Credit: Sugandh Khandelwal
India’s MedTech sector is undergoing a remarkable transformation, emerging as a global leader in innovation, affordability, and accessibility. The country’s strategic focus on leveraging advanced technology, fostering domestic manufacturing, and addressing critical healthcare needs has placed it at the forefront of the global healthcare ecosystem.
The Indian MedTech market, valued at US$12 billion in 2023-24, is projected to reach US$50 billion by 2030, with India’s global market share set to grow from 1.65% to 10%-12% over the next 25 years.With strategic growth and innovation, India is well-positioned to strengthen its MedTech industry and reduce import dependency, making significant strides toward becoming a global leader in the sector. However, Indian MedTech import figures dominate at US$8.2 billion, with 80% to 85% of medical devices in India sourced internationally.
The Indian medical device market is segmented into five key areas: electronic equipment (56% share), disposables & consumables (26.5%), in-vitro diagnostics (8.1%), implants (7.1%), and surgical instruments (2.3%).
Some of the top medical device companies in India
- Alcon Scientific Industries Private Limited
- India Medtronic Private Limited
- Siemens Healthcare Private Limited
- Ge Healthcare Private Limited
- DHR Holding India Private Limited
- 3M India Limited
- Baxter India Private Limited
- Medtech Life
India’s MedTech market, valued at over $12 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 15%. This rapid expansion is driven by factors such as a rising middle class, an aging population, and increased demand for affordable healthcare solutions. With over 4,000 companies operating in the sector, India is building a diverse ecosystem of innovation and production.
How have initiatives like Make in India and the Production-Linked Incentive (PLI) scheme fostered the MedTech sector’s growth?
Rising income levels, expanding healthcare insurance coverage, and growing medical tourism are creating parallel demand streams for both affordable and innovative medical devices. Infrastructure development in Tier 2 and 3 towns is opening new markets through an increase in PM Jay insurance coverage outreach, digital platforms like ABDM and innovative approaches like differential pricing models.
Increasing government focus on Programs like Make in India and the Production-Linked Incentive (PLI) scheme have incentivized domestic manufacturing and innovation in medical devices. Additionally, regulatory reforms have streamlined approval processes, making it easier for companies to bring products to market. India is witnessing a surge in MedTech startups that focus on disruptive innovations like wearable health devices, AI-driven diagnostics, and telemedicine solutions.
These startups are supported by a growing network of incubators, accelerators, and venture capital investments. Global and domestic partnerships are fueling technology transfer, skill development, and access to international markets. Joint ventures between Indian firms and global MedTech giants have led to the co-creation of cutting-edge solutions tailored to India’s healthcare challenges.
How have key milestones in India’s MedTech innovation shaped the country’s position as a global leader in the healthcare industry?
During the COVID-19 pandemic, India rapidly developed cost-effective ventilators, showcasing its agility in addressing global healthcare crises. Indian companies like Sahajanand Medical Technologies have developed stents at significantly lower costs, making life-saving interventions accessible to millions. Platforms like Niramai and Qure.ai are pioneering AI-based solutions for early detection of diseases like breast cancer and tuberculosis.
The Road Ahead
India’s ascent in the MedTech sector underscores its potential to become a global hub for medical innovation. By balancing affordability, innovation, and scalability, India is not only meeting its domestic healthcare needs but also contributing to global health equity. Experts reveal a strategic roadmap for transforming the Indian MedTech industry. Government initiatives for MedTech India focus on manufacturing competitiveness and quality excellence.
Strengthening supply chain resilience and embracing value-driven market access strategies are equally critical. Manufacturing competitiveness stands at the forefront, supported by an unwavering focus on quality excellence. The industry must simultaneously strengthen supply chain resilience while embracing value-driven market access strategies. Perhaps most crucially, leveraging India’s IT prowess presents an unprecedented opportunity to lead in digital innovation.
Also read:- India Poised to Become a Global MedTech Powerhouse with 10-12% Market Share by 2050
