Advantage India
Increasing
Demand
*Rising number of medical facilities will boost the demand for medical devices in the market.
*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.
*On February 13, 2026, a Rubix Industry Insights report highlighted India’s medical devices market is projected to grow from US$ 15.2 billion in 2025 to US$ 50.1 billion by 2030, driven by rising healthcare demand, expanding infrastructure and insurance penetration.
Opportunities
in Export
*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).
*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.
*On January 28, 2026, India–EU FTA unlocked access to a US$ 572.3 billion EU pharma and MedTech market, boosting export opportunities for Indian medical devices through liberalised tariffs and preferential market access.
*Medical device exports surpassed Rs. 33,908.56 crore (US$ 4.01 billion) in FY25, with FTAs, regulatory reforms and high-value manufacturing set to boost global exports.
Policy
Support
*The National Medical Devices Policy 2023 supports India’s medical devices sector through regulatory streamlining, infrastructure, R&D, and investment promotion, boosting competitiveness and exports via schemes like PLI and medical device parks.
*Lower GST on medicines and medical devices was announced to make healthcare more affordable, further incentivizing industry growth and expanding access to advanced medical technologies.
*100% FDI is allowed in the medical devices sector In India. Categories such as equipment and instruments, consumables and implants attract the most FDI.
Increasing
Investments
*On March 13, 2026, the Government stated that the Rs. 3,420 crore (US$ 378.44 million) PLI Scheme and the National Medical Devices Policy 2023 are accelerating investments and strengthening India's medical devices manufacturing ecosystem.
*In the Union Budget 2025-26, Rs. 99,858 crore (US$ 11.48 billion) was allocated as a budget for the healthcare sector.
*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).
Introduction
India’s healthcare and medical device sectors have grown rapidly over the past decade, positioning the country as the fourth-largest medical devices market in Asia and among the top 20 globally. The industry produces a wide range of products, from consumables such as syringes and catheters to high-value implants like cardiac stents, intraocular lenses, and orthopaedic devices.
While India still imports 70-80% of its medical devices, this gap offers a significant growth opportunity. Both domestic and global manufacturers are investing to meet rising demand, supported by government policies that have recognized medical devices as a sunrise sector since the launch of Make in India in 2014.
Initiatives such as the Production-Linked Incentive (PLI) scheme, the creation of medical device parks, and 100% FDI under the automatic route are strengthening the sector’s foundation. In addition, the Union Budget 2025-26 allocated Rs. 99,858 crore (US$ 11.48 billion) to healthcare, reflecting a strong policy push to boost innovation and infrastructure.
With rising investments, expanding domestic capacity, and growing exports, India’s medical device industry is well on its way to becoming a global hub for affordable and high-quality healthcare solutions.
Market Size
The medical devices sector in India is a diverse mix of large multinationals, mid-sized firms, and emerging start-ups, making it one of the fastest-growing segments of the healthcare industry. Valued at US$ 15.35 billion in 2023, the industry is projected to more than triple, reaching US$ 50 billion by 2030. Its growth is underpinned by strong innovation, with the sector increasingly attracting seed and venture capital funding.
India’s medical devices market is projected to grow steadily from US$ 15.2 billion in 2025 to US$ 50.1 billion by 2030. The consistent upward trend reflects rising healthcare demand, increased investments, and strong policy support, positioning India as a rapidly expanding global hub for medical device manufacturing and innovation.
Within this space, the diagnostic imaging equipment market is emerging as a major driver. Estimated at Rs. 17,606 crore (US$ 2.06 billion) in 2025, it is forecast to expand to Rs. 25,726 crore (US$ 3.01 billion) by 2030, registering a healthy CAGR of 7.92% during the period.
India’s position in the global healthcare ecosystem is also strengthening through exports. Between FY19 and FY25, drugs and pharma exports rose by 59%, from Rs. 1.55 lakh crore (US$ 17.12 billion) to Rs. 2.47 lakh crore (US$ 28.90 billion). Medical device exports recorded even faster growth, surging 88% to reach Rs. 31,120 crore (US$ 3.64 billion) in FY25. This momentum has been supported by government initiatives, particularly the Rs. 3,420 crore (US$ 400 million) Production Linked Incentive (PLI) scheme, which is driving manufacturing competitiveness and boosting India’s role as a trusted global supplier.
To increase export of medical devices in the country, the Ministry of Health and Family Welfare (MOHFW) and Central Drugs Standard Control Organisation (CDSCO) implemented the following initiatives:
- Re-examination and implementation of Schedule MIII (a draft guidance on good manufacturing practices and facility requirements)
- System for export labelling
- Clinical evaluation and adverse reporting clarification
- State licencing authority to extend free sales certificate validity from 2 years to 5 years to allow exports.
- Create a list of manufacturers with export licencing for easy access to regulatory authorities worldwide.
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.
Government Initiatives
The Government of India has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100% FDI for medical devices to boost the market.
- March 21, 2026, India highlighted its growing medical devices ecosystem, supported by government initiatives such as streamlined regulatory approvals, strengthened quality standards, and the Promotion of Research and Innovation in Pharma-MedTech (PRIP) Scheme with an outlay of Rs. 5,000 crore (US$ 542.24 million). The government is also supporting common infrastructure, testing facilities and R&D clusters to enhance innovation, reduce manufacturing costs and improve the global competitiveness of India's medical devices sector.
- March 14, 2026, The Department of Commerce, in collaboration with the Department of Pharmaceuticals and the Export Promotion Council for Medical Devices (EPCMD), organised a Chintan Shivir on “Strengthening India’s Medical Devices Export Ecosystem” at Vanijya Bhawan, New Delhi. The initiative focused on achieving a Rs. 2,84,010 crore (US$ 30 billion) medical devices market by 2030, identifying policy priorities, addressing regulatory and infrastructure bottlenecks, strengthening manufacturing clusters, expanding testing infrastructure, promoting regulatory harmonisation and leveraging global FTAs to boost exports. India's medical device exports crossed Rs. 33,824 crore (US$ 4 billion) in FY25, reinforcing the country's emergence as a global MedTech manufacturing and export hub.
- On January 5, 2026, the Centre invited proposals under a Rs. 500 crore (US$ 53.96 million) scheme launched by the Department of Pharmaceuticals in November 2024 to boost domestic medical device manufacturing and reduce import dependence. The initiative includes sub-schemes offering financial incentives, such as capital subsidies and clinical research support, with applications due by January 10, 2026, aimed at strengthening innovation, local production, and India’s medtech ecosystem.
- Lower GST on medicines and medical devices was announced to make healthcare more affordable, further incentivizing industry growth and expanding access to advanced medical technologies.
- The Union Cabinet, led by Prime Minister Mr. Narendra Modi, has approved a major expansion of medical education in India, allocating Rs. 15,034.5 crore (US$ 1.69 billion) for FY26-FY29 to create 10,023 new UG and PG seats across government medical institutions. This initiative will boost healthcare capacity by adding 5,000 PG and 5,023 MBBS seats, improving access to skilled doctors nationwide.
- Under the PLI scheme for Medical Devices, a total of 26 projects have been approved, with a committed investment of Rs. 1,206 crore (US$ 147 million) to enable growth and innovation in the MedTech industry and make India as the global hub for manufacturing and innovation in the coming years.
Road Ahead
India’s medical devices sector is on the cusp of transformation, with policymakers focusing on reducing the country’s high import dependency, currently at 70-80%. NITI Aayog is preparing a strategic roadmap to build a globally competitive industry, while initiatives such as the Production Linked Incentive (PLI) scheme and the development of dedicated medical device parks are creating an enabling ecosystem for manufacturing.
India’s medical devices sector is on a strong growth trajectory, driven by rising demand, policy support, and increasing investments. Expanding infrastructure such as the Uttar Pradesh Medical Device Park, along with sustained FDI inflows, underscores growing global confidence and positions India as an emerging hub for cost-efficient, high-quality medical device manufacturing.
Industry stakeholders remain optimistic that India can achieve near self-sufficiency in domestic medical device production over the next few years. With the market projected to reach US$ 50 billion by 2030, the focus is on fostering indigenous innovation, scaling manufacturing capabilities, and strengthening exports.
Going forward, medical device companies will play a critical role by leveraging India as both a manufacturing hub and an innovation centre. Greater collaboration under flagship programmes like ‘Make in India’ and ‘Innovate in India’, combined with efforts to design and produce affordable low- to mid-tech devices for the underpenetrated domestic market, will be central to driving sustainable growth and enhancing India’s global competitiveness.
References: Government Websites, Press Releases, Media Reports, Deloitte Report, Union Budget 2026-27
FAQs
The medical devices industry in India manufactures products ranging from syringes and diagnostic equipment to cardiac stents, implants, imaging systems, and surgical devices. India is the fourth-largest medical devices market in Asia and among the world's top 20 MedTech markets.
The medical devices industry in India is expanding due to rising healthcare demand, increasing domestic manufacturing, supportive government policies, growing exports, and higher investments. Strong policy support and expanding MedTech infrastructure are accelerating India's emergence as a global manufacturing hub.
The medical devices industry comprises diagnostic imaging, consumables, implants, surgical instruments, in-vitro diagnostics (IVD), patient monitoring systems, orthopaedic devices, cardiovascular devices, and home healthcare products. These segments support India's expanding healthcare ecosystem.
The medical devices industry in India is driven by rising healthcare expenditure, expanding hospital infrastructure, increasing exports, PLI incentives, growing venture capital funding, and higher demand for diagnostics, wearable devices, and advanced medical technologies.
Technology is reshaping the medical devices industry through AI-enabled diagnostics, wearable health devices, robotic surgery, digital imaging, remote patient monitoring, and smart MedTech solutions. Growing investments in innovation and R&D are accelerating the development of next-generation healthcare technologies.
The Government is strengthening the medical devices industry in India through the National Medical Devices Policy 2023, PLI Scheme, PRIP Scheme, Medical Device Parks, 100% FDI, and dedicated export initiatives to reduce import dependence and boost domestic manufacturing.
The medical devices industry in India offers investment opportunities across diagnostics, imaging equipment, implants, AI-enabled MedTech, wearables, manufacturing parks, and export-oriented production. Strong FDI inflows, global partnerships, and rising healthcare demand continue to attract investors.
Domestic manufacturing is strengthening the medical devices industry in India through PLI-supported greenfield projects, Medical Device Parks, and higher local production. India's domestic share has increased from 10% to 30% in five years, reducing import dependence and improving export competitiveness.
The medical devices industry in India is expected to witness robust long-term growth, supported by innovation, exports, and manufacturing expansion. The market is projected to reach US$ 50 billion by 2030, with India positioning itself as a global hub for affordable, high-quality MedTech solutions.
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