The medical devices sector is an essential and integral constituent of the healthcare sector. Recognised as a sunrise sector under the Make in India campaign in 2014, the current market size of the medical devices industry in India is estimated at $11 Bn. The ecosystem is expected to reach $50 Bn by 2030, ensuring the emergence of India as the global leader in manufacturing and innovation in the Medical Technology (MedTech) sector by the next decade.
Currently, India is among the top 20 global medical devices markets in the world, and is the fourth largest medical devices market in Asia after Japan, China, and South Korea. As the fastest growing medical devices market amongst the emerging markets, the industry has the potential to grow ~4x the current market size by FY 2030. Backed by growing healthcare needs and the government’s commitment to facilitate growth, the medical devices industry’s potential for growth is the highest among all the sectors in the healthcare ecosystem of India.
The government has been proactively taking steps to attract investments from domestic players and MNCs for setting up a manufacturing base in India for medical devices. The government launched the Production Linked Incentive (PLI) Scheme as a model to attract big ticket investments and boost domestic manufacturing in the medical devices sector with financial incentives worth INR 3,420 Crore (~$400 Mn) across four key segments: Cancer care/Radiotherapy medical devices, Radiology & Imaging medical devices (both ionizing & non-ionizing radiation products) and Nuclear Imaging devices, Anaesthetics & Cardio-Respiratory medical devices, and All Implants including implantable electronic devices.
So far, the government has selected 26 applicants under the Scheme. The government is now inviting applications for the PLI Scheme for eligible product categories under the identified target segments. The last date to complete the application is 8th April 2023.
The PLI Scheme is set to enable growth and innovation in the MedTech industry and make India the global hub for medical devices manufacturing and innovation in the coming years.
Application form: https://plimedicaldevices.ifciltd.com/login