India’s MedTech Industry Set to Grow to $30 Bn by 2030: MoS Health

The Indian medical devices sector is valued at approximately USD 14 billion, making it the fourth-largest market in Asia after Japan, China, and South Korea, and among the top 20 globally.

The MedTech industry is emerging as a transformative force in healthcare, linking patients, payors, providers, and regulators to build a stronger and more equitable healthcare system, said Minister of State for Health Smt. Anupriya Patel at the 21st Health Summit of the Confederation of Indian Industry (CII) on Thursday.

Speaking at the plenary session on "Charting India's MedTech Revolution: MedTech Expansion Roadmap to 2047," Patel emphasized the sector’s unique potential to revolutionize healthcare delivery and outcomes globally.

“It is this unique positioning of MedTech that holds the promise of revolutionizing healthcare delivery and outcomes, both in India and globally,” she said while noting that the industry is recognized as a sunrise sector due to its immense growth potential.

India’s MedTech Market: Current Size & Future Potential

The Indian medical devices sector is valued at approximately USD 14 billion, making it the fourth-largest market in Asia after Japan, China, and South Korea, and among the top 20 globally. 

Patel highlighted projections for the industry to grow to USD 30 billion by 2030, driven by rising healthcare demands, innovation, government initiatives, and new market opportunities.

The Minister outlined the Union Government’s initiatives to bolster the MedTech ecosystem, focusing on domestic manufacturing, research and development, skill enhancement, and global competitiveness. Key policy measures include:

100% FDI in the Sector: Full foreign direct investment is allowed under the automatic route to attract global players.

National Medical Device Policy 2023: The policy addresses regulatory streamlining, infrastructure development, R&D, investment attraction, and workforce training.

The government is also establishing Centers of Excellence and offering specialized courses at institutions like NIPERs to strengthen MedTech education.

Infrastructure & Innovation Investments

To enhance infrastructure, the government has launched the Scheme for Promotion of Medical Devices Parks with a budget of INR 400 crore, allocating INR 100 crore each to Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh.

Further, initiatives like the Promotion of Research in Pharma-MedTech Sector (PRIP) and the Scheme for Strengthening the Medical Device Industry, with INR 500 crore in funding, aim to boost innovation, manufacturing capabilities, and skill development.

Patel also emphasized the role of Artificial Intelligence (AI) in addressing healthcare challenges and discovering new opportunities. “AI innovation is crucial for healthcare advancements,” she noted.

The Minister concluded by aligning these efforts with the vision of Atmanirbhar Bharat, focusing on self-reliance, innovation, and global competitiveness to make India a global leader in the MedTech industry.

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