India's Medtech Sector to Reach $35 Billion by 2030, Exports to Hit $8 Billion

India's medtech sector is on the cusp of a significant growth trajectory, with the market expected to reach $35 billion by 2030, driven by a compound annual growth rate (CAGR) of 10-12 per cent in healthcare demand. Medical device exports are projected to surge to $8 billion by 2030, growing at a CAGR of over 20 per cent.

Medtech Market Opportunity in India

The rising demand for medical technologies in India is underpinned by the country's growing healthcare needs, expected to reach over $320 billion in the next couple of years. This growth is driven by India's expanding economy and increasing healthcare requirements, creating a substantial opportunity for the medtech sector.

According to Bain & Company's report, 'Building Global Champions: The Asia-Pacific Region's Next Medtech Wave', India's medical device exports have already reached $4 billion in FY25, while imports of high-end medical devices stood at $5.5 billion. This highlights the potential for innovation and growth in the domestic medtech industry.

Key Drivers of Medtech Growth

• Healthcare demand in India expected to grow to over $320 billion in the next couple of years at a 10-12 per cent CAGR
• Medical device exports projected to reach $8 billion by 2030, growing at a CAGR of over 20 per cent
• India's medtech market expected to reach $35 billion by 2030

Dhruv Sukhrani, Partner and head of Bain & Company's Healthcare & Life Sciences practice in India, notes that the next phase of growth in India's medtech sector will be defined by the country's ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities, and commercialisation.

Future Market Implications

The Asia-Pacific region, including India, is emerging as a significant demand centre for medtech, with the region's share of global medtech demand expected to reach $132 billion by 2030, growing at 6.9 per cent annually. As India continues to innovate and grow its medtech sector, it is likely to play an increasingly important role in the global medtech industry.