India’s medical devices sector is expected to grow to USD 50.1 billion by 2030, expanding at a compound annual growth rate (CAGR) of 26.9% from its estimated valuation of USD 15.2 billion in 2025, according to a report released by Rubix Industry Insights on February 11.
At present, India ranks fourth in Asia and is among the top 20 medical devices markets globally. The report attributes the sector’s strong growth outlook to policy support from the government, including 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 findings gain further relevance in view of the Union Budget FY27’s renewed emphasis on bio-pharma research and innovation. Rising disposable incomes, wider health insurance coverage, expanding healthcare infrastructure, and the steady rise in medical tourism are also contributing to increased demand for both affordable medical devices and advanced technologies for specialized treatment.
Medical device exports reached USD 4.1 billion in FY25. The government aims to increase India’s share in the global market from 1.6% to nearly 12% over the coming years. The United States and Germany remain key export destinations, while the US and China are major sources of imports.
Despite encouraging export growth, the industry continues to rely heavily on imports, with 70-80% of domestic demand met through imported products, particularly high-end, technology-driven equipment. Imports, estimated at USD 8.6 billion, were more than twice the value of exports and recorded a CAGR of 7.1% during the same period.
The report notes that consumables accounted for nearly 47% of exports between April and September FY25, reflecting India’s competitiveness in cost-effective manufacturing and large-scale production of low- to mid-technology products. In contrast, electro-medical equipment made up nearly 60% of imports, underlining continued dependence on advanced medical technologies from overseas markets.
India’s domestic manufacturing ecosystem comprises around 800 medical device companies, operating within a broad but fragmented industry structure. The report also highlights a sharp rise in private equity and venture capital investments, with the average deal size increasing nearly 2.5 times from USD 56 million in 2022 to USD 137 million in 2024.
Uttar Pradesh, Maharashtra, Haryana, and Karnataka have emerged as key states supporting industry growth by providing shared infrastructure, skilled workforce, and supplier networks, particularly benefiting small and mid-sized manufacturers.
