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India Targets $30B Medical Device Market by 2030, Exports Surge

India's medical device exports surpassed $4 billion in the last fiscal year as the country sets an ambitious target of achieving a $30 billion domestic market by 2030. Senior government officials emphasized the need to transition from being the "Pharmacy of the World" to becoming a global MedTech manufacturing hub. The strategy involves focusing on high-value manufacturing, increased R&D investment, and regulatory harmonization to enhance global competitiveness. Collaboration between industry leaders and regulators was highlighted as crucial for scaling domestic manufacturing and addressing international market challenges.

Key Points: India Aims for $30B Medical Device Market by 2030

  • Exports cross $4B in FY25
  • Target $30B market by 2030
  • Focus on high-value manufacturing & R&D
  • Government-industry collaboration key
2 min read

India aims to achieve $30 billion medical devices market by 2030

India's medical device exports hit $4B as officials target a $30B domestic market by 2030, focusing on high-value manufacturing and global hub status.

"India must move beyond its identity as the 'Pharmacy of the World' to emerge as a global MedTech manufacturing hub. - Rajesh Agarwal"

New Delhi, March 15

India's medical device exports crossed $4 billion in FY25, as the country aims to achieve $30 billion medical devices market by 2030, while leveraging its significant domestic market for scaling, according to senior government officials.

India's medical devices sector has emerged as a critical component of the country's healthcare and manufacturing landscape.

With growing global demand for affordable and high-quality medical technologies, India is increasingly positioning itself as a reliable manufacturing and export hub, it was observed during a Chintan Shivir on "Strengthening India's Medical Devices Export Ecosystem," organised by the Department of Commerce in collaboration with the Department of Pharmaceuticals and the Export Promotion Council for Medical Devices (EPCMD) here.

The event brought together policymakers, regulators, industry leaders, exporters and sector experts to deliberate on strategies for strengthening India's global competitiveness in the MedTech sector.

Aman Sharma, Joint Secretary, Department of Pharmaceuticals, highlighted the importance of focusing on the quality of medical devices manufacturing in the country and emphasised that both industry and regulators need to work together towards this objective.

Lav Aggarwal, Additional Secretary and Director General, Directorate General of Foreign Trade (DGFT), highlighted the need to grow faster by addressing structural issues.

He spoke about the role of trade policy measures and export promotion initiatives in expanding India's presence in global medical devices markets.

Commerce Secretary Rajesh Agarwal emphasised that India must move beyond its identity as the "Pharmacy of the World" to emerge as a global MedTech manufacturing hub.

Noting that India's medical device exports have crossed $4 billion in FY25, Agarwal highlighted the need to significantly enhance India's global market share over the next decade with a strong focus on high-value manufacturing, research and development investments, incremental innovation and regulatory harmonisation.

He also emphasised the broader goal of achieving a $30 billion medical devices market by 2030 while leveraging India's significant domestic market for scaling.

Rajiv Nath, Forum Coordinator, the Association of Indian Medical Devices (AiMeD), emphasised the need for continued government-industry collaboration to address global regulatory challenges and scale domestic manufacturing.

- IANS

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Reader Comments

P
Priya S
$30 billion by 2030 is an ambitious target. Hope this growth translates to more affordable medical devices for our own hospitals and clinics. The domestic market should benefit first.
R
Rohit P
Good move, but execution is everything. We need to simplify regulations for startups in this space. Too much red tape can kill innovation. The government-industry collaboration mentioned is crucial.
S
Sarah B
As someone working in healthcare, reliable and affordable Indian-made devices would be a game-changer. Currently, we depend so much on imports. Hope this reduces costs for patients.
V
Vikram M
Make in India for the world! This sector can create so many high-skilled jobs. Focus should be on quality to compete with Germany, US, and Japan. We can do it!
K
Karthik V
A respectful criticism: While targets are good, we often announce big numbers without a clear, public roadmap. Hope this 'Chintan Shivir' leads to actionable, time-bound policies and not just another meeting.
M
Michael C
Interesting read. India's cost-advantage in manufacturing combined with a strong tech talent pool could really disrupt the global medtech market. The $4B export base is a solid start.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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