India's MedTech market is expected to experience significant growth, with the current valuation at US$12 billion and a projected reach of US$50 billion by 2030.

The country's share of the global medical device industry is predicted to increase from 1.65% to between 10% and 12% over the next 25 years.

In 2023-24, MedTech exports to the US reached US$3.8 billion, while imports stood at US$8.2 billion, indicating a heavy reliance on international sourcing for 80% to 85% of medical devices.

The Indian medical device market is divided into five segments:

• Electronic equipment (56%)
• Disposables and consumables (26.5%)
• In-vitro diagnostics (8.1%)
• Implants (7.1%)
• Surgical instruments (2.3%)

Experts believe that achieving the US$50 billion target by 2030 is feasible, but it depends on necessary infrastructure and system upgrades.

The government is actively promoting growth through regulatory reforms, infrastructure development initiatives like the PLI scheme, and R&D support through programs such as MedTech Mitra and PRIP.

Local companies are increasingly focusing on import-dependent segments, while multinational corporations are prioritizing localization and digital innovation.

This strategic shift, combined with the entry of local pharmaceutical firms into medical device manufacturing, is positioning India as a growing global MedTech hub.