India Medical Devices Market – Innovations, Regulatory Updates, and Investment Insights by 2033
Market Overview
The India medical devices market size reached USD 18.02 Billion in 2024. The market is expected to grow to USD 30.64 Billion by 2033, exhibiting a growth rate (CAGR) of 6.08% during 2025-2033 driven by factors such as rising healthcare demands, increasing government investments in healthcare infrastructure, advancements in medical technology, an expanding elderly population, and the growing prevalence of chronic diseases. These dynamics are fostering the adoption of advanced diagnostic and therapeutic devices in the country. The report presents a thorough review featuring the India medical devices market growth, share, trends, and research of the industry.
How AI is Reshaping the Future of India Medical Devices Market
- Apollo Hospitals plans to enhance investment in artificial intelligence (AI) to reduce medical staff workload by automating routine tasks like medical documentation, diagnosis assistance, note transcription, and treatment recommendations.
- AI-driven tools are boosting efficiency and accuracy in diagnostics, contributing to the expansion of imaging services in Tier II and III cities, enhancing accessibility.
- Collaborations such as Krsnaa Diagnostics with Medikabazaar and United Imaging leverage AI technologies to introduce over 30 new imaging centers in smaller cities.
- The Production Linked Incentive (PLI) Scheme supports manufacturing of high-end AI-enabled medical equipment including MRI machines, CT scanners, and mammography systems.
- National Single Window System (NSWS) implementation streamlines regulatory approvals for AI-based medical device imports, reducing bureaucratic obstacles.
- Through government schemes and industry adoption, AI is driving innovation, reducing costs, and improving patient outcomes in India's medical devices sector.
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Market Growth Factors
The Indian government has launched a significant INR 500 crore scheme aimed at reinforcing the medical devices industry by promoting domestic manufacturing, skill development, clinical research, and infrastructural enhancements. Union Health Minister J.P. Nadda termed this initiative a “game-changer.” Additionally, the National Medical Devices Policy 2023 targets expanding India's global market share from 1.5% to 10-12%, reflecting strong strategic intent. The Production Linked Incentive (PLI) Scheme has attracted INR 1,057.47 crore investments to date, propelling the manufacture of advanced medical equipment such as MRI machines and CT scanners, thereby catalyzing sector growth.
Rapid expansion of healthcare infrastructure in Tier II and III cities continues to drive the market by improving access to quality healthcare services. A growing middle-class population and increased chronic illness incidence are fueling demand. Notably, in September 2024, Krsnaa Diagnostics, in partnership with Medikabazaar and United Imaging, launched over 30 imaging centers in these cities, greatly enhancing the availability of advanced diagnostic services. This increased infrastructure investment supports the penetration of new medical technologies, accelerating market expansion.
The orthopedics segment is experiencing marked growth due to India's aging population and rising musculoskeletal disorders. Increased demand for joint replacement surgeries and orthopedic medical devices is driving this trend. These demographic and clinical factors position India as a key global player in the medical devices industry by fueling the adoption and development of orthopedic solutions. The trend reflects a growing need for specialized therapeutic devices in response to healthcare demands.
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Market Segmentation
Type Insights:
- Orthopedic Devices
- Diagnostic Imaging
- Cardiovascular Devices
- Wound Management
- Minimally Invasive Surgical (MIS)
- Diabetes Care
- Dental Devices
- Ophthalmic Devices
- In Vitro Diagnostics (IVD)
- General Surgery
- Others
End User Insights:
- Hospitals and Ambulatory Surgery Centers (ASCs)
- Clinics
- Others
Regional Insights:
- North India
- South India
- East India
- West India
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Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Recent Developement & News
- March 2025: Zydus Lifesciences announced plans to acquire an 85.6% stake in French medical devices company Amplitude Surgical for EUR 256.8 million (approximately USD 280 million), aimed at expanding its global medical devices portfolio, particularly in lower-limb orthopedics.
- March 2025: Apollo Hospitals declared intentions to increase investment in artificial intelligence (AI) for automating routine tasks including medical documentation, patient diagnosis assistance, transcription of doctors' notes, and treatment suggestions, aiming to reduce workload for medical staff.
- November 2024: The Indian government launched an INR 500 crore scheme focused on strengthening domestic manufacturing, skill development, clinical research, and infrastructure enhancement in the medical devices sector, hailed as a "game-changer" by Union Health Minister J.P. Nadda.
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