India’s Medical Devices Market Projected to Hit $50.1 Billion by 2030
India’s medical devices industry is on a strong growth trajectory, with the market expected to expand from $15.2 billion in 2025 to $50.1 billion by 2030, reflecting a CAGR of 26.9 per cent, according to Rubix Industry Insights.
What’s Driving the Growth?
The expansion is largely supported by proactive government policies, including the National Medical Devices Policy, the Production-Linked Incentive (PLI) Scheme, the Scheme for Promotion of Medical Devices Parks, and MedTech Mitra. Continued emphasis on bio-pharma research in the Union Budget FY27 has further strengthened the sector’s outlook.
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Rising income levels, increasing health insurance penetration, expanding healthcare infrastructure, and the growth of medical tourism are also accelerating demand for both affordable and advanced medical devices.
Trade Trends: Strong Exports, High Imports
- Exports reached $4.1 billion in FY25.
- Imports stood at $8.6 billion, with 70–80% of domestic demand met through imports.
- Consumables accounted for 47% of exports (April–September FY25).
- Electro-medical equipment made up nearly 60% of imports.
- The US and Germany are key export markets, while the US and China are major import sources.
- Exports reached $4.1 billion in FY25.
India is currently the fourth-largest medical devices market in Asia and among the top 20 globally. The government aims to raise its global market share from 1.6% to around 12% in the coming years. The proposed India–EU Free Trade Agreement is expected to support sector growth, though experts highlight the need to address non-tariff barriers.
Investment and Manufacturing Boost
The domestic ecosystem includes around 800 manufacturers. Private equity and venture capital investments have increased significantly, rising from $56 million in 2022 to $137 million in 2024. States such as Uttar Pradesh, Maharashtra, Haryana, and Karnataka are strengthening manufacturing through infrastructure, skilled labour, and supplier networks.
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Role of Operon Strategist in Industry Growth
As regulatory requirements become more stringent, compliance and quality assurance are critical for sustainable expansion. Operon Strategist supports medical device manufacturers with regulatory advisory and end-to-end project consulting.
The company assists in obtaining approvals from CDSCO, US FDA, CE Marking, and UKCA and helps implement quality management systems such as ISO 13485 and FDA 21 CFR 820. It also provides guidance on facility planning, cleanroom setup, validation, and licensing processes.
By helping startups and established manufacturers streamline compliance and accelerate market entry, Operon Strategist contributes to strengthening India’s medical device ecosystem and supporting its long-term growth trajectory.
