India's Medical Devices Industry Set for Explosive Growth by 2030

India's medical devices sector is on track to hit USD 50.1 billion by 2030, growing at a 26.9% CAGR from USD 15.2 billion in 2025. Government initiatives and export advancements are crucial drivers, though the industry remains heavily import-reliant, with substantial growth potential in domestic manufacturing capabilities.

India's medical devices market is poised for a significant expansion, projected to soar to USD 50.1 billion by 2030 from USD 15.2 billion in 2025, fueled by a CAGR of 26.9%. The report by Rubix Data Sciences indicates that this growth trajectory is bolstered by various government initiatives.

The National Medical Devices Policy, Production-Linked Incentive Scheme, and the Promotion of Medical Devices Parks all play vital roles in this expansion. The emergence of medical tourism, rising incomes, expanding health insurance, and improving healthcare infrastructure are also contributing to growing demand, according to the report.

India aims to increase its market share from 1.6% to 12% globally, capitalizing on its strength in manufacturing cost-efficient consumables, although the industry currently relies heavily on imports. The study highlights a significant opportunity for exporters due to reduced US tariffs, but challenges remain in high-tech segments where domestic capacity is still developing.