Expanding at 6.08 percent CAGR, India medical devices market is set to reach USD 30.64 billion by 2033. The market was valued at USD 18.02 billion in 2024.
India medical devices market trends and drivers:
India medical devices market is witnessing robust growth, fuelled by a convergence of demographic trends, government support, technological advancements, and growing healthcare awareness. Essentially, increasing incomes, growing middle-class populations, and the rising burden of chronic diseases are establishing steady demand for sophisticated diagnostic and therapeutic devices nationwide.
In addition, the swift growth of private healthcare infrastructure, particularly in tier II and tier III cities, is driving the acceptance of medical technology and driving demand for a diverse array of devices like imaging tools, patient monitoring systems, and surgical devices. Aside from this, government initiatives such as “Make in India,” as well as rising emphasis on import substitution and self-reliance, are also promoting domestic manufacturing and curbing reliance on international suppliers. Besides this, FDI inflows and public-private partnerships are stimulating investment in medical technology, with new opportunities opening up for international and domestic players alike.
In addition, the uptake of digital health solutions like telemedicine, wearable health monitors, and AI-based diagnostic equipment is changing the nature of healthcare service delivery and consumption. Likewise, enhanced internet penetration and smartphone penetration are bringing digital diagnostics and home health devices within reach of the broader population. Moreover, the COVID-19 pandemic has also raised healthcare preparedness awareness considerably, leading to increased demand for critical care devices such as ventilators, oxygen concentrators, and diagnostic kits. Similarly, regulatory reforms and the introduction of a dedicated medical devices regulatory framework are enhancing product quality, safety, and market transparency, promoting more organized growth.
Apart from this, increased health insurance penetration as well as increased patient willingness to incur expenses on sophisticated forms of treatment are favorably impacting market demand. Moreover, the development of specialized clusters of medical devices and R&D facilities in regions like Gujarat and Tamil Nadu is favoring innovation and cost-effective production. Overall, the interplay among encouraging government policies, changing healthcare demands, greater affordability, and the drive toward indigenous and digital solutions is forming a dynamic, competitive, and future-oriented medical devices market in India, establishing the groundwork for broad technological takeup and enhanced healthcare delivery performance.
India medical devices market report segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India medical devices market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments. IMARC Group