India is slowly moving towards achieving its goal of becoming a global medical device industry powerhouse. Currently, India ranks among the top 20 medical device markets globally. More than 750 medical device manufacturers operate in India. With its robust manufacturing capabilities, large talent pool, and supportive government policies, India is well-positioned to cater to global needs.
India: A global medical device industry powerhouse
Currently, the Indian medical device market is valued at approximately USD 12 billion in the period 2023-24. It is projected to grow at a 12% CAGR. Moreover, it is expected to attain USD 50 billion by 2030. Furthermore, India currently holds a share of 1.65% in the global medical device industry. It is expected to considerably rise over the next 25 years and India will hold a share of 10%-12%. Hence, India will become a global medical device industry powerhouse in the near future.
Globally, the healthcare industry is seeking diversified and resilient medical device supply chains, which India can offer. Hence, it is becoming a preferred destination for large-scale production, cost-effective medical device solutions, and innovation.
India’s success in pharmaceuticals and biotechnology industries is playing a role in the growth of the medical device industry. Bengaluru, Pune, Hyderabad, and Ahmedabad have emerged as specialized hubs for medical device manufacturing. They offer state-of-the-art infrastructure and global-standard facilities for research and development as well as manufacturing activities.
With a skilled workforce and cost-effective manufacturing environment, India is attracting foreign investment and global medical device companies. Moreover, India strictly regulates medical devices being manufactured domestically. There is considerable emphasis on quality, efficacy, and safety. Its emphasis on quality is making India a global player in the medical device sector.
Demand for medical devices manufactured in India
The COVID-19 pandemic highlighted India’s ability to cater to global needs. India not only fulfilled its own demands but also exported a considerable number of PPE kits, masks, gloves, thermometers, and other essentials that were required during the pandemic. Currently, India is offering reliable and affordable medical devices to cater to both domestic and international markets. India manufactures a wide range of products, including diagnostic kits, surgical instruments, imaging equipment, and high-tech implants, etc.
Government policies driving India as a global medical device industry
The Indian government has launched multiple schemes to promote the domestic medical device industry. Production linked incentive (PLI) schemes for medical device industry has been introduced to significantly boost domestic production and draw foreign investment. Moreover, the government aims to foster an environment of research, development, and innovation in this sector. It has established a number of supportive policies to fulfil this aim. Additionally, world-class medical device parks are being established across several states. These parks will provide integrated infrastructure, reduce operational costs, and improve supply chain efficiency, thereby support India’s global medical device industry goals. Furthermore, policies, such as Make in India, Startup India, and Digital India, are going to support the long-term growth of India’s medical device sector. The policies have been formulated with a focus on:
- Promoting innovation and research
- Strengthening infrastructure
- Supporting the domestic medical device industry
- Boosting exports
- Promoting skill development
- Simplifying regulations
India is aiming to become a global medical device industry powerhouse in the near future. Are you planning to enter India’s medical device industry? Pharmadocx Consultants is a premier medical device regulatory consultant in India. With our support, you will be able to easily turn your medical device business dream into reality. Email at [email protected] or call/Whatsapp on 9996859227 and we will be more than happy to help.
