India’s medical devices market likely to hit $50.1 billion by 2030: report
India’s medical devices industry is projected to reach $50.1 billion by 2030 from $15.2 billion in 2025, growing at a compound annual growth rate (CAGR) of 26.9 per cent, according to a report by Rubix Industry Insights.
The report attributed the growth to government initiatives including the National Medical Devices Policy, the Production-Linked Incentive (PLI) scheme, the Scheme for Promotion of Medical Devices Parks and the MedTech Mitra programme.
According to the report, medical device exports reached $4.1 billion in fiscal year 2025, while imports stood at $8.6 billion, with 70–80% of domestic demand met through imports, particularly for high-end and technologically advanced equipment. Consumables accounted for about 47% of exports between April and September FY25, while electro-medical equipment made up nearly 60% of imports.
India is currently the fourth-largest medical devices market in Asia and ranks among the top 20 globally. The government aims to increase the country’s global market share from 1.6% to around 12% in the coming years. The United States and Germany are key export destinations, while the United States and China are major import sources, the report said.
The report also cited rising incomes, expanding health insurance coverage, growing healthcare infrastructure and medical tourism as key demand drivers. India’s domestic manufacturing base includes around 800 manufacturers. Private equity and venture capital deal values rose from $56 million in 2022 to $137 million in 2024.
Separately, industry experts said the proposed India-EU Free Trade Agreement could benefit the sector through zero tariffs on medical devices, although non-tariff barriers remain a concern.
