New Delhi — India’s medical device sector is emerging as a regional innovation hub, with exports reaching $4 billion in FY25, according to a report released Wednesday.
The Bain & Company report identified India as Asia-Pacific’s “access-led innovator,” noting that the country exports medical devices to more than 125 countries. It also said India imported $5.5 billion worth of high-end medical devices, underscoring a major opportunity for domestic innovation.
The report was developed in partnership with the Agency for Science, Technology and Research, Enterprise Singapore, JP Morgan, SG Growth Capital and the Singapore Economic Development Board.
Asia-Pacific is becoming one of the world’s most important demand centers for medical technology, with high-growth markets such as India playing a key role. The region’s share of global medtech demand is expected to reach $132 billion by 2030, growing at an annual rate of 6.9 percent, faster than the global market.
The report said the next phase of growth for Asia-Pacific medtech will depend not only on innovation, but also on stronger capabilities in clinical evidence generation, regulatory strategy, commercialization and market access.
It also highlighted that solutions developed for resource-constrained healthcare settings are increasingly gaining global acceptance. Indian companies are showing that affordability and scalability can translate into global competitiveness, the report said.
“As the country moves towards becoming the world’s third-largest economy, healthcare demand is expected to grow to over $320 billion in the next couple of years at a roughly 10-12 per cent CAGR, creating strong momentum for medical technologies,” said Dhruv Sukhrani, partner and head of Bain & Company’s Healthcare & Life Sciences practice in India.
Sukhrani described the market as a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at more than 20 percent CAGR through 2030 to $8 billion.
“The next phase of growth, however, will be defined not just by manufacturing scale but by India’s ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities and commercialisation,” Sukhrani added. (Source: IANS)
