Report Overview

India MedTech Market – Industry Trends & Forecast Report, 2031

India MedTech Market size was estimated at USD 16.5 billion in 2024. During the forecast period between 2025 and 2031, India MedTech Market size is projected to boom at a significant CAGR of 19.4% reaching a value of USD 57.09 billion by 2031. Prominent drivers of India MedTech Market include government initiatives positioning India as a global MedTech hub, rapid innovation by startups, and the integration of digital health technologies. Around 79% of innovations among Indian MedTech startups are driven by medical technology solutions, with 63% incorporating digital advancements such as AI, IoT, and cloud computing to enhance healthcare accessibility and efficiency. The sector is witnessing breakthroughs in early disease detection, home-based care, minimally invasive techniques, and AI-powered diagnostics. Additionally, government efforts to reduce import dependency, boost exports, and foster R&D through initiatives like the Production Linked Incentive (PLI) scheme and the National Medical Device Policy, 2023, are accelerating market growth. The industry is advancing through incremental improvements, substantial innovations, and groundbreaking advancements, focusing on safety, efficacy, and affordability. Changing disease patterns, rising disposable incomes, expanding healthcare coverage, and a thriving startup ecosystem further contribute to growth. With increasing investments, strategic collaborations, and strong government backing, India is expected to emerge as a global leader in MedTech innovation.

MedTech – Overview

MedTech, or medical technology, refers to the use of innovative devices, equipment, software, and digital solutions to diagnose, monitor, and treat medical conditions. It encompasses a broad range of products, including diagnostic imaging, in-vitro diagnostics, surgical instruments, implants, patient monitoring systems, and AI-driven healthcare technologies. MedTech enhances healthcare efficiency, improves patient outcomes, and enables early disease detection and minimally invasive treatments. The sector is rapidly evolving with advancements in artificial intelligence, IoT, robotics, and personalized medicine. Supported by research, regulatory frameworks, and digital integration, MedTech plays a crucial role in modernizing healthcare and making medical services more accessible.

India MedTech Market

Growth Drivers

Expanding Medical Tourism

India is rapidly emerging as a global medical tourism hub, ranking 10th among 46 countries in the Medical Tourism Index (MTI) for 2020-2021. With a well-developed healthcare infrastructure, skilled medical professionals, and cost-effective treatments, the country attracts millions of international patients annually. In 2024, India witnessed a 25% rise in medical tourists, reaching 7.3 million from 6 million in 2023, driving significant advancements in the MedTech sector, which is projected to expand from USD 11 billion to USD 50 billion in the coming years. The industry plays a pivotal role in enhancing medical tourism through innovations such as robotic surgeries, AI-driven diagnostics, and telemedicine, ensuring high-quality patient care. India performs over 300,000 joint replacements, 28,000 transplants, and 30,000 robotic surgeries annually, while telemedicine strengthens accessibility by offering pre-arrival consultations, reducing costs, and improving treatment outcomes for international patients. To further support this growth, the Indian government has introduced initiatives like the Advantage Healthcare India portal, which streamlines patient experiences with multilingual support, hospital accreditation details, and digital health services. Additionally, the National Medical Devices Policy 2023 and the Production-Linked Incentive (PLI) Scheme promote local manufacturing and innovation, reinforcing India’s MedTech capabilities. Foreign investments from global companies such as Medtronic, Siemens Healthineers, and Omron Healthcare are accelerating market expansion, with R&D centers and manufacturing facilities being established across the country. Furthermore, venture capital investments in Indian MedTech startups are fostering advancements in molecular diagnostics, AI-driven imaging, and surgical robotics. With increasing foreign direct investments, technological advancements, and strong government support, India’s MedTech sector is poised to revolutionize healthcare delivery, and as demand for high-quality yet affordable medical care grows, the synergy between medical tourism and MedTech innovations will further strengthen India’s position as a leading global healthcare destination.

Challenges

High Cost of Advanced Medical Devices

The high cost of advanced medical devices poses a significant challenge to the growth of India MedTech Market. Cutting-edge technologies, such as robotic surgery systems, AI-driven diagnostics, and high-end imaging equipment, require substantial investments, making them less accessible to smaller healthcare facilities. High import dependency further inflates costs, limiting affordability for patients and healthcare providers. While government initiatives like the PLI Scheme aim to boost local manufacturing, cost barriers persist. The financial burden on hospitals often results in higher treatment costs, restricting widespread adoption. Addressing these cost concerns through subsidies, domestic production, and innovative pricing models is crucial for market expansion.

Impact of Escalating Geopolitical Tensions on India MedTech Market

Escalating geopolitical tensions could significantly impact the growth of India MedTech Market by disrupting supply chains, increasing import costs, and delaying technological advancements. With India relying heavily on imports for high-end medical devices, trade restrictions, currency fluctuations, and export controls from key suppliers, like United States, China, and Europe, could hinder availability. Rising geopolitical uncertainties also affect foreign investments and collaborations, slowing innovation and local manufacturing growth. While government initiatives like the PLI Scheme aim to boost domestic production, prolonged instability may lead to higher costs and limited access to advanced medical technologies, posing challenges for healthcare providers and patients alike.

India MedTech Market

Segmental Coverage

India MedTech Market – By Product Type

Based on product type, India MedTech Market is divided into Electronic Equipment, Disposables & Consumables, In-Vitro Diagnostics (IVD), Implants, Surgical Instruments, Diagnostic Imaging, Patient Aids, and Instruments & Appliances segments. The diagnostic imaging segment holds the highest share in India MedTech Market by product type. It is driven by the rising prevalence of chronic diseases, increasing demand for early and accurate diagnosis, and rapid advancements in imaging technology. Modalities, such as MRI, CT scans, ultrasound, and X-rays, play a crucial role in medical diagnostics, aiding in disease detection, treatment planning, and monitoring. Government initiatives to enhance healthcare infrastructure, along with rising investments in AI-powered imaging solutions, are further fueling the growth of India MedTech Market. Additionally, the increasing number of diagnostic centers, hospitals, and telemedicine services integrating advanced imaging technologies is expanding access to high-quality diagnostic care. With continuous innovations and growing healthcare expenditure, the diagnostic imaging segment is poised for sustained expansion of India MedTech Market.

India MedTech Market – By Application

India MedTech Market by application is divided into Cardiology, Orthopedics, Diagnostics, Imaging, Cancer Therapy, Critical Care, Assistive Medical Devices, and Hospital Equipment segments.

India MedTech Market – By End User

On the basis of End User, India MedTech Market is segmented into Hospitals, Clinics, Diagnostic Laboratories, and Home Healthcare.

India MedTech Market – By Region

The in-depth research report on India MedTech Market covers the market in the country’s major regions: North India, South India, East India, and West India regions.

Competitive Landscape

Major players operating in India MedTech Market include Meril Life Sciences, Zydus Lifesciences, Opto Circuits, TTK Healthcare, BPL Medical Technologies, Trivitron Healthcare, Nidhi Meditech Systems, Skanray Technologies, Hindustan Syringes & Medical Devices (HMD), and Poly Medicure Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Electronic Equipment

• Disposables & Consumables

• In-Vitro Diagnostics (IVD)

• Implants

• Surgical Instruments

• Diagnostic Imaging

• Patient Aids

• Instruments & Appliances

By Application

• Cardiology

• Orthopedics

• Diagnostics

• Imaging

• Cancer Therapy

• Critical Care

• Assistive Medical Devices

• Hospital Equipment

By End User

• Hospitals

• Clinics

• Diagnostic Laboratories

• Home Healthcare

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India MedTech Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Prevalence of Chronic Diseases
         2. Growing Awareness of Preventive Healthcare
         3. Expanding Medical Tourism
      2. Restraints
         1. High Cost of Advanced Medical Devices
         2. Limited Healthcare Infrastructure in Rural Areas
      3. Opportunities
         1. Public-Private Partnerships
         2. Telemedicine & Digital Health Growth
      4. Challenges
         1. Affordability & Insurance Penetration
         2. Counterfeit & Low-Quality Devices
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India MedTech Market: Marketing Strategies
5. India MedTech Market: Pricing Analysis
6. India MedTech Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Electronic Equipment
         2. Disposables & Consumables
         3. In-vitro diagnostics (IVD)
         4. Implants
         5. Surgical Instruments
         6. Diagnostic Imaging
         7. Patient Aids
         8. Instruments & Appliances.
      2. By Application
         1. Conventional
         2. Cardiology
         3. Orthopedics
         4. Diagnostics
         5. Imaging
         6. Cancer Therapy
         7. Critical Care
         8. Assistive Medical Devices

1. 1. 1. 1. Hospital Equipment
      2. By End User
         1. Hospitals
         2. Clinics
         3. Diagnostic Laboratories
         4. Home Healthcare
      3. By Region
         1. North India
         2. South India
         3. East India
         4. West India
2. North India MedTech Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End User
3. South India MedTech Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End User
4. East India MedTech Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End User
5. West India MedTech Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By End User
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India MedTech Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Operation Channel Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
7. Impact of Escalating Geopolitical Tensions on India MedTech Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Meril Life Sciences
   2. Zydus Lifesciences
   3. Opto Circuits
   4. TTK Healthcare
   5. BPL Medical Technologies
   6. Trivitron Healthcare
   7. Nidhi Meditech Systems
   8. Skanray Technologies
   9. Hindustan Syringes & Medical Devices (HMD)
   10. Poly Medicure Ltd
   11. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1       India MedTech Market Segmentation

Figure 2       India MedTech Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2024

Figure 4       India MedTech Market Size, By Value (USD Billion), 2019–2031

Figure 5       India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Figure 6       India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Figure 7       India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Figure 8       India MedTech Market Share, By Region, By Value (USD Billion) 2019–2031

Figure 9       North India MedTech Market Size, By Value (USD Billion), 2019–2031

Figure 10     North India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Figure 11     North India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Figure 12     North India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Figure 13     South India MedTech Market Size, By Value (USD Billion), 2019–2031

Figure 14     South India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Figure 15     South India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Figure 16     South India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Figure 17     East India MedTech Market Size, By Value (USD Billion), 2019–2031

Figure 18     East India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Figure 19     East India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Figure 20     East India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Figure 21     West India MedTech Market Size, By Value (USD Billion), 2019–2031

Figure 22     West India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Figure 23     West India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Figure 24     West India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

List of Tables      

Table 1        India MedTech Market Size, By Value (USD Billion), 2019–2031

Table 2        India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Table 3        India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Table 4        India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Table 5        India MedTech Market Share, By Region, By Value (USD Billion) 2019–2031

Table 6        North India MedTech Market Size, By Value (USD Billion), 2019–2031

Table 7        North India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Table 8        North India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Table 9        North India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Table 10      South India MedTech Market Size, By Value (USD Billion), 2019–2031

Table 11      South India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Table 12      South India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Table 13      South India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Table 14      East India MedTech Market Size, By Value (USD Billion), 2019–2031

Table 15      East India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Table 16      East India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Table 17      East India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Table 18      West India MedTech Market Size, By Value (USD Billion), 2019–2031

Table 19      West India MedTech Market Share, By Product Type, By Value (USD Billion) 2019–2031

Table 20      West India MedTech Market Share, By Application, By Value (USD Billion) 2019–2031

Table 21      West India MedTech Market Share, By End User, By Value (USD Billion) 2019–2031

Table 22      Meril Life Sciences Company Overview

Table 23      Meril Life Sciences Financial Overview

Table 24      Zydus Lifesciences Company Overview

Table 25      Zydus Lifesciences Financial Overview

Table 26      Opto Circuits Company Overview

Table 27      Opto Circuits Financial Overview

Table 28      TTK Healthcare Company Overview

Table 29      TTK Healthcare Financial Overview

Table 30      BPL Medical Technologies Company Overview

Table 31      BPL Medical Technologies Financial Overview

Table 32      Trivitron Healthcare Company Overview

Table 33      Trivitron Healthcare Financial Overview

Table 34      Nidhi Meditech Systems Company Overview

Table 35      Nidhi Meditech Systems Financial Overview

Table 36      Skanray Technologies Company Overview

Table 37      Skanray Technologies Financial Overview

Table 38      Hindustan Syringes & Medical Devices (HMD) Company Overview

Table 39      Hindustan Syringes & Medical Devices (HMD) Financial Overview

Table 40      Poly Medicure Ltd Company Overview

Table 41      Poly Medicure Ltd Financial Overview