Indian medtech firms eye exports as established MNCs dominate local market
Subscribe to enjoy similar stories. India’s medical technology (medtech) industry is poised for rapid growth in the coming years, with several new players entering the segment to meet the rising global demand for a range of medical devices. The Indian medtech industry is relatively young and will take time to earn the confidence of local hospital chains that source most of their devices from established, foreign multinational corporations (MNCs).
As such, Indian medical equipment manufacturers are eyeing regulated global markets like the US and Europe, as well as Asia Pacific and the Middle East regions for business and better revenue realization, industry executives and experts said. According to the Association of Indian Medical Device Industry (AIMED), the domestic medtech market was valued at approximately $12 billion in 2023-24, and is expected to more than quadruple to $50 billion by 2030. India’s medtech sector is expected to grow at a compound annual growth rate (CAGR) of 20-23% for the next five years, according to consulting firm EY.
The industry has also seen a huge inflow of private funding this year. By August, it had attracted over $1.2 billion of private equity and venture capital investments, the highest in the past five years. “You will see that a large part of what is produced here will find its way to the global markets," Suresh Subramanian, national lifesciences leader, EY-Parthenon India, told Mint.
India's medical devices exports rose at a CAGR of 14% from FY20 to reach reach $3.8 billion in FY24, according to a report by EY released in November 2024. However, the country continues to remain a net importer of medical devices, bringing in 80-85% of its domestic requirements from abroad. In FY23-24,
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