Snapshot
Fostering innovation for improved health
The current market size of the medical devices industry in India is estimated at $11 bn. India is the fastest growing medical devices market amongst the emerging markets
The medical devices industry in India consists of large multinationals as well as small and medium enterprises (SMEs) growing at an unprecedented scale
The medical devices industry is expected to grow at a CAGR of 15% which is 2.5x the global growth rate
The medical devices industry in India is poised for significant growth with the market size expected to reach $50 bn by 2030
100% FDI is allowed under the automatic route for both brownfield and greenfield setups. Strong FDI inflows reflect the confidence of global players in the Indian market
- $ 2.7 bn FDI inflows in Medical and Surgical Appliances from April 2000 - June 2022
- Equipment & Instruments, Consumables and Implants have attracted most FDI
- For further details, please refer FDI Policy
Imports: $8.5 bn, Exports: $2.9 bn (FY 2021-22) India’s expected export of medical devices will reach ~ $10 bn by 2025.
The Government of India has taken several steps to ensure the growth of a vibrant ecosystem of medical devices manufacturing in India over the past 5 years:
- Medical Devices Rules, (MDR) 2017: The Medical Devices Rules (MDR), 2017 regulates Clinical Investigation, Manufacture, Import, Sale, and Distribution of Medical Devices. The devices are classified into 4 classes, harmonized with international guidelines
- Production Linked Incentive Schemes: To boost domestic manufacturing, Government has launched Production Linked Incentive Schemes (PLI 1.0 & PLI 2.0) for medical devices for 4 key target segments & in- vitro diagnostics
- Scheme for Promotion of Medical Devices Parks: Government of India has approved to establish 4 medical devices parks to provide common infrastructure facilities, create a robust ecosystem for medical device manufacturing, and reduce the manufacturing cost significantly
- Public Procurement Order (PPO): Department of Pharmaceuticals released a Public Procurement Order (PPO) in March 2021 incorporating 19 devices in the revised guidelines, strengthening Make in India
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Market growth rate (2019-20)
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Types of Medical Devices in India
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MedTech Startups
Market size expected to reach $ 50 bn by 2030
India is the 4th largest market for medical devices in Asia, among the top 20 markets for medical devices worldwide
2nd largest PPE Kits manufacturer with production capacity 10 lakh+ PPE coveralls per day
- Industry Scenario
- FOREIGN INVESTMENT
- INDUSTRY TRENDS
- POLICIES & SCHEMES
Industry Scenario
The medical devices market in India has the potential to grow ~4x the current market size by FY 2030, backed by growing healthcare needs and government’s commitment to facilitate growth
Medical devices are segregated into five major segments:
- Consumables & Disposables include needles and syringes, etc
- Diagnostic Imaging includes MRI, X-Ray, Ultrasounds, etc
- Dental Products includes dentures, braces, etc
- Orthopaedics & Prosthetics include knee implants, artificial joints
- Patient Aids include hearing aids and pacemakers, etc
Around 65% of the manufacturers in India are mostly domestic players operating in the consumables segment and catering to local consumption with limited exports. Large Multinational Corporations lead the high technology end of the Medical Devices market in India with extensive service networks.
There are 750–800 domestic Medical Devices manufacturers in India, with an average investment of $2.3–2.7 mn and an average turnover of $6.2-6.9 mn.
The manufacturing is developing in its scale and geography: there are six Medical devices manufacturing “clusters” in the country (Refer to 'Data on Map' section below).
Clusters have “Medical Device Parks” developing around them: states have committed to set-up dedicated industrial parks where efficient domestic manufacturing at lower costs. The State Government of Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh have been given “in-principle” approval to develop Medical Devices Parks & create a robust ecosystem for medical device manufacturing in the country.
GROWTH DRIVERS
Growing Population
India’s population is set to touch 1.45 bn by 2028, making it the world’s most populous nation
Life Expectancy
From the current 67.5 years, life expectancy in India is expected to increase to 70 years by 2025
Shifting Disease Burden
Non-Communicable Diseases (NCDs) account for 50% of the disease burden and 60% of all deaths in India
Changing Preferences
Growing health awareness, changing attitude towards preventive healthcare, & increasing onset of lifestyle diseases
Growing Middle Class
~73 mn households will be moving into the middle-class category in India over the next 10 years, thereby enhancing their purchasing power, including with respect to Medical Devices
Increasing disposable income
8% Indians will earn more than $ 12,000 p.a. by 2026
Health Insurance
Approx. 20% of Indians have health insurance cover. This number is expected to increase with rising incomes and growing urbanization
Rise in Medical Tourism
Due to the relatively low cost of medical care in India, it is experiencing a 22-25% growth. It contributes over $2Bn to the healthcare market in India. Increased demand for healthcare and medical devices from rise in medical tourism.
Infrastructural Development
4 medical devices parks in India are in pipeline
Policy Support & Incentives
100% FDI allowed in Greenfield & Brownfield projects, relatively lower barriers to entry compared to other industries, diverse and vibrant start-up ecosystem


Production Linked Incentive (PLI) Scheme
The Indian Government has identified medical devices as a priority sector for the flagship 'Make in India' program and is committed to strengthening the manufacturing ecosystem. The Production Linked Incentive Scheme (PLI) Promoting Domestic Manufacturing of Medical Devices and Production Linked Incentive Scheme for Pharmaceuticals (PLI 2.0) have been introduced to provide an impetus to India’s vision of becoming a global manufacturing hub for medical devices.
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Schemes Outlay
Ministry
Products
Industrial Land Bank Portal
GIS - based map displaying available infrastructure for setting up business operations in the state.
Data On Map
Gallery
Latest News
Latest In Medical Devices
Market Research
Invest India closely works with
Government Ministry/Department
Industry Associations
- Association of Indian Medical Device Industry (AIMED)
- Advanced Medical Technology Association (AdvaMed)
- Association of Diagnostics Manufacturers of India (ADMI)
- Asia Pacific Medical Technology Association (APACMed)
- Federation of Indian Chambers of Commerce & Industry (FICCI)
- Medical Technology Association of India (MTAI)
- The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
- The Confederation of Indian Industry (CII)