New Delhi— India’s orthopedic and cardiac implant industry, including exports, is projected to reach $4.5–$5 billion by FY28, up from $2.4–$2.7 billion in FY24, according to a report by CareEdge Ratings.
The growth is being fueled by strong domestic demand and rising exports. Indian implant manufacturers are rapidly gaining ground in the local market and gradually expanding overseas.
While most orthopedic and coronary implants face a low 7.5% import duty, CareEdge noted that tariff reductions from potential trade deals, such as with the U.S., are unlikely to significantly impact domestic players. However, changes in non-tariff regulations—such as easing of price caps—could reshape the competitive landscape.
Domestic manufacturers saw sales grow at a 28% CAGR over the past four years (with exports rising at 37%), far outpacing the 12% CAGR of foreign multinational companies (MNCs). Volume growth has been driven by competitive pricing and greater inclusion in public health schemes.
“The industry is on a strong growth path, supported by rising healthcare awareness, insurance coverage, and infrastructure,” said Krunal Modi, Director at CareEdge Ratings.
The report highlighted that price caps have hurt MNCs’ high-margin offerings but boosted affordability and access, especially through initiatives like Ayushman Bharat, allowing Indian firms to capture a larger market share. (Source: IANS)
