India Ranks as Asia's 4th Largest Medical Devices Market, Eyes $50B by 2030

India is presently the fourth largest medical device market in Asia, boasting an industry valued at USD 14 billion and exports totaling USD 3.7 billion. The MedTech program is expected to assist local manufacturers in expanding the market value to USD 20 billion by 2026-2027, with a possibility of reaching USD 50 billion by 2030.

India's exports of medical devices have been increasing, showing a 13.8 percent annual growth rate over the last three years, while imports have decreased by -2.08 percent in that same timeframe. Thanks to the assistance offered by the MedTech scheme, the industry is now able to provide affordable and innovative solutions across different product segments for both local and international markets. These categories span diagnostic imaging and patient supports to dental items and orthopedic implants, illustrating the growth of the sector's product range.

Domestic medical device manufacturers have welcomed the scheme, seeing it as a significant step towards enhancing skill development, bolstering export potential, and increasing manufacturing capacity. Rajiv Nath, Forum Coordinator of the Association of Indian Medical Device Industry (AiMeD), expressed optimism about the scheme’s impact, stating, “We are delighted with the announcement made by Minister for Chemicals and Fertilisers Mr JP Nadda for giving impetus to manufacturing of medical devices. The domestic players who had become traders and importers and shifted to pseudo-manufacturing will now be again motivated to become actual manufacturers and produce complete products and their components in-house.”