India poised to become a hub for medtech manufacturing
16-May-25, Invest India
The Indian medical devices sector is estimated to be worth around USD14 billion and it is expected to grow to USD30 billion by 2030. India is the fourth largest medtech market in Asia after Japan, China, and South Korea. This growth is not only due to an increasing focus on innovation and cost-effective production, but also to the proactive role of government initiatives.
Invest%20India.jpg "India poised to become a hub for medtech (c)Invest India")
Image: Invest India
Several other factors, including a sizeable domestic healthcare market, a skilled workforce and a robust network of R&D centres, fuel the Indian medtech industry. The rise of medical tourism, advancements in healthcare infrastructure and increased foreign investments further strengthen India's potential in this field.
The government has initiated various schemes and programmes to encourage investment. The Production-Linked Incentive (PLI) Scheme aims to provide financial support to manufacturers of medical devices. The Assistance to Medical Device Clusters for Common Facilities Scheme also offers financial incentives for creating common infrastructure facilities to strengthen medical device clusters.