New Delhi: India’s medical devices industry is projected to reach $50.1 billion by 2030 from $15.2 billion in 2025, at a compound annual growth rate of 26.9 per cent, a report has said.
The report from Rubix Industry Insights attributed the growth to government initiatives such as the National Medical Devices Policy, Production Linked Incentive Scheme, Scheme for Promotion of Medical Devices Parks, and MedTech Mitra.
The report noted that medical devices exports reached $4.1 billion in FY25 while imports touched $8.6 billion, leaving 70-80 percent of domestic demand being met through imports, particularly for technologically advanced devices.
Consumables accounted for around 47 per cent of exports between April September FY25, while electro medical equipment made up nearly 60 per cent of imports, the report noted.
India currently ranks as the fourth largest medical devices market in Asia and among the top 20 globally.
The government aims to raise India’s share in global market from 1.6 percent to around 12 percent in the coming years. The US and Germany are the key export destinations, while the US and China are major import sources, the report further said.
Union Budget-FY27’s had stressed the support for bio-pharma research in the country. The report also highlighted rising income levels, widening health insurance penetration, expansion of healthcare infrastructure and medical tourism growth, as drivers of affordable mass-use devices and advanced solutions for specialised care.
The domestic manufacturing base comprises about 800 manufacturers, while private equity and venture capital deal sizes have risen from $56 million in 2022 to $137 million in 2024. UP, Maharashtra, Haryana and Karnataka are playing a critical role by offering shared infrastructure, skilled labour, and supplier networks, the report noted.
A recent report said that the India-EU Free Trade Agreement (FTA) is a positive step for the Indian medical device sector and access to life-saving drugs will be a major advantage for both sides.
Experts noted that zero tariffs on medical devices are good, but non-tariff barriers need to be addressed.
(IANS)
