India’s Medical Device Market Could Reach $250 Billion by 2047

Digital technology is expected to play a bigger role in managing medical equipment as healthcare facilities seek to identify problems before devices fail and interrupt patient services.

India's medical device industry could grow into a $250 billion market by 2047 as rising healthcare demand, domestic manufacturing and greater adoption of advanced technologies reshape the country's MedTech sector, according to a new FICCI-DUA Consulting White Paper.

The report, titled Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable and Sustainable Medical Device Maintenance Ecosystem, was released during the inaugural session of the ninth edition of India Medical Device 2026, organised by the Department of Pharmaceuticals in association with FICCI.

Medical Device Market Set for Rapid Expansion

India's medical device sector is currently valued at around $14 billion, with the White Paper projecting that it could expand to between $30 billion and $50 billion within this decade before potentially reaching $250 billion by 2047.

Growing healthcare requirements, greater use of sophisticated medical technologies and government support for indigenous manufacturing are expected to drive that expansion, while India's push to establish itself as a global MedTech hub could create opportunities for manufacturers serving both domestic and international markets.

Government initiatives such as the Production Linked Incentive Scheme and the Strengthening of Medical Devices Industry Scheme have already helped expand manufacturing capabilities and improve the competitiveness of Indian companies, according to the report.

Maintenance Seen as Critical to MedTech Growth

Manufacturing more medical equipment represents only one part of building a competitive industry, with the White Paper identifying servicing, maintenance, calibration and lifecycle management as essential areas requiring greater attention.

Modern hospitals depend on medical equipment for diagnosis, emergency care, surgery and complex treatments, meaning the performance of these devices throughout their working lives can directly affect clinical services. Reliable maintenance can reduce equipment downtime, improve patient safety, extend the usable life of expensive devices and help healthcare providers get greater value from their investments.

New Framework Proposed for Equipment Servicing

The report proposes a risk-tiered hybrid maintenance framework linked to the Central Drugs Standard Control Organisation's device classification system, allowing servicing requirements to reflect the level of risk associated with different categories of medical equipment.

Recommendations include creating a national certification system for service engineers, strengthening technical training and developing maintenance protocols based on device risk. The White Paper also calls for changes to the fiscal framework that could encourage compliant maintenance practices while supporting new commercial models for equipment servicing.

Digital Tools Could Reduce Equipment Downtime

Digital technology is expected to play a bigger role in managing medical equipment as healthcare facilities seek to identify problems before devices fail and interrupt patient services.

The White Paper recommends wider adoption of predictive maintenance, digital monitoring and lifecycle management systems, which could give hospitals and service providers better visibility into equipment performance while allowing maintenance teams to respond to potential failures earlier.

Building such capabilities alongside domestic manufacturing could help India create a medical device ecosystem that covers the entire lifespan of healthcare technology, strengthening reliability at hospitals while supporting the country's ambitions to become a major global MedTech manufacturing and services centre.