India medical devices market seen nearly doubling by 2035

Market Research Future projects India’s medical devices market will rise from $19.49 billion in 2026 to $39.95 billion by 2035, driven by domestic manufacturing incentives, public procurement, and digital health adoption. The forecast points to a shift away from import dependence as hospitals, insurers and connected care systems expand demand.

Why it matters: - The India medical devices market is projected to nearly double by 2035, creating a larger domestic opportunity for manufacturers, distributors and hospital suppliers. - The forecast points to a structural shift in demand toward locally made devices, connected monitoring tools and lower-cost equipment for district and tier-2 hospitals. - Rising public insurance coverage and chronic disease burden are expected to keep purchase volumes elevated across imaging, implants, monitoring and consumables.

What happened: - Market Research Future estimated the India medical devices market at $18.00 billion in 2025. - The firm projects the market will reach $19.49 billion in 2026 and $39.95 billion by 2035, implying an 8.3% compound annual growth rate from 2026 to 2035. - The growth thesis centers on manufacturing incentives, public procurement and digital health infrastructure. - The PLI scheme has seeded 22 greenfield plants, with cumulative sales of about INR 12,344 crore ($1.48 billion) and exports of INR 5,869 crore ($703 million). - PM-JAY covers roughly 550 million beneficiaries and has pushed tertiary-grade equipment purchases into district hospitals. - The Ayushman Bharat Digital Mission has issued more than 700 million health accounts and supports interoperability for connected devices.

The details: - The National Medical Devices Policy 2023 targets a $50 billion domestic market by 2030 and includes funding for four medical device parks. - Central government funding for the parks is about INR 400 crore. - The PLI scheme for medical devices has committed INR 3,420 crore across cancer care equipment, radiotherapy devices, imaging systems and implants. - Disbursements are tied to incremental sales thresholds. - India’s diabetic population is estimated at 101 million, and another 136 million people are pre-diabetic. - Cardiovascular disease accounts for roughly 28% of all deaths in India. - Screening under the National Programme for Prevention and Control of Non-Communicable Diseases now reaches more than 200,000 health and wellness centres. - PM-JAY has processed more than 80 million cumulative hospital admissions. - In May 2025, coverage expanded to all citizens aged 70 and above, adding an estimated 45 million beneficiaries. - The National Health Authority move lifted expected demand for geriatric devices. - The digital health stack now includes more than 400,000 verified health professionals. - Hospitals are increasingly specifying HL7-FHIR compatibility for connected devices and monitoring systems.

Between the lines: - Domestic assembly is cutting costs, which improves access in price-sensitive public hospitals and smaller private facilities. - The market is moving from one-time capital sales toward recurring demand for consumables, replacement parts and connected monitoring subscriptions. - Public insurance is acting as a procurement engine, especially in states with lower installed imaging capacity and faster empanelment growth. - The biggest upside may come from devices that fit into digital workflows, chronic disease screening and post-discharge follow-up rather than only high-end capital equipment. - Market Research Future’s outlook suggests India’s device industry is shifting from import dependence and metro concentration toward broader geographic and product diversification.

What's next: - The report expects algorithmic triage and software-as-a-medical-device approvals to become more common through the early 2030s. - Equipment-as-a-service models are likely to spread further in imaging and oncology as hospitals look to convert capital spending into operating खर्च. - Component localisation in detector arrays, precision optics and medical-grade polymers is a likely next step for manufacturers. - Tier-2 and tier-3 hospital expansion should support demand for financing-linked equipment packages and long-term service contracts. - Remote monitoring is likely to move from pilot programs toward reimbursement discussions in state insurance schemes. - Indian device exporters may benefit as cost-engineered products continue reaching markets in Africa and Southeast Asia.

The bottom line: - India’s medical devices market is on track to become a far bigger and more locally integrated industry by 2035, with growth powered by policy support, insurance expansion and digital health adoption.