India’s medical technology (med-tech) device sector, crucial to its healthcare system, offers a wide range of products such as catheters, needles, syringes, cardiac stents and orthopaedic implants.
Valued over 900,000,000,000 Indian rupees (approximately £8,532,661,146) in 2022, it is projected to grow at a CAGR of 16.4%, reaching $50 billion by 2030. This positions India as Asia’s fourth-largest medical devices market (behind Japan, China and South Korea) and among the top 20 globally, propelled by growing medical demand and higher public health spending.
To promote the med-tech sector’s growth, the government has enacted policies like the National Health Policy 2017, permitting 100% foreign direct investment and the National Medical Devices Policy 2023, aiming to enhance access, affordability and innovation. Additionally, initiatives like the establishment of an export promotion council and schemes such as the Production Linked Incentive and Promotion of Medical Devices Parks are in place to boost the sector’s growth and establish India as a global hub for medical device manufacturing and innovation.