India Pharma Outlook Team | Thursday, 09 July 2026
India's medical device industry is on track for a major transformation.
A new report by Bain & Company says the sector could unlock a USD 35 billion opportunity by 2030, making it one of the fastest-growing segments of India's healthcare ecosystem.
The country's medical device industry is no longer just focused on manufacturing affordable products. It is now moving toward innovation, exports, and building products that can compete in global markets.
The report, Building Global Champions: The Asia-Pacific Region's Next Medtech Wave, highlights how rising healthcare demand, increasing investments, and better access to medical care are creating the right conditions for long-term growth.
As hospitals expand and demand for advanced healthcare services rises, the need for quality medical technologies is expected to increase sharply.
According to the report, India's medtech sector is entering a new phase of growth, supported by several factors.
Some of the biggest growth drivers include:
Bain expects India's healthcare market to grow beyond USD 320 billion in the coming years. As healthcare infrastructure expands, demand for medical equipment ranging from diagnostic devices to surgical instruments is expected to rise significantly.
The report also points out that India has emerged as an "access-led innovator." Instead of only producing low-cost products, Indian companies are developing affordable and high-quality solutions designed for markets with limited healthcare resources. These products have strong potential in both developing and developed countries looking for cost-effective healthcare technologies.
Also Read: The Evolving Role of India as a Talent Hub for Healthcare R&D
One of the biggest opportunities lies in exports.
According to Bain, India's medical device exports could grow at a compound annual growth rate (CAGR) of more than 20%, reaching nearly USD 8 billion by 2030, compared with around USD 4 billion in FY25.
This growth reflects increasing global acceptance of Indian-made medical technologies. Companies are gradually moving beyond contract manufacturing and are investing in their own products, research, and international expansion.
The report suggests India has the opportunity to become a preferred manufacturing and innovation hub for medical technologies, much like it did in the pharmaceutical industry.
While the growth outlook is strong, Bain says manufacturing alone will not be enough to build global leadership.
The report identifies several areas where companies need to invest:
Companies that strengthen these capabilities will be better positioned to compete in international markets and build globally recognized brands.
The report concludes that India's medical technology industry is moving beyond being a low-cost manufacturing destination. With continued investment in innovation, exports, and product development, the country has the potential to create global medtech champions over the next decade.
