India Medical Devices Market to Reach USD 31.85 Bn by 2034 at 5.83% CAGR Driven by AI Diagnostics

The latest report by IMARC Group, "India Medical Devices Market Size, Share, Trends and Forecast by Type, End User, and Region, 2026-2034", provides a comprehensive industry analysis. It delivers deep insights into the Indian PCB market, highlighting growth drivers, competitive landscapes, and emerging segment trends for the 2026-2034 forecast period.

What is the India Medical Devices Market Size, Share, Trends, and Growth Forecast (2026-2034)?

According to the latest analysis by IMARC Group, the India medical devices market size was valued at USD 19.11 Billion in 2025. Looking forward, the market is projected to reach USD 31.85 Billion by 2034, exhibiting a robust compound annual growth rate (CAGR) of 5.83% during the forecast period (2026-2034).

Key Market Statistics (2025-2034): Here are the essential figures from the IMARC Group report:

• Market Size (2025): USD 19.11 Billion
• Projected Market Value (2034): USD 31.85 Billion
• Growth Momentum: 5.83% CAGR
• Regional Scope: India
• Study Period: 2026-2034

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What is driving the growth of the India Medical Devices Market?

India's medical device expansion is propelled by a massive demographic shift and strategic government interventions designed to foster domestic production.

The following section provides a detailed breakdown of the primary catalysts sustaining the sector's long-term growth trajectory:

Key Growth Drivers:

• Rising Chronic Disease Burden: Escalating rates of cardiovascular diseases, diabetes, and cancer are driving a permanent surge in demand for diagnostic imaging and long-term monitoring devices.

• Production Linked Incentive (PLI) Success: Government outlays of over INR 3,420 crore are successfully localizing the production of high-end equipment like MRI machines, CT scans, and linear accelerators.

• Expansion of Hospital Infrastructure: Massive private equity investments and public health missions are rapidly increasing bed capacity and specialized surgical blocks in Tier-2 and Tier-3 cities.

• Medical Tourism Recovery: India is attracting over 500,000 international patients annually, creating a high-volume market for world-class surgical instruments and implantable devices.

• Geriatric Population Growth: With the population aged 60+ expected to hit nearly 200 million by 2026, there is an unprecedented demand for mobility aids, orthopedic implants, and home-care kits.

What are the Key Trends Shaping the India Medical Devices Market (2026-2034)?

The integration of artificial intelligence and a shift toward patient-centric home care are redefining the MedTech landscape in India.

The following section provides a detailed breakdown of the modern trends currently reshaping how medical technology is consumed and deployed:

Emerging Market Trends:

• AI-Powered Diagnostics: Adoption of AI-integrated imaging and portable ECG devices is enhancing early-stage detection and reducing the diagnostic burden on traditional lab settings.

• Rise of Home-Based Care: A significant consumer shift toward wearable health trackers and smart glucose monitors is decentralizing healthcare from hospitals to the home environment.

• Telemedicine & IoT Integration: The "Digital Health Mission" is fueling the demand for connected medical devices that allow real-time remote patient monitoring via smartphone apps.

• Transition to Complex Manufacturing: Domestic players are moving beyond basic consumables to manufacturing complex Class C and Class D devices, including cardiac pacemakers and neurostimulators.

• Eco-Friendly Medical Consumables: There is an emerging trend toward sustainable, medical-grade plastics and biodegradable surgical disposables to meet global ESG standards.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-medical-devices-market

Who are the Key Players in the India Medical Devices Market?

Our full market report features an extensive 'Competitive Landscape' section, providing granular profiles, market share analysis, and strategic benchmarks of all Tier-1 and emerging key players.

How is the India Medical Devices Market Segmented?

The following section provides a detailed breakdown of the market categories analyzed in the IMARC Group report:

Analysis by Type:

Orthopedic devices anchor the market landscape, driven by the rising prevalence of musculoskeletal disorders and advancements in joint replacement technologies.

• Orthopedic Devices (Dominates with an 18% market share in 2025)
• Diagnostic Imaging
• Cardiovascular Devices
• Wound Management
• Minimally Invasive Surgical (MIS)
• Diabetes Care
• Dental Devices
• Ophthalmic Devices
• In Vitro Diagnostics (IVD)
• General Surgery
• Others

Analysis by End User:

Institutional care settings remain the primary revenue generators due to high patient footfall and the centralization of advanced medical equipment.

• Hospitals and Ambulatory Surgery Centers (ASCs) (Leads with a 70% market share in 2025)
• Clinics
• Others

Analysis by Region:

South India commands the national market, supported by a robust healthcare infrastructure and a high concentration of accredited medical facilities.
facilities.

• South India (Dominates with a 34% market share in 2025)
• North India
• West India
• East India

What are the Recent Developments in the India Medical Devices Market?

Legislative breakthroughs in the 2026 Union Budget and new regulatory frameworks are streamlining the path for global MedTech innovators.

The following are the latest developments and news highlights as noted in the IMARC Group report:

• Biopharma SHAKTI Mission: Launched in February 2026 with an outlay of INR 10,000 crore, this initiative strengthens the ecosystem for biologics and medical-assistive technologies.

• Regulatory Predictability: The CDSCO has transitioned to a fully risk-based classification system under the Medical Devices Rules 2017, aligning Indian safety standards with global benchmarks.

• Medical Device Parks: Four dedicated industrial parks in states like Tamil Nadu and Uttar Pradesh have begun offering shared testing and validation facilities to reduce R&D costs.

• Export Neutral Code: Introduced in April 2025, this system-generated code allows manufacturers to streamline export labeling, facilitating faster entry into international markets.

• Strategic Global Partnerships: Major entities like Medtronic and Philips have signed MoUs to train hundreds of Indian clinicians in advanced structural heart imaging and precision surgery.

What is the Future Outlook for the India Medical Devices Market?

India is positioned to become the world's most competitive MedTech export hub by the end of the 2034 forecast period.

The following are the key future projections as highlighted in the IMARC Group report:

• Market Valuation Milestone: The sector is on a firm path to reach USD 31.85 Billion by 2034, maintaining a steady 5.83% CAGR throughout the forecast window.

• Dominance of High-Risk Devices: Domestic manufacturing of Class C and D devices (high-end implants and life-support systems) is expected to grow at a 7% CAGR, reducing import reliance by half.

• Clinical Trial Hub Status: The creation of 1,000 accredited clinical trial sites by 2030 will make India a preferred global destination for MedTech validation and innovation.

• Universal Health Coverage (UHC): Expanded insurance coverage for low-income families will significantly increase the volume of diagnostic procedures in rural India.

• Robotic Surgery Mainstreaming: Over the next decade, robotic-assisted surgical systems will move from premium metro hospitals to regional specialty centers, driving demand for specialized sensors and software.

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