According to a survey by Rubix Industry Insights, the medical devices market in India is predicted to expand at a strong compound annual growth rate (CAGR) of 26.9%, from $15.2 billion in 2025 to $50.1 billion by 2030.
India is currently one of the top 20 countries in the world and the fourth-largest market for medical devices in Asia. Supportive government programs like the National Medical Devices Policy (NMDP), the Production-Linked Incentive (PLI) program, the Scheme for Promotion of Medical Devices Parks, and MedTech Mitra are credited by the report with the anticipated increase. Demand is also being driven by growing medical tourism, better healthcare facilities, increasing health insurance coverage, and rising earnings.
In FY25, medical device exports were $4.1 billion, and the government wants to raise India’s share of the world market from 1.6% to 12% in the upcoming years. At $8.6 billion, imports are still far larger, with 70–80% of domestic demand being satisfied by imports, especially sophisticated electromedical equipment.
Consumables accounted for about 47% of India’s exports from April to September of FY25, demonstrating the country’s export prowess. According to the report, there are about 800 manufacturers in this industry, and the scale of private equity and venture capital deals has increased significantly in recent years.
Source – Mid-Day
