India's Medical Devices Sector Poised to Reach $50 Bn by 2030

The report highlights several drivers fueling this growth, including the increasing prevalence of chronic diseases, a focus on preventive healthcare, and an aging population.

India’s medical devices sector is projected to grow exponentially, reaching $50 billion by 2030 from $12 billion in 2023, according to a report by EY Parthenon.

This surge is attributed to innovation by startups integrating medical technology with digital advancements and supportive government policies aimed at boosting domestic manufacturing and exports.

In early November, the government introduced an INR 500 Cr scheme spanning three years to strengthen the sector.

The initiative supports domestic manufacturers in producing components and final products locally, enabling them to compete with global giants and access international markets.

Key Factors in Medtech Growth

The report highlights several drivers fueling this growth, including the increasing prevalence of chronic diseases, a focus on preventive healthcare, and an aging population.

Additionally, a shift towards alternate care sites has boosted demand for wearables, remote monitoring devices, disease management tools, and early screening technologies.

Economic factors like rising incomes, expanded health insurance coverage, improved healthcare infrastructure, and a growing medical tourism market are further propelling demand for affordable and innovative medical devices.

Suresh Subramanian, National Lifesciences Leader at EY Parthenon India, emphasized the transformative impact of these trends.

“From digital health integration to personalized care, these innovations will revolutionize healthcare delivery, enhancing accessibility, efficiency, and personalization for patients and providers alike,” he said.

Current Challenges & Opportunities

Despite its growth, India remains a net importer of medical devices, with imports meeting 80–85% of domestic demand. In FY24, imports reached $8.2 billion, marking a 13% increase from the previous year and surpassing export values.

The rise in imports is partly due to investments in advanced infrastructure by leading hospital chains such as Max, Hinduja Group, Fortis, Manipal, CMRI, and Apollo.

However, the report underscores India’s potential to become a global leader in medical device exports.

Factors such as a skilled workforce, cost competitiveness, technological advancements, and government initiatives promoting local manufacturing and innovation could drive this shift.

India’s medical devices sector is on the brink of significant transformation. With government backing, increasing innovation, and global market aspirations, the country is well-positioned to reduce import dependence, enhance exports, and establish itself as a dominant player in the global medtech industry.

As advancements in personalized care and digital health technologies take hold, the future of healthcare in India promises to be more accessible, efficient, and patient-centric.

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