India Medical Equipment Market to Grow with a CAGR of 8.65% through 2030
Increased demand for high-quality
patient care and increase accessibility in rural areas is expected to drive the
India Medical Equipment Market growth in the forecast period, 2026-2030
According to TechSci Research report, “India
Medical Equipment Market - By Region, Competition, Forecast & Opportunities, 2030F”, India Medical Equipment
Market has valued at USD 28.72 Billion in 2024 and is anticipated to project
impressive growth in the forecast period with a CAGR of 8.65% through 2030.
Several key factors drive the growth of India’s medical equipment market. The
rising prevalence of diseases and a growing elderly population increased demand
for advanced medical devices. Government initiatives to upgrade healthcare
infrastructure, along with higher healthcare spending, further supported this
growth. Advancements in medical technology and the surge in medical tourism
significantly contribute to the market expansion.
India's medical equipment market is a burgeoning sector that reflects the country's rapid socioeconomic development and increasing health consciousness. With a growing population of approximately 1.3 billion and a rising middle class, the demand for advanced medical and healthcare products is soaring, indicative of a sector ripe for investment and exponential growth. At the heart of this market's expansion was the country's growing health infrastructure, featuring numerous hospitals, clinics, and healthcare centers. These entities required sophisticated medical equipment for better patient care, driving demand for high-tech devices. India’s government implemented policies to enhance healthcare infrastructure and service delivery, indirectly fueling the medical equipment market's growth. The Indian market featured a dynamic mix of local and international players. Local manufacturers, though smaller, gained ground due to cost-effective solutions, while international corporations benefited from technological strength and broad product portfolios. This competitive dynamic spurred continuous innovation and improved quality and service delivery.
The market was broadly segmented into diagnostic imaging equipment, consumables, patient aids, orthopedic prosthetics, dental products, and others. Among these, diagnostic imaging equipment held a significant share due to the high prevalence of chronic diseases in India, driving demand for advanced diagnostic tools. However, the market faced several challenges, including stringent regulatory requirements, high import duties on certain medical devices, and limited domestic production capacity. A large portion of the population still lacked access to affordable healthcare, hindering overall market growth.
Despite these challenges, the future of India's medical equipment market remained bright. Increasing health awareness, rising government healthcare spending, and the growth of private hospitals acted as key drivers. Technological advancements such as AI and IoT were also expected to transform the landscape. The Indian medical equipment market, with its vast potential and known challenges, offered a compelling opportunity for companies and investors. As healthcare infrastructure continued to expand, the demand for cost-effective, advanced medical devices was expected to rise, pushing the market to new heights. Through ongoing innovation and collaboration between domestic and global players, the Indian medical equipment market stood poised for long-term growth and transformation.
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The India Medical Equipment Market is segmented into
type, end user, regional distribution, and company.
Based on end user, Hospitals & Clinics represent
the fastest-growing segment in India's medical equipment market. This growth is
driven by the country’s expanding healthcare infrastructure and the increasing
number of private and multi-specialty hospitals emerging across both urban and
semi-urban regions. Hospitals and clinics serve as the primary point of contact
for patient care, necessitating a wide range of medical equipment — from
surgical instruments and patient monitoring systems to imaging and life-support
devices.
The government’s initiatives to upgrade public
hospitals and the private sector’s aggressive investments in state-of-the-art
facilities have further accelerated demand in this segment. The rise in
lifestyle-related diseases, an aging population, and increasing patient
awareness have led to greater hospital visits, boosting the need for advanced
diagnostic and therapeutic equipment. Hospitals also adopt the latest
technologies more rapidly than diagnostic centers or smaller healthcare units
due to higher budgets and broader service offerings. In contrast, diagnostic
centers typically focus on specific types of equipment and have a narrower
scope, while the "Others" category, which may include home healthcare
and ambulatory services, still lacks the scale and institutional support seen
in hospital infrastructure. Therefore, Hospitals & Clinics remain the key
growth engine in India's medical equipment landscape.
Based on region, the fastest-growing region in India's
medical equipment market is South India. This growth is primarily fueled by the
region’s well-established healthcare infrastructure, strong presence of leading
hospitals, and rising medical tourism. Cities such as Bengaluru, Chennai, and
Hyderabad have become major healthcare hubs, attracting patients from across
the country and abroad due to their high-quality medical services and
cost-effective treatment options. These cities house several super-specialty
hospitals and medical research institutions that are quick to adopt the latest
technologies and medical equipment, driving consistent demand. South India
benefits from relatively higher healthcare awareness and better health
indicators compared to many other regions in the country. The region also sees
active participation from both public and private sectors in improving
healthcare delivery, which includes investments in advanced diagnostic tools,
surgical devices, and critical care equipment. The growth of the IT and biotech
industries in South India further supports innovation and adoption of digital
health technologies, including AI-integrated medical devices.
State governments in the region have shown progressive
policies in healthcare, encouraging infrastructure development and easing
regulatory processes. This favorable ecosystem has positioned South India as a
leader not just in healthcare delivery but also as the fastest-growing region
in India’s medical equipment market.
Major companies operating in India
Medical Equipment Market are:
·
Philips India Ltd.
·
India Medtronic Pvt. Ltd.
·
Wipro GE Health Care Limited
·
Johnson and Johnson Ltd
·
B. Braun India
·
Baxter Inia Pvt Ltd
·
Becton Dickinson India Pvt Ltd.
·
Abbott India Ltd
·
Robert Bosch India Limited
·
3M India Limited
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“The future of the Indian Medical Equipment Market
looks promising, with strong potential for significant growth in the years
ahead. Key drivers include a rapidly expanding middle class, rising government
spending on healthcare, and an increasing burden of lifestyle-related diseases.
These factors are creating a greater demand for advanced medical devices. The emerging
technologies like Artificial Intelligence (AI) and the Internet of Things (IoT)
are expected to transform the industry, enhancing diagnostic accuracy,
operational efficiency, and patient care. As innovation continues and
healthcare becomes more accessible, the Indian medical equipment market is
poised for long-term, sustainable expansion across both urban and rural areas”
said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based management consulting firm.
“India Medical Equipment Market By Type (Cardiovascular
Devices, Diagnostic Imaging equipment, In-vitro Diagnostic Devices, Ophthalmic
Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment,
Patient Monitoring Devices, Orthopedic Devices, Nephrology & Urology
Devices, Others), By End User (Hospitals & Clinics, Diagnostic Centers,
Others), By Region, Competition, Forecast & Opportunities, 2020-2030”,
has evaluated the future growth potential of India Medical Equipment Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Medical Equipment Market.
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