India Eyes Bigger Share of $600 Billion Global Medical Device Market

Dr Rajeev Singh Raghuvanshi, Drugs Controller General of India, described the sector as moving from an import-driven market towards an ecosystem increasingly supported by domestic manufacturing.

India is looking to turn its growing medical device manufacturing capabilities into a stronger global industry, with policymakers and business leaders calling for deeper domestic production, higher quality standards and greater integration with international supply chains at the 9th India Medical Device 2026 conference in New Delhi.

The two-day event at Vigyan Bhawan brings together policymakers, regulators, manufacturers, innovators and other healthcare stakeholders under the theme "Towards Viksit Bharat: Advancing India as a Global Hub for Quality Medical Devices." The conference is being organised by the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers in association with the Federation of Indian Chambers of Commerce and Industry (FICCI).

India Looks Beyond Import Substitution

Department of Pharmaceuticals Secretary Manoj Joshi said the medical device industry needs to be viewed through both healthcare and industrial lenses, since hospitals require reliable access to quality equipment while stronger domestic manufacturing can create jobs, build technical capabilities and protect supply chains during international disruptions.

India has expanded local production in areas such as consumables and disposables while developing capabilities to assemble higher-end diagnostic and imaging equipment. Joshi said the next challenge involves increasing the share of components and technology produced domestically, supporting innovation in advanced devices and improving quality so Indian manufacturers can compete internationally.

With India's medical device market valued at around $16 billion against a global market exceeding $600 billion, Joshi called for an export-oriented industry capable of selling products well beyond the domestic healthcare system.

High-End Medical Devices Remain a Priority

Dr Rajeev Singh Raghuvanshi, Drugs Controller General of India, described the sector as moving from an import-driven market towards an ecosystem increasingly supported by domestic manufacturing.

Building indigenous capabilities in sophisticated Class C and Class D medical devices and in vitro diagnostics will be particularly important because these categories include higher-risk and technologically complex products. Raghuvanshi also stressed the importance of faster, transparent and predictable regulatory approvals as companies invest in advanced manufacturing and product development.

Stronger component production could help Indian companies increase local value addition rather than depending heavily on imported parts for devices assembled in the country.

Global MedTech Companies Expand India Operations

Tushar Sharma, Chair of the FICCI Medical Devices Committee and Managing Director and General Manager for India and South Asia at Abbott Healthcare, said industry investment has expanded beyond introducing medical technologies into the Indian market.

Companies have invested in research and development centres, Global Capability Centres, engineering and software operations, clinical research, manufacturing facilities, service networks and workforce development, creating skilled employment while building capabilities that can support global MedTech operations from India.

FICCI Director General Jyoti Vij said future growth will depend on stronger R&D, resilient supply chains, advanced manufacturing, internationally aligned quality standards, digital technologies and a greater presence for Indian businesses in overseas markets.

Equipment Maintenance Gets Greater Attention

A key development during the opening day was the release of the White Paper, Strengthening of Service and Maintenance of Medical Equipment in India, which places greater attention on what happens to medical equipment after it reaches hospitals and other healthcare facilities.

The paper calls for a stronger service and maintenance ecosystem capable of improving the safety, reliability, lifespan and uninterrupted operation of medical equipment, recognising that manufacturing and purchasing sophisticated devices delivers limited value when hospitals cannot keep them functioning properly.

Bharath Sesha, Co-Chair of the FICCI Medical Devices Committee and Managing Director of Philips Indian Subcontinent, said the inaugural discussions highlighted India's potential to become a global medical device leader.

Turning that potential into a larger international industry will require India to combine manufacturing scale with innovation, reliable regulation, quality components and after-sales capabilities that give healthcare providers confidence in Indian-made medical technology.