India’s medical devices industry is currently estimated at $18 billion and is projected to reach $30 billion by 2030, making it a sunrise sector of the Indian economy. It has grown at a CAGR of 15% over the last three years and is the 4th largest medical devices market in Asia, after Japan, China and South Korea. It also ranks among the top 20 medical devices markets in the world.
The industry comprises both large multinationals and small and medium enterprises (SMEs). A wide range of devices, from consumables to implantable devices, is now manufactured in India.
The Indian MedTech Industry is poised for accelerated growth, driven by the Government of India’s Production Linked Incentive (PLI) & SSMDI Schemes and the establishment of four Medical Device Parks across the country. In addition, the Department of Pharmaceuticals is preparing an India Medical Devices Policy, which is currently at the inter-ministerial consultation stage.
