India's MedTech Boom: Global Giants Eye Expansion as Market Set to Hit $50 Billion by 2030

Image source: Medical Buyer

India’s medical technology (MedTech) sector is undergoing a transformation, with multinational companies betting big on its potential to become a global hub. The industry, currently valued at $12 billion, is projected to reach $50 billion by 2030, driven by innovation, digital integration, and government initiatives. Here's a detailed breakdown:

Key Highlights:
Market Growth & Global Expansion:

India’s MedTech market is expected to grow from 1.65% to 10-12% of the global share over the next 25 years.

Exports reached $3.8 billion in 2023-24, with the US as the primary market.

Government Initiatives & Policy Support:

The National Medical Device Policy and Production Linked Incentive (PLI) scheme are driving growth.

The government is promoting medical device parks and centralized testing labs to enhance quality and safety.

Investment & Innovation:

India is home to over 4,000 MedTech startups, fostering cutting-edge healthcare solutions.

The Medical Technology Association of India (MTaI) is advocating for investment-friendly policies.

Infrastructure & Digital Integration:

Expansion in Tier 2 and Tier 3 cities is unlocking new markets.

Digital platforms like Ayushman Bharat Digital Mission (ABDM) are improving healthcare accessibility.

Future Outlook:

Industry experts see the $50 billion target for 2030 as achievable, provided infrastructure and regulatory upgrades continue.

India is positioning itself as a leader in affordable, high-quality medical technology.

This surge in MedTech investments and policy reforms underscores India’s ambition to become a global hub for medical technology, attracting multinational giants and fostering innovation.

Sources: EY, Times of India, Times Now