India’s medical technology (MedTech) market could expand to $35 billion by 2030, driven by rising healthcare demand, increasing exports and growing investor confidence, according to a new report by Bain & Company. The report positions India as one of the fastest growing MedTech markets in the Asia Pacific region, powered by its ability to develop affordable and scalable healthcare technologies.

In its report, “Building Global Champions: The Asia Pacific Region’s Next MedTech Wave,” Bain describes India as the region’s “access led innovator,” highlighting the country’s strength in designing cost effective medical devices for resource constrained healthcare settings. These innovations are increasingly finding acceptance in international markets due to their quality, affordability and scalability.

The report noted that India’s medical device exports reached $4 billion in FY2024-25, reflecting the growing global demand for Indian made healthcare technologies. Rising exports, coupled with increasing domestic healthcare expenditure, expanding hospital infrastructure and supportive government policies, are expected to accelerate the sector’s growth over the next five years.

India’s MedTech industry currently accounts for nearly 1.5% of the global medical device market, but the country is emerging as a key manufacturing and innovation hub under initiatives such as ‘Make in India’, the Production Linked Incentive (PLI) Scheme for Medical Devices and the establishment of dedicated medical device parks.

Healthcare experts believe the sector has significant potential to reduce import dependence while strengthening indigenous manufacturing across segments such as diagnostics, imaging, surgical equipment, implants and digital health technologies. Continued investment in research and development, regulatory reforms and global partnerships will be critical to building internationally competitive MedTech companies.

The Bain report underscores India’s growing role in the global medical device industry, with innovation, exports and expanding healthcare infrastructure expected to position the country as a major MedTech growth engine by the end of the decade.