India Medical Devices Market Forecast
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 18.02 Billion
Market Forecast in 2033: USD 30.64 Billion
Market Growth Rate: 6.08% (2025-2033)
The India medical devices market was valued USD 18.02 Billion in 2024. By 2033, this figure is projected to reach around USD 30.64 Billion, with a compound annual growth rate (CAGR) of 6.08% over the forecast period (2025-2033).
India Medical Devices Market Trends:
The market of India medical devices is experiencing a tremendous change, which can be attributed to technological changes, the growing healthcare awareness, and the growing government support. The increasing rate of chronic diseases and ageing have increased the need of diagnostic, therapeutic and monitoring devices. Also, the transformation of the industry into digital health solutions, including telemedicine and AI-driven diagnostics, is changing the industry landscape. Portable and wearable medical technologies become more popular, and they address the demand of remote patient monitoring and care delivery. Further, the Make in India program by the government has promoted local production, decreasing the amount of imports used, and innovating.
The growth of healthcare facilities especially in cities of tier II and III is also driving the market growth. Besides, growing use of sophisticated imaging equipment, minimal invasive surgical equipment and home health equipment are indicative of changing patient preferences. The Medical Devices Rules of 2017 have helped to streamline approvals, increasing the accessibility of the market by both domestic and international players. Another important tendency is the integration of IoT and smart technologies in medical devices that enhance efficiency and patient outcomes. As investments by international and domestic actors continue to rise, the market is on the path of incessant development, which is consistent with international healthcare standards.
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India Medical Devices Market Scope and Growth:
India medical devices market has huge growth potential, which is backed by a fast-growing healthcare industry and rising disposable incomes. With diverse medical needs, the market has a wide market diversity that includes consumables, diagnostic imaging equipment, patient aids, and orthopedics. Also, the emergence of the specialty hospitals and providers globally has led to growth in the demand of high end medical devices. Governmental programs such as the Production-Linked Incentive (PLI) Scheme are increasing the local production, as international manufacturers are setting up production facilities in India.
In addition, the increased focus on preventive medicine and timely diagnosis is also leading to the use of sophisticated screening and monitoring tools. Medical devices are also coming closer to more people due to the growing insurance coverage. Besides that, start-up and established company partnerships are driving innovation at a faster pace, especially on AI-based diagnostics and robotic surgery. The growth of the market is also given by the positive FDI policies and rising R&D investments. India is a growing market with large patient base and increasing healthcare infrastructure which makes it a prime destination in the medical devices companies. Technological innovation, favorable regulation and increased spending on healthcare are likely to continue the strength of growth by the sector.
India Medical Devices Market Report and 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.
Type Insights:
End User Insights:
Regional Analysis:
Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Other key areas covered in the report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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