A latest industry report forecasts India’s medical devices market to grow from approximately $15–18 billion currently to $50.1 billion by 2030, driven by rising healthcare demand, government incentives, local manufacturing push, and increasing exports. The expansion is expected to create lakhs of jobs and significantly reduce import dependence.
Glimpse:
The report highlights a projected CAGR of 15–18% through 2030, fueled by Ayushman Bharat, Make in India, PLI schemes, rising chronic diseases, aging population, and medical tourism. Key growth segments include diagnostics, consumables, surgical instruments, imaging equipment, and high-value implants. With supportive policies and increasing domestic production capacity, India aims to capture a larger global share and become a major exporter of affordable, quality devices.
India’s medical devices industry is on track to reach a market size of $50.1 billion by 2030, according to a comprehensive new report released in early 2026. The forecast reflects strong momentum in domestic manufacturing, policy support, and rising healthcare needs across urban and rural areas.
Current market size estimates range from $15–18 billion, with imports still accounting for 70–80% of demand especially in high-technology segments like MRI machines, stents, implants, and advanced diagnostics. However, the report points to a decisive shift: aggressive PLI (Production Linked Incentive) schemes, the National Medical Devices Policy 2023, and the establishment of medical device parks in multiple states are rapidly boosting local production capacity.
Major growth drivers include: Rising burden of non-communicable diseases (diabetes, cardiovascular conditions, cancer) Expansion of insurance coverage under Ayushman Bharat and private plans Aging population and increasing life expectancy Boom in medical tourism and demand for cost-effective, high-quality devices Government focus on self-reliance through “Make in India” and export promotion
High-growth categories projected to lead the surge: Diagnostics & imaging (point-of-care devices, ultrasound, X-ray) Consumables & disposables (syringes, catheters, masks, gloves) Surgical & interventional devices (stents, orthopaedics, laparoscopy tools) In-vitro diagnostics and home-care/monitoring equipment
The report also notes increasing exports to Africa, Southeast Asia, Latin America, and CIS countries, positioning India as a competitive global supplier of affordable medical devices. Industry stakeholders expect the sector to generate significant employment potentially lakhs of direct and indirect jobs while reducing the trade deficit in healthcare products.
Challenges remain quality certification, skilled workforce shortages, and R&D investment but the overall outlook remains strongly positive with continued policy momentum.
“India is transitioning from being a major importer to a global manufacturing and export hub for medical devices. The $50 billion target by 2030 is achievable with the right policy continuity and industry execution.”
By
HB Team
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