India’s medical technology industry is projected to become a $35 billion market by 2030, driven by rising healthcare demand, expanding exports, and increasing innovation, according to a new report by Bain & Company.
The report, Building Global Champions: The Asia-Pacific Region’s Next Medtech Wave, highlights India as one of the fastest-growing medtech markets in the Asia-Pacific (APAC) region. It was prepared by Bain & Company in collaboration with the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore, JP Morgan, SG Growth Capital, and the Singapore Economic Development Board.
India’s medical device exports are expected to grow at an annual rate of more than 20% through 2030, reaching approximately $8 billion. During FY25, the country exported medical devices worth $4 billion, while imports of advanced medical equipment stood at $5.5 billion, indicating significant opportunities for domestic innovation and manufacturing.
“India’s medtech ecosystem is approaching an inflexion 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 per cent CAGR, creating strong momentum for medical technologies,” said Dhruv Sukhrani, Partner and Head of Bain & Company’s Healthcare & Life Sciences practice in India.
“This underpins a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at over 20 per cent CAGR through 2030 to $8 billion.”
Sukhrani added that the industry’s future growth will depend not only on expanding manufacturing capacity but also on strengthening clinical research, regulatory expertise, and commercialization capabilities to create globally competitive medical technologies.
The report notes that India currently exports medical devices to more than 125 countries. It identifies the country as a leading “access-led innovator,” where companies develop affordable products designed for healthcare environments with limited infrastructure, workforce shortages, and cost constraints—solutions that are increasingly relevant across global markets.
Across the APAC region, China and India have progressed beyond large-scale manufacturing, while South Korea has established itself as a major player in software-driven medical technology innovation.
The report also projects that the Asia-Pacific region’s share of global medtech demand will reach $132 billion by 2030, growing at an annual rate of 6.9%, outpacing the overall global market.
As healthcare spending continues to rise and innovation accelerates, India’s medtech sector is well positioned to play a larger role in both domestic healthcare delivery and the global medical device industry over the coming years.