Medical Devices Market In India Projected To Hit USD 50.1 Billion By 2030: Report
India’s medical devices industry is on track for rapid expansion over the remainder of this decade, with projections indicating the sector will grow from an estimated USD 15.2 billion in 2025 to USD 50.1 billion by 2030, registering a compound annual growth rate (CAGR) of around 26.9 per cent, according to a report by Rubix Industry Insights.
Currently ranked as the fourth-largest medical devices market in Asia and among the top 20 globally, India’s sector is being driven by a combination of policy support, rising domestic demand, and expanding healthcare infrastructure.
Growth is supported by key government initiatives such as the National Medical Devices Policy (NMDP), the Production-Linked Incentive (PLI) Scheme for medical devices, the Scheme for Promotion of Medical Devices Parks, and the MedTech Mitra programme that aims to enhance accreditation and quality standards for domestic manufacturers.
The industry is benefiting from broader socioeconomic trends including rising income levels, increased health insurance penetration, the expansion of hospital and diagnostic networks, and a growing medical tourism sector, all of which are boosting demand for both basic consumables and advanced medical technologies.
Despite improvements in export performance, the sector continues to rely heavily on imports, particularly for technologically advanced equipment. In the fiscal year 2024-25, medical device exports reached approximately USD 4.1 billion, while imports were estimated at about USD 8.6 billion, reflecting a continued dependence on foreign-made high-tech products such as electro-medical equipment and advanced imaging devices. Export strength remains concentrated in consumables and disposables, which accounted for a substantial share of shipments during the period.
The domestic manufacturing landscape encompasses around 800 medical device companies, though it remains fragmented, with significant potential for consolidation and scaling. The average deal size for private equity and venture capital funding in the sector has climbed from roughly USD 56 million in 2022 to USD 137 million in 2024, underscoring growing investor interest.
The report further states that several Indian states, including Uttar Pradesh, Maharashtra, Haryana, and Karnataka, are emerging as hubs for the industry by providing shared infrastructure, skilled labour pools, and supplier networks that support small and mid-sized manufacturers.
