India is swiftly establishing itself as a major global player in the medical technology (MedTech) manufacturing sector. With the global healthcare landscape seeking more diversified and resilient supply chains, India is becoming a preferred destination for innovation, large-scale production, and cost-effective medical device solutions.
The Indian MedTech market, currently valued at USD 12 billion in FY 2023-24, is projected to grow at a 12% CAGR, reaching USD 50 billion by 2030. India’s share in the global medical device industry, now at 1.65%, is expected to rise significantly to 10%-12% over the next 25 years, positioning the country as a strategic hub for MedTech manufacturing and exports.
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Demand Surge Post-Pandemic Driving India’s MedTech Expansion
The COVID-19 pandemic highlighted critical gaps in global healthcare systems and accelerated the demand for reliable, affordable, and technologically advanced medical devices. India, with its robust manufacturing capabilities, large talent pool, and supportive policy ecosystem, is well-positioned to address this global need.
India currently ranks among the top 20 medical device markets globally and is home to over 750 medical device manufacturers. These companies produce a wide range of products, including diagnostic kits, surgical instruments, imaging equipment, and high-tech implants, catering to both domestic and international markets.
Strategic MedTech Hubs and Cost Advantage Fueling Growth
India’s success in pharmaceuticals and biotechnology has laid the groundwork for rapid growth in the MedTech sector. Cities such as Bengaluru, Hyderabad, Pune, and Ahmedabad have emerged as specialized hubs for medical device manufacturing and R&D, offering state-of-the-art infrastructure and global-standard facilities.
With a large, skilled workforce and cost-competitive manufacturing environment, India continues to attract foreign investment and global MedTech companies. The country’s expanding healthcare market and emphasis on quality make it a key contributor to global healthcare supply chains.
Government Policies Driving MedTech Industry Growth
The Production Linked Incentive (PLI) Scheme for medical devices has significantly boosted domestic production and drawn foreign investment. In addition, the development of Medical Device Parks across several states provides integrated infrastructure, reducing operational costs and improving supply chain efficiency.
The National Medical Devices Policy 2023 is a game-changer. It focuses on:
- Promoting innovation and research
- Simplifying regulations
- Strengthening infrastructure
- Boosting exports and skill development
Combined with initiatives like Make in India, Startup India, and Digital India, this policy framework supports the long-term growth of the MedTech ecosystem in India.
Export Growth and Global Reach
India’s medical device exports have witnessed impressive growth, reaching over 150 countries, including major markets like the United States and European Union. High-demand products such as surgical instruments, diagnostic devices, and health monitoring equipment are gaining traction globally for their quality and affordability.
Looking to enter or expand in the global MedTech market?
Operon Strategist Empowering India’s MedTech Growth
Consulting firms like Operon Strategist are playing a crucial role in enabling this transformation. As a leading MedTech regulatory and compliance consulting company, Operon Strategist supports medical device manufacturers, startups, and exporters with services such as FDA 510(k) submission, CE marking, ISO 13485 certification, clean room validation, and design control documentation. With deep expertise in global regulations and a commitment to quality, Operon Strategist helps companies navigate compliance and accelerate time-to-market in a competitive global environment.
