India’s MedTech Industry: On Course to Become the Global Export Capital

Abstract

The Indian medical devices industry stands at a remarkable inflection point. From being a primarily import-dependent sector less than two decades ago, India has evolved into a hub of advanced medical manufacturing, with exports growing steadily each year. Today, the industry is estimated at around USD 15billion, growing at a robust CAGR of 15 to 16%, and is all set to reach USD 50 billion over the next decade. With strong government support, industry participation, and the emergence of MedTech innovation hubs, India is well on its way to positioning itself as the export capital for medical devices.