Wara Samar
23rd May 2025
India’s MedTech Momentum: A Gateway to Asia’s Growth
India’s medical devices sector is emerging as a pivotal force in the global healthcare landscape, offering a blend of scale, innovation, and opportunity. Estimated at USD 15.35 billion in 2023 and projected to grow to USD 20.51 billion by 2029, the market is expanding steadily with a compound annual growth rate (CAGR) of 5.35%. This positions India as the fourth-largest medical devices market in Asia—after Japan, China, and South Korea—and among the top 20 globally. For global MedTech companies eyeing Asia, India’s rapid sectoral evolution, regulatory maturity, and government support make it an increasingly attractive destination.
A Broad and Evolving Market Landscape
The market’s structure reflects a broad spectrum of offerings, encompassing everything from low-risk Class A consumables to high-risk Class D products such as cardiovascular catheters and coronary stents. More than 800 manufacturers operate in the country, with a substantial share consisting of small and medium-sized enterprises. While India still imports a majority of its advanced medical devices, the tide is beginning to turn. In 2022–23, India exported medical devices worth USD 3.39 billion. The medical device export market is expected to reach USD 10 billion by 2025, highlighting the sector’s growing international competitiveness.
Policy-Driven Progress and Infrastructure Support
This acceleration is largely underpinned by robust policy interventions. The Indian government has prioritized the medical devices sector through a variety of initiatives, including the allowance of 100% Foreign Direct Investment (FDI) via the automatic route. The Production-Linked Incentive (PLI) Scheme has approved 26 projects with a combined investment commitment exceeding USD 147 million. Several state-level medical device parks have also been launched to enhance manufacturing capacity and reduce production costs. These parks are being developed with both central and state government collaboration and are expected to become hubs for innovation and employment generation.
India’s healthcare infrastructure is also receiving significant public investment. The 2025–26 Union Budget allocated USD 11.48 billion to the healthcare sector, creating a fertile environment for MedTech demand. In tandem, platforms like MedTech Mitra are supporting startups and innovators by streamlining regulatory and clinical pathways, while public-private partnerships are driving advancements in areas like AI diagnostics and robotics.
Also Read: Asia Family Office Foundation Joins MedTech World’s Hong Kong Roadshow
Global Investment in an Emerging Hub
This wave of development is attracting considerable foreign and domestic investment. Companies like Medtronic, Siemens Healthineers, and Omron Healthcare are deepening their presence through new R&D centres and manufacturing facilities. Medtronic, for instance, is expanding its Engineering and Innovation Center in Hyderabad with a USD 350 million investment, its largest R&D hub outside the United States. Siemens is establishing a full-fledged campus in Bengaluru, while Omron has commenced construction of a medical devices plant in Chennai. These commitments underscore India’s potential as a global manufacturing and innovation hub for medical technology.
India as a Strategic Choice in Asia
K.N. Krishnamurthy, Sales Director at Vigor Healthcare Ventures, captures the strategic significance of India in today’s global MedTech scenario: “As global MedTech companies navigate trade disruptions and rising tariff uncertainty, India offers a compelling strategic alternative for long-term growth in Asia. The timing for entry and scale-up couldn’t have been better.
My expertise lies in providing end-to-end strategic and operational support for global MedTech firms entering the Indian market. This includes regulatory strategy, product launches, distributor development, KOL interactions and subsidiary setup—elements essential to de-risk and accelerate market penetration. In 2024 alone, over 50 international MedTech companies successfully launched operations in India, highlighting the sector’s readiness and responsiveness.
If your organization is considering expansion into Asia, India stands out as a stable democracy with a thriving healthcare ecosystem and an ever-growing demand for advanced medical technologies. I welcome conversations with firms seeking to explore and succeed in this dynamic environment.”
The momentum is undeniable. India’s MedTech market offers not just opportunity but strategic depth in a region undergoing rapid healthcare transformation. With the right timing, local partnerships, and an understanding of regulatory frameworks, India can serve as both a market and a manufacturing base for companies ready to commit to long-term growth in Asia.
Also Read: Voices from MedTech Malta 2024: What Attendees Are Saying
MedTech Malta 2025: Innovation with Purpose
Save the dates—12 to 14 November 2025—as MedTech Malta returns to Valletta for three days of practical exchange and purposeful dialogue in the medical technology space. This year’s edition brings together founders, investors, regulators, and industry professionals for a programme built around actionable insights, clear conversations, and real opportunities to connect. Whether you’re pitching a startup, exploring partnerships, navigating regulatory updates, or staying current with health tech developments, MedTech Malta offers a grounded, results-oriented environment. Expect moderated panels, thoughtfully designed networking sessions, and the popular Startup Pitch Competition spotlighting early-stage ventures with tangible solutions. To get involved, contact [email protected]. Early bird tickets are now available for a limited time before prices rise.
