India's Implant Market to Reach USD 5 Billion by FY28 on Strong Demand

Key Takeaways:

• India’s orthopaedic and cardiac implant market is projected to nearly double to USD 5 billion by FY28.
• Domestic manufacturers are outpacing foreign MNCs, with a 28 percent CAGR and rising export share.
• Major Indian pharma companies like Zydus and Alkem are entering the implant sector amid growing demand.

India's orthopaedic and cardiac implant industry is likely to grow to USD 4.5–5 billion by FY2027-28, almost twice the size it is today at USD 2.4–2.7 billion in FY24. The growth of the industry is driven by growing per capita income, enhanced healthcare awareness, ageing population, increasing medical infrastructure, and increased insurance coverage.

As foreign multinational companies (MNCs) continue to monopolize the market with their technological advantage and well-established distribution networks, Indian producers are catching up fast. Domestic makers of implants over the past four years have recorded an impressive compound annual growth rate (CAGR) of 28 percent, while exports rose at a high 37 percent CAGR—well ahead of the 12 percent CAGR of foreign MNCs.

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This expansion has been fueled by competitive pricing, an expanding safety and efficacy track record, and higher involvement in government-subsidized insurance schemes. Spurred by this trend, big pharma giants like Alkem Laboratories and Zydus Lifesciences have ventured into the implant making and distribution business.

"India's medical implant sector is on a robust growth trajectory, driven by strong domestic demand and growing exports. India's implant sector, including exports, is expected to reach USD 4.5 to USD 5 billion by FY28, registering an impressive CAGR of around 15-16 per cent. Additionally, with supportive government policies and a growing healthcare infrastructure, the implant market is advancing towards 'Atmanirbharta'," CareEdge Ratings Director Krunal Modi said.