Medical Devices Industry in India

Recent Investments and Developments

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

• On May 7, 2026, The Yamuna Expressway Industrial Development Authority (YEIDA) signed an MoU with Japan's Medical Excellence Japan (MEJ) to strengthen India's medical devices sector by promoting Japanese investment, technology transfer and research collaboration. The partnership will support YEIDA's Medical Device Park through infrastructure, regulatory facilitation, policy incentives, and potential direct investments, joint funding programmes and grants, boosting India's medtech manufacturing ecosystem.
• On March 13, 2026, India's medical devices sector continued to witness strong investment momentum, with cumulative FDI of Rs. 20,658 crore (US$ 2.34 billion) since FY19, including Rs. 2,944 crore (US$ 333.14 million) in FY26 (up to December 2025). Under the Rs. 3,420 crore (US$ 387.01 million) Production Linked Incentive (PLI) Scheme, 24 greenfield projects have been commissioned, 57 high-end medical devices have entered production, and Rs. 157.15 crore (US$ 17.78 million) in incentives had been disbursed till December 2025, strengthening domestic manufacturing and reducing import dependence.
• 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- March 2026 stood at Rs. 30,760.65 crore (US$ 4.28 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.