India’s Medical Devices Industry to Reach $50.1 Bn by 2030: Report

India currently ranks as the fourth-largest medical devices market in Asia and among the top 20 globally.

India’s medical devices industry is projected to reach $50.1 billion by 2030, up from $15.2 billion in 2025, registering a compound annual growth rate (CAGR) of 26.9%, according to a report by Rubix Industry Insights released Wednesday.

India currently ranks as the fourth-largest medical devices market in Asia and among the top 20 globally. The report attributes the projected growth to sustained government policy support, rising healthcare demand, and expanding export activity.

Key policy drivers include the National Medical Devices Policy (NMDP), the Production-Linked Incentive (PLI) Scheme, the Scheme for Promotion of Medical Devices Parks, and the MedTech Mitra initiative. The report gains relevance amid the Union Budget FY27’s renewed emphasis on bio-pharma research and domestic manufacturing.

Rising income levels, expanding health insurance coverage, growth in healthcare infrastructure, and increasing medical tourism are contributing to demand across both affordable, high-volume devices and advanced products for specialized care.

Medical devices exports reached $4.1 billion in FY25. The government has set a target to increase India’s global market share from 1.6% to around 12% in the coming years. The United States and Germany remain key export destinations, while the United States and China are major import sources.

Despite export growth, the sector remains heavily import-dependent. The report estimates that 70–80% of domestic demand is met through imports, particularly for technologically advanced equipment. Imports were estimated at $8.6 billion, more than double export levels, and grew at a CAGR of 7.1% over the same period.

Consumables accounted for nearly 47% of exports between April and September FY25, reflecting India’s strength in cost-efficient, large-scale manufacturing of low- to mid-technology products. In contrast, electro-medical equipment made up nearly 60% of imports, underscoring reliance on high-end, technology-intensive devices.

The domestic manufacturing base includes around 800 companies operating in a fragmented market. The report also noted increased investor interest, with average private equity and venture capital deal sizes rising nearly 2.5 times from $56 million in 2022 to $137 million in 2024.

Uttar Pradesh, Maharashtra, Haryana, and Karnataka were identified as key states supporting sector growth through shared infrastructure, skilled workforce availability, and supplier ecosystems.

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