Medical devices industry in India: An Overview

Indian medical devices market is currently valued at around $10 billion and is expected to reach $25 billion by 2025

Healthcare has become one of India’s largest economic sectors - both in terms of revenue and employment. India is full of opportunities for medical devices companies to explore and expand their business horizons in the ever-booming Indian healthcare market. The Indian medical devices market is currently valued at around $10 billion and has been growing at an average rate of 15 per cent for the past couple of years. As per the market estimates, the industry is expected to reach close to $25 billion by 2025. Indian medical device industry comprises of over 800 Indian manufacturers of which close to 65 per cent of companies have turnover of over Rs 10 crore ($1.5 million) and 2 per cent companies with a turnover of more than Rs 500 crore ($73 million). India has steadily widened the ambit of markets and now exports its medical devices to more than 150 countries. There is growing awareness about sunrise sector and the Government of India extends full support in promoting exports of the sector. The Indian medical device industry is currently the fourth largest in Asia. The brand campaign for medical devices sector has been initiated as part of the Brand India Engineering campaign. Launched by Ministry of Commerce and Industry, Government of India, the brand campaign aims to create true brand value in international markets for Indian medical devices. It is expected to catapult India’s status in manufacturing capabilities, by highlighting India’s competitiveness, credibility and service commitments in the medical devices sector. India Brand Equity Foundation (IBEF), a Trust established by the Department of Commerce and EEPC India, an apex national body representing engineering industry, is steering the campaign in coordination with national associations and industry stakeholders in the medical devices sector.