India’s medical technology sector is witnessing unprecedented growth, driven by robust government policies, rising demand, and thriving exports. Minister of State for Health Anupriya Patel highlighted that the current industry size of USD 14 billion could potentially exceed USD 30 billion by 2030. With 100 per cent FDI allowed through the automatic route, international investments have surged, bolstering the sector’s expansion.
The Medical Device Policy approved in 2023, combined with effective regulatory measures, including the digitalization of processes has streamlined operations and significantly reduced paperwork. This proactive approach also aligns India with global standards, fostering trust and confidence among stakeholders. Notably, the country’s medical sector ranks fourth in Asia after China, Japan, and South Korea, underscoring its critical position in the region.
The Medical Technical Association of India (MTaI) echoed the optimistic outlook, stressing that MedTech innovations are vital in meeting the evolving healthcare needs of the population. Meanwhile, ongoing efforts by the Export Promotion Council for medical devices continue to open new international markets, accelerating India’s global footprint.
"It would not be inappropriate to say that India’s MedTech sector stands as a beacon of hope and possibility," Minister Patel remarked.
With a clear focus on self-reliance, policy reforms and global alignment, India has cemented its position as a leading player in the global MedTech arena offering doctors and healthcare providers access to cutting-edge technology while improving patient outcomes and overall societal well-being.