India Medical Devices Market

India Medical Devices Market Overview:

The India medical devices market size reached USD 18.02 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 30.64 Billion by 2033, exhibiting a growth rate (CAGR) of 6.08% during 2025-2033. The rising healthcare demands, increasing government investments in healthcare infrastructure, advancements in medical technology, the expanding elderly population, the growing prevalence of chronic diseases, and the adoption of advanced diagnostic and therapeutic devices are among the key factors propelling the market growth.

India Medical Devices Market Trends:

Government Initiatives and Policy Support

The Indian government’s strategic initiatives have been instrumental in propelling the growth of the country’s medical devices sector. In November 2024, the government launched an INR 500 crore scheme aimed at strengthening the industry by promoting domestic manufacturing, skill development, clinical research, and infrastructure enhancement. Union Health Minister J.P. Nadda hailed this initiative as a “game-changer” for the sector. Additionally, in April 2023, the government approved the National Medical Devices Policy 2023, with the goal of expanding India’s global market share from 1.5% to 10-12% over the next 25 years. The policy sets an ambitious target of increasing the market size from USD 11 billion in 2022 to USD 50 billion by 2030, reflecting a robust CAGR of around 15%. To further boost domestic manufacturing, the Production Linked Incentive (PLI) Scheme, introduced in 2020, has significantly driven investments, attracting INR 1,057.47 crore as of September 2024, nearly 78% of the targeted amount. This has enabled the manufacture of high-end medical equipment such as MRI machines, CT scanners, and mammography systems. Furthermore, the implementation of the National Single Window System (NSWS) in January 2024 expedited regulatory clearances for medical device imports, improving compliance procedures and lowering bureaucratic barriers for manufacturers.

Expansion of Healthcare Infrastructure in Tier II and III Cities

The rapid expansion of healthcare infrastructure in India's Tier II and III cities is critical to the medical device market's growth. With a growing middle-class population and a higher frequency of chronic illnesses, the need for quality healthcare services in these areas is increasing. This transition has resulted in major expenditures in healthcare infrastructure, such as the creation of hospitals and medical institutions, increasing access to new medical technology. For instance, Krsnaa Diagnostics, in conjunction with Medikabazaar and United Imaging, announced in September 2024 the introduction of over 30 new imaging centers throughout Tier II and III cities, considerably increasing the availability of advanced diagnostic services. Additionally, the orthopedics segment is witnessing considerable growth, driven by an aging population and a rising incidence of musculoskeletal disorders. The increasing demand for joint replacement surgeries and related medical devices further fuels market expansion, positioning India as a key player in the global medical devices industry.

India Medical Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on type and end user.

Type Insights:

• Orthopedic Devices
• Diagnostic Imaging
• Cardiovascular Devices
• Wound Management
• Minimally Invasive Surgical (MIS)
• Diabetes Care
• Dental Devices
• Ophthalmic Devices
• In Vitro Diagnostics (IVD)
• General Surgery
• Others

The report has provided a detailed breakup and analysis of the market based on the type. This includes orthopedic devices, diagnostic imaging, cardiovascular devices, wound management, minimally invasive surgical (MIS), diabetes care, dental devices, ophthalmic devices, in vitro diagnostics (IVD), general surgery, and others.

End User Insights:

• Hospitals and Ambulatory Surgery Centers (ASCs)
• Clinics
• Others

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes hospitals and ambulatory surgery centers (ASCs), clinics, and others.

Regional Insights:

• North India
• South India
• East India
• West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Medical Devices Market News:

• March 2025: Zydus Lifesciences announced plans to acquire an 85.6% stake in French medical devices company Amplitude Surgical for EUR 256.8 million (approximately USD 280 million). This acquisition aims to expand Zydus's global medical devices portfolio, particularly in lower-limb orthopedics.
• March 2025: Apollo Hospitals announced plans to increase investment in artificial intelligence (AI) to reduce the workload of medical staff. The AI tools aim to automate routine tasks such as medical documentation, assisting with patient diagnoses, transcription of doctors' notes, and treatment suggestions.

India Medical Devices Market Report Coverage:

Key Questions Answered in This Report:

• How has the India medical devices market performed so far and how will it perform in the coming years?
• What is the breakup of the India medical devices market on the basis of type?
• What is the breakup of the India medical devices market on the basis of end user?
• What are the various stages in the value chain of the India medical devices market? 
• What are the key driving factors and challenges in the India medical devices market?
• What is the structure of the India medical devices market and who are the key players?
• What is the degree of competition in the India medical devices market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India medical devices market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India medical devices market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India medical devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.