India Medical Devices Market Growth Forecast

India's medical devices industry is projected to grow significantly, from $15.2 billion in 2025 to $50.1 billion by 2030, with a CAGR of 26.9%. This growth is attributed to government initiatives such as the National Medical Devices Policy, Production-Linked Incentive Scheme, Scheme for Promotion of Medical Devices Parks, and MedTech Mitra. India currently ranks fourth in Asia and among the top 20 globally in this market, with a target to increase its global market share from 1.6% to 12%. While exports reached $4.1 billion in FY25, imports were higher at $8.6 billion, indicating a reliance on technologically advanced imports. The United States and Germany are key export destinations, while the United States and China are major import sources. The Union Budget-FY27's focus on bio-pharma research and the proposed India-European Union Free Trade Agreement are also expected to support the sector's expansion.