Medical Devices

The current market size of the medical devices industry in India is estimated at $11 Bn. India is the fastest growing medical devices market amongst the emerging markets. The medical devices industry in India consists of large multinationals as well as small and medium enterprises (SMEs) growing at an unprecedented scale.

FDI up to 100% under the automatic route is permitted for manufacturing of medical devices. Strong FDI inflows reflect the confidence of global players in the Indian market

• $3.60 Bn FDI inflows in Medical and Surgical Appliances from Apr 2000 to Jun 2024
• For further details, please refer FDI Policy

The export of medical devices sector has been growing at a CAGR of 9-11% over the last 5 years. India’s expected export of medical devices will reach ~ $10 Bn by 2025.

The Government of India has taken several steps to ensure the growth of a vibrant ecosystem of medical devices manufacturing in India:

• Production Linked Incentives: Government has launched Production Linked Incentive Schemes for medical devices with financial incentives worth $400 Mn to boost domestic production
• Development of Medical Devices Parks: New Medical Devices Parks upcoming in Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, & Tamil Nadu to create a robust ecosystem for medical device manufacturing
• Policy Support: Release of First National Medical Devices Policy, National Policy on R&D and Innovation in the Pharma- MedTech Sector in India and the Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) to boost research and innovation.