India Medical Devices Market Size, Share, Growth and Industry Analysis By Type & Application, Regional Insights and Forecast to 2026-2034

Growth Factors of India medical devices Market

The India medical devices market is witnessing rapid expansion driven by rising healthcare needs, technological adoption, and supportive government initiatives. According to Fortune Business Insights, the India medical devices market size was valued at USD 16.16 billion in 2025. The market is expected to grow from USD 17.86 billion in 2026 to USD 44.76 billion by 2034, registering a compound annual growth rate (CAGR) of 12.20% during the forecast period.

Medical devices comprise a wide range of tools and equipment used for the diagnosis, monitoring, and treatment of medical conditions such as cardiovascular disorders, diabetes, trauma, tumors, and infectious diseases. These include diagnostic imaging systems, in-vitro diagnostic (IVD) kits, blood pressure monitors, insulin delivery devices, surgical instruments, dental devices, and home healthcare products. The increasing emphasis on early diagnosis and timely intervention is significantly driving demand across India.

Market Dynamics

Market Drivers

Rising prevalence of chronic diseases and a rapidly aging population are the primary growth drivers. India is witnessing a sharp increase in its elderly population, which is highly susceptible to chronic conditions such as cardiovascular diseases, diabetes, and cancer. According to UNFPA data published in September 2023, the population aged above 80 years in India is projected to grow by nearly 279% between 2022 and 2050.

Additionally, India has the second-largest diabetic population globally, with 89.8 million adults affected in 2024, a figure expected to reach 156.7 million by 2050, as reported by the International Diabetes Federation. This growing disease burden is increasing demand for diagnostic imaging systems, glucose monitoring devices, cardiac monitors, and insulin pumps, thereby fueling market growth.

Market Restraints

Despite technological progress, limited penetration of advanced medical devices remains a key restraint. High-end equipment such as MRI, CT, PET scanners, robotic surgery systems, and point-of-care testing devices have lower adoption rates, particularly in tier-III cities and rural regions. According to the Ministry of Science & Technology (August 2023), India had only 4,800 installed MRI units, highlighting significant infrastructure gaps.

High capital investment, maintenance costs, limited reimbursement, and lack of awareness are discouraging healthcare providers from adopting advanced technologies, especially in public hospitals.

Market Opportunities

Expansion of healthcare infrastructure and rising medical tourism present significant growth opportunities. Government initiatives such as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) are improving access to diagnostics and life-saving procedures for low-income populations, increasing procedural volumes and device demand.

India's cost-effective treatment options are also attracting international patients for dental, cosmetic, and orthopedic procedures. This growth in medical tourism is accelerating the development of advanced hospitals equipped with state-of-the-art medical devices.

Market Challenges

A major challenge facing the market is the shortage of skilled healthcare professionals. Advanced medical devices require trained radiologists, surgeons, and technicians for effective utilization. According to data published in November 2024, India has only 20,000 radiologists for a population of 1.4 billion, leading to underutilization of technologies such as AI-enabled diagnostics and robotic surgery.

Market Trends

A key trend shaping the India medical devices market is the increasing adoption of wearable and implantable devices. Rising awareness of chronic disease management is driving demand for continuous glucose monitors (CGMs), smartwatches, ECG monitors, and fitness trackers. For instance, in June 2025, Tracky launched India's first Bluetooth-enabled CGM, highlighting innovation in preventive healthcare.

Additionally, implantable devices such as pacemakers, cochlear implants, neurostimulators, and insulin pumps are gaining acceptance due to advancements in minimally invasive procedures.

Segmentation Analysis

By Type

The others segment dominated the market in 2024, driven by growing adoption of drug delivery devices, home healthcare products, and routine monitoring equipment. The in-vitro diagnostics (IVD) segment held the second-largest share due to increasing demand for early detection of infectious and chronic diseases such as cancer, tuberculosis, and dengue.

By End User

The hospitals & ASCs segment dominated the market owing to established infrastructure and higher utilization of advanced technologies. Clinics held the second-largest share, supported by increasing patient visits for preventive screening and wellness monitoring.

Competitive Landscape

The India medical devices market is fragmented, led by global players such as Medtronic, Johnson & Johnson Services, Inc., and GE Healthcare. These companies are expanding manufacturing capabilities, launching innovative products, and forming strategic collaborations to strengthen their market presence. Other notable players include Abbott, Siemens Healthineers AG, BD, and Stryker.

Conclusion

In conclusion, the India medical devices market is poised for robust growth from 2025 to 2034, expanding from USD 16.16 billion in 2025 to USD 44.76 billion by 2034. Rising chronic disease prevalence, expanding healthcare infrastructure, and increasing adoption of wearable and diagnostic technologies are key growth drivers. However, limited penetration of advanced devices and workforce shortages remain challenges. Continued government support, infrastructure investment, and skill development will be critical to sustaining long-term market expansion.

Segmentation By Type

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• In-vitro Diagnostic (IVD)
• Minimally Invasive Surgery Devices (MIS)
• Wound Management
• Diabetes Care Devices
• Ophthalmics Devices
• Dental Devices
• Nephrology Devices
• General Surgery
• Others

By End-user

• Hospitals & ASCs
• Clinics
• Others