Medical Devices Sector Overview

India’s Medical Devices sector, valued at ₹1.8 trillion in 2023-24, is a critical component of the country’s healthcare infrastructure. With increasing demand for advanced medical equipment and diagnostics, the sector is rapidly expanding and attracting significant investments.

Why Invest in the Medical Devices Sector

• Rising Demand: The sector is expected to reach $50 billion by 2030.
• Government Initiatives: Policies like the PLI Scheme for Medical Devices and the National Medical Devices Promotion Council drive sector growth.
• Import Substitution: India aims to reduce dependency on imports and enhance domestic manufacturing of medical devices.

Incentives & Schemes

• PLI Scheme for Medical Devices: ₹3,420 crore to promote domestic manufacturing of medical devices.
• National Medical Devices Policy: Focuses on making India a global leader in medical device manufacturing by 2047.
• FDI Policy: 100% FDI allowed in medical device manufacturing under the automatic route.

Highlights

• Market Growth: The medical device market is growing at a CAGR of 15%.
• Domestic Manufacturing: The government aims to increase local manufacturing to 80% by 2030.
• Export Opportunities: India is emerging as a global hub for the export of medical devices.

Medical Devices Sector Data

Category	Details
Market Size (2023-24)	₹1.8 trillion
Medical Devices Market (2023)	$11 billion
PLI Scheme Allocation	₹3,420 crore
FDI in Medical Devices	$1 billion since 2000
Medical Devices Exports	$2.5 billion (2023)
CAGR of Medical Devices	15% (2024-2030)
Domestic Manufacturing	Aiming to reach 80% by 2030
Production Capacity	Projected to produce $50 billion worth of devices by 2030
Medical Device Companies in India	800+ manufacturers
Employment	1.5 million+ people