industry: Seizing Opportunities and Overcoming Challenges

Introduction The Media & Entertainment industry has immense power to i...

FMCG Sector prospects in the Indian Rural Market
6 Mar 2023

FMCG Sector prospects in the Indian Rural Market

Introduction Fast-moving consumer goods (FMCG) is the fourth-largest secto...

Partners
Loading...