India to be a $35 billion med-tech market opportunity by 2030, says Bain & Co

Asia Pacific (APAC) region’s share of global med-tech demand is expected to reach $132 billion by 2030, growing at a 6.9% CAGR—well ahead of the global rate of 5.5%, with demand growth in Indian market playing a significant role, says a new report by global consultancy, Bain & Company.

The report ‘Building Global Champions: The Asia-Pacific Region's Next Medtech Wave’, says as demand and innovation capabilities continue to grow, the next phase of growth for Asia-Pacific med-tech will depend not only on innovation, but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialization and market access.

Stating that India exemplifies this broader regional transition, the report identifies the country as APAC's "access-led innovator", demonstrating how solutions developed for resource-constrained healthcare settings are increasingly finding global acceptance. With medical device exports reaching $4 billion in FY2025, Indian companies are demonstrating that affordability and scalability can also translate into global competitiveness, it says.

"India's medtech ecosystem is approaching an inflection point. As the country moves towards becoming the world's third-largest economy, healthcare demand is expected to grow to over $320 billion in the next couple of years at a 10-12% CAGR, creating strong momentum for medical technologies. This underpins a $35 billion med-tech opportunity by 2030, with medical device exports expected to grow at over 20% CAGR through 2030 to $8 billion," said Dhruv Sukhrani, Partner and head of Bain & Company’s Healthcare & Life Sciences practice in India.

“The next phase of growth, however, will be defined not just by manufacturing scale, but by India's ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities and commercialization," he adds.

According to the report, Indian companies are best examples of access led innovators where products are designed for clinical environments where infrastructure is limited, workforces are stretched, and cost is a binding constraint—conditions that fit a growing share of global markets. It talks about India’s Production Linked Incentive Scheme that has commissioned 24 green field manufacturing plants and generated ₹6,425 crore (about $670 million) in exports from PLI beneficiaries.

“Poly Medicure exports to more than 125 countries and Wipro GE to about 70, demonstrating that access-led design can meet global pricing and quality standards. India’s medical device exports reached $4 billion in FY2025. However, the country’s $5.5 billion import bill for high-end electro-medical and surgical equipment indicates there’s significant runway for growth in complex, higher-value manufacturing categories," the report said.

The report was developed in partnership with the Agency for Science, Technology and Research, Enterprise Singapore, J.P. Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB).