India Medical Devices Market Share Analysis, Leading Companies and Forecast Report by 2033

Market Overview

The India medical devices market size reached USD 18.02 Billion in 2024. The market is expected to grow to USD 30.64 Billion by 2033, exhibiting a growth rate (CAGR) of 6.08% during 2025-2033 driven by factors such as rising healthcare demands, increasing government investments in healthcare infrastructure, advancements in medical technology, an expanding elderly population, and the growing prevalence of chronic diseases. These dynamics are fostering the adoption of advanced diagnostic and therapeutic devices in the country. The report presents a thorough review featuring the India medical devices market share, growth, trends, and research of the industry.

How AI is Reshaping the Future of India Medical Devices Market

Apollo Hospitals plans to enhance investment in artificial intelligence (AI) to reduce medical staff workload by automating routine tasks like medical documentation, diagnosis assistance, note transcription, and treatment recommendations.
AI-driven tools are boosting efficiency and accuracy in diagnostics, contributing to the expansion of imaging services in Tier II and III cities, enhancing accessibility.
Collaborations such as Krsnaa Diagnostics with Medikabazaar and United Imaging leverage AI technologies to introduce over 30 new imaging centers in smaller cities.
The Production Linked Incentive (PLI) Scheme supports manufacturing of high-end AI-enabled medical equipment including MRI machines, CT scanners, and mammography systems.
National Single Window System (NSWS) implementation streamlines regulatory approvals for AI-based medical device imports, reducing bureaucratic obstacles.
Through government schemes and industry adoption, AI is driving innovation, reducing costs, and improving patient outcomes in India's medical devices sector.

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Market Growth Factors

The India Medical Devices Market is expanding steadily due to strong policy support, rising healthcare investments, and increasing demand for quality medical infrastructure. The government’s focus on strengthening healthcare accessibility through programs like Ayushman Bharat and the expansion of public hospitals is driving significant procurement of modern medical equipment. Moreover, the growing prevalence of chronic diseases such as diabetes, cardiovascular conditions, and respiratory disorders is increasing the need for diagnostic and monitoring devices across urban and rural areas. Additionally, the Production Linked Incentive (PLI) Scheme and the development of Medical Device Parks are attracting domestic and global manufacturers to set up advanced production facilities in India.

In addition, rising health insurance coverage and an expanding private healthcare sector are boosting purchases of high-end imaging systems, ICU equipment, and surgical devices. The rapid growth of telehealth platforms, diagnostic chains, and home care service providers is also broadening device adoption. Furthermore, increased foreign investment, R&D partnerships, and technological collaborations are helping India integrate global innovations into cost-efficient local solutions. Together, these growth drivers are positioning the India Medical Devices Market for robust long-term development—driven by modernization, affordability, and the country’s rising commitment to quality healthcare delivery.

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Market Segmentation

Type Insights:

Orthopedic Devices
Diagnostic Imaging
Cardiovascular Devices
Wound Management
Minimally Invasive Surgical (MIS)
Diabetes Care
Dental Devices
Ophthalmic Devices
In Vitro Diagnostics (IVD)
General Surgery
Others

End User Insights:

Hospitals and Ambulatory Surgery Centers (ASCs)
Clinics
Others

Regional Insights:

North India
South India
East India
West India

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Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Recent Developement & News

March 2025: Zydus Lifesciences announced plans to acquire an 85.6% stake in French medical devices company Amplitude Surgical for EUR 256.8 million (approximately USD 280 million), aimed at expanding its global medical devices portfolio, particularly in lower-limb orthopedics.
March 2025: Apollo Hospitals declared intentions to increase investment in artificial intelligence (AI) for automating routine tasks including medical documentation, patient diagnosis assistance, transcription of doctors' notes, and treatment suggestions, aiming to reduce workload for medical staff.
November 2024: The Indian government launched an INR 500 crore scheme focused on strengthening domestic manufacturing, skill development, clinical research, and infrastructure enhancement in the medical devices sector, hailed as a "game-changer" by Union Health Minister J.P. Nadda.

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