India’s medical technology sector is entering a transformative growth phase, with the industry projected to expand to nearly US$ 41–44 billion by 2030, according to a joint report released by Boston Consulting Group (BCG), the Association of Indian Medical Device Industry (AiMeD), and the Kalam Institute of Health Technology (KIHT).

Titled Poised for Takeoff: MedTech in India, the report highlights how India is steadily moving beyond import dependence toward becoming a globally competitive MedTech manufacturing and innovation hub. The country’s MedTech market currently stands at approximately US$ 16 billion and is growing at an annual rate of 13–15%.

One of the report’s key findings is the rapid rise in domestic manufacturing. The share of locally manufactured products in India’s MedTech consumption has more than doubled from nearly 20% in 2022 to around 45% in 2025, growing at an estimated CAGR of 43%. Exports, currently valued at about US$ 4 billion, are expected to scale to US$ 16–18 billion by 2035 as Indian companies strengthen quality systems and expand into regulated global markets.

The report identifies three major pillars driving the sector’s growth: domestic manufacturing for India’s healthcare needs, export-focused IP-led manufacturing, and contract manufacturing for global supply chains. It also notes that India’s innovation ecosystem remains underinvested despite growing momentum in private equity and venture capital funding, which increased from US$ 180 million in 2019 to US$ 1.25 billion in 2025.

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Industry leaders emphasised that India’s next phase of MedTech growth will depend on strengthening component ecosystems, improving regulatory frameworks, enhancing R&D investments, and building globally benchmarked quality standards. The report also highlighted policy support through initiatives such as the Production Linked Incentive (PLI) scheme, MedTech parks, and increased foreign direct investment participation.