Indian medical technology market could more than double from the current size of $16 billion to $41–44 billion by 2030, says a joint report published by Boston Consulting Group (BCG), the Association of Indian Medical Device Industry (AiMeD), and the Kalam Institute of Health Technology (KIHT).

Domestic manufacturing’s share of local consumption has more than doubled from about 20% in 2022 to about 45% in 2025, growing at 43% CAGR. Exports stand at approximately $4 billion today and could scale to $16–18 billion by 2035 as Indian-origin brands build credible quality systems and access regulated markets, it notes. The size of Indian med-tech market could be in the range of $83–89 billion by 2035, the report estimates.

According to the report, the growth in Indian med-tech manufacturing is being supported by a broader policy and capital environment, including the National Medical Devices Policy, a ₹3,420 crore Production-Linked Incentive (PLI) scheme that has commissioned 24 projects across 57 products, four MedTech parks anchored by the Andhra Pradesh MedTech Zone (AMTZ), the launch of India’s first dedicated MedTech fund (MedArtha) by AMTZ in March 2026, and 100% FDI under the automatic route. Capital flows have also accelerated, with approximately ₹10,940 crore deployed across 230+ private equity, venture capital, and corporate transactions in 2025, it says.

“Multiple structural tailwinds are propelling India’s transformation towards becoming a global medtech powerhouse, both from a make in India as well as innovate in India lens. This is going to create an opportunity for everyone, irrespective of your starting position, domestic incumbents, global medtech majors as well as new entrants to the sector,” said Vikash Agarwalla, Managing Director and Partner, BCG. 

The report identifies three distinct pillars shaping India’s ‘Make in India’ MedTech opportunity. The first and the largest near-term pillar is serving domestic demand and replacing imports with indigenised products, a segment that is projected to grow from $8 billion today to $45–48 billion by 2035. Equipment and consumables lead the immediate ‘seize now’ opportunity, with IVD and devices scaling next, the report says.

The second pillar is export IP-led manufacturing as Indian companies are building their own brands for the US, EU, and LMIC markets. This pillar is projected to grow from $4 billion today to $16–18 billion by 2035, with export champions already scaling fast in cardiac and orthopaedic implants, IVD, and high-volume consumables, the report said. The third growth pillar identified in the report is contract manufacturing which though nascent today is projected to scale to $7 billion by 2035 as global supply chains rebalance and OEMs diversify their manufacturing base.

“India can move from being a promising domestic market to becoming a globally trusted manufacturing and innovation base. The opportunity is not protectionism, but competitiveness; not only lower cost, but high-quality, patient-safe, globally benchmarked medical technology from India. The next phase will depend on rewarding real value-addition, enabling exporters to meet international expectations, and strengthening domestic adoption of Indian innovation,” said Rajiv Nath, Forum Co-ordinator, AiMeD.