India Medical Devices Market to Grow by 5.46% CAGR through 2030

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the India Medical Devices Market in the forecast period

According to TechSci Research report, “India Medical Devices Market - By Region, Competition, Opportunities and Forecast, 2020-2030”, India Medical Devices Market was valued at USD 16.17 billion in 2024 and is expected to reach USD 22.30 billion, growing at a CAGR of 5.46% during the forecast period.  This is attributed due to collaborations and partnerships among major companies that take a diverse approach to combine individual expertise and strengthen their market position. The increasing population is a key factor driving medical device demand. A larger population naturally results in higher demand for healthcare services, including diagnostic, therapeutic, and monitoring services. As the population expands, the overall healthcare burden also rises. With more people, there is increased focus on preventive healthcare and early disease detection. This boosts the need for diagnostic devices and screening tools to catch health issues early, when they are easier to treat. A growing population often includes more elderly individuals, who typically require more healthcare, especially for chronic conditions, increasing demand for monitoring tools, mobility aids, and drug delivery systems. Population growth also includes more children and pregnant women, creating demand for pediatric devices, maternal health equipment, and neonatal care systems. These trends together support the continuous growth of the medical device industry in response to evolving healthcare needs. 

India depends significantly on imported medical devices to address its healthcare requirements. The local production of advanced and complex medical devices remains limited, resulting in high reliance on imports to meet demand. India’s varied healthcare needs span from basic diagnostic tools to sophisticated imaging systems. The nation’s constrained manufacturing capabilities often fall short of addressing this wide-ranging demand. Strict quality standards and regulatory frameworks pose challenges for local producers to align with global benchmarks. Consequently, many healthcare institutions prefer importing devices that meet international compliance. Creating innovative medical devices demands substantial investment in R&D. Although India has progressed in research, it still trails in developing advanced medical technologies. Fast-paced innovations in the medical field call for regular updates and the launch of newer devices. India’s manufacturing sector often struggles to match this rapid technological progress, further reinforcing its reliance on imported equipment.

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The India Medical Devices Market is categorized based on Type, End-user, and region.

Based on the end user, In 2024, the India Medical Devices Market largest share was held by Hospitals & Clinics segment in the forecast period and is predicted to continue expanding over the coming years.  Hospitals and clinics in India cater to a significant portion of the population, and they typically handle a large volume of patients daily. This high patient footfall necessitates a wide range of medical devices for diagnostic, therapeutic, and monitoring purposes. Hospitals and clinics offer a comprehensive range of medical services, from routine check-ups to specialized surgeries. This diversity in healthcare services requires an extensive array of medical devices, including imaging equipment, surgical instruments, diagnostic devices, and more. Many advanced medical procedures and specialized care are provided in hospitals and larger clinics. These specialized treatments often require highly sophisticated medical devices, which contribute to a significant portion of the market share. The rising burden of chronic diseases in India, such as diabetes, cardiovascular diseases, and cancer, has led to a higher demand for medical devices for disease management and long-term care. Hospitals and clinics are central to managing chronic conditions. Hospitals play a critical role in providing emergency and critical care services. They require a range of life-saving medical devices, including ventilators, defibrillators, and monitoring equipment, to support patients in emergency situations.

Based on region, North India is the fastest-growing region in the Indian medical devices market due to a combination of strong healthcare infrastructure, rising demand, and increased investment. Major cities like Delhi, Noida, Gurugram, and Chandigarh have become healthcare hubs, hosting multi-specialty hospitals and advanced diagnostic centers that require cutting-edge medical devices. The presence of leading private healthcare providers and medical colleges drives consistent demand for both basic and high-end medical equipment. The region has seen rapid urbanization and rising disposable incomes, leading to greater healthcare awareness and increased spending on quality treatment. Government initiatives, such as “Make in India” and medical device parks, are further boosting local manufacturing and accessibility. North India’s strategic location, with good connectivity to neighboring countries and other parts of India, also enhances its potential as a distribution and service center. The growing burden of chronic diseases and an aging population are fueling the need for diagnostic, monitoring, and therapeutic devices, accelerating market growth in the region.

Some of the major companies operating in the India Medical Devices Market include:

·         Wipro GE Healthcare Pvt. Ltd.

·         Mindray Medical India Pvt Ltd

·         Siemens India

·         Philips India Ltd

·         Hitachi Medical Systems India

·         Shimadzu India

·         Fujifilm India Pvt. Ltd, India

·         Medtronic Pvt Ltd

·         Johnson & Johnson Medical India Limited

·         Abbott India Limited

·         Becton, Dickinson Private Limited

·         Roche Diagnostics India limited.

·         Alcon Laboratories (India) Private Limited

·         Carl Zeiss India Private Limited

·         Canon Medical India

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“India’s medical devices market has experienced impressive growth, fueled by rising healthcare demands, innovation, and supportive public policy. Rapid urbanization, growing chronic disease prevalence, and an aging population have driven demand for diagnostic, monitoring, and therapeutic devices. Domestic manufacturing has expanded, aided by initiatives like "Make in India" and Production Linked Incentive schemes, reducing import dependency. Investments in research infrastructure and regulatory streamlining under the National Medical Devices Policy have attracted both local and foreign players. Growing healthcare awareness, rising disposable incomes, and expanding health insurance coverage have increased device adoption across urban and semi-urban regions. As the sector evolves, India is poised to become a major global hub for medical device manufacturing and innovation", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

"India Medical Devices 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, ENT Devices, Anesthesia & Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition, Forecast & Opportunities, 2020-2030F", has evaluated the future growth potential of India Medical Devices Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative 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 Devices Market.

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