India is set to expand its share in the global medical technology (MedTech) industry from the current 1.6% to 10-12% over the next 25 years, according to a report by EY India. The Indian MedTech market, valued at $12 billion in 2023-24, is projected to exceed $50 billion by 2030, driven by rapid sectoral growth and strategic advancements.
Currently ranked among the top 20 global markets, India’s MedTech industry is poised for a transformative journey, transitioning from a major importer to a global exporter and leader in the field. The report attributes this growth to factors such as a skilled workforce, cost competitiveness, technological innovation, and supportive government initiatives encouraging domestic manufacturing and R&D.
Key growth drivers include the rising prevalence of chronic diseases, an aging population, increasing focus on preventive healthcare, and the adoption of digitally integrated systems and next-generation therapies. India’s expanding middle class, rising incomes, and greater healthcare insurance penetration are also fueling this evolution.
As reported by economictimes, the report highlights India’s strength in digital and technological innovation as a cornerstone for its MedTech potential. Coupled with improving infrastructure, rising medical tourism, and government efforts, India is positioned to redefine its role on the global MedTech stage, transitioning from a market participant to a leading innovator and exporter.
With these developments, the country is expected to significantly influence healthcare delivery worldwide, cementing its role as a frontrunner in the global MedTech industry.