India Medtech Sector: $35B Opportunity by 2030 - Bain & Co

New Delhi, Jul 8 (PTI) The Medtech sector in India presents a USD 35 billion opportunity by 2030, with exports expected to reach USD 8 billion, according to Bain & Company.

The rise in medical device exports from India signals the growing role of the country in Asia-Pacific's medtech innovation ecosystem, as per a report titled 'Building Global Champions: The Asia-Pacific Region's Next Medtech Wave'.

Asia-Pacific region, including high-growth markets, such as India, is becoming one of the world's most important demand centres for medtech, said the report by Bain & Company, developed in partnership with the Agency for Science, Technology and Research (ASTAR), Enterprise Singapore (EnterpriseSG), JP Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB).

"India's medtech ecosystem is approaching an inflexion point. As the country moves towards becoming the world's third-largest economy, healthcare demand is expected to grow to over USD 320 billion in the next couple of years at a 10-12 per cent CAGR, creating strong momentum for medical technologies," Dhruv Sukhrani, Partner and head of Bain & Company's Healthcare & Life Sciences practice in India, said.

"This underpins a USD 35 billion medtech opportunity by 2030, with medical device exports expected to grow at over 20 per cent CAGR through 2030 to USD 8 billion."


Sukhrani, however, said the next phase of growth will be defined not just by manufacturing scale, but by India's ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities and commercialisation.

According to the report, India's medical device exports reached USD 4 billion in FY25, while imports of high-end medical devices stood at USD 5.5 billion, highlighting the next opportunity for innovation.

India, which exports medical devices to over 125 countries, has been identified as APAC's prominent access-led innovator where "companies design products for clinical environments where infrastructure is limited, workforces are stretched, and cost is a binding constraint, conditions that fit a growing share of global markets," the report said.

In APAC, China and India have moved beyond volume manufacturing and incremental adaptation, and South Korea has emerged as a credible engine for software-only medtech innovation, it added.

In terms of demand, the report said APAC's share of global medtech demand is expected to reach USD 132 billion by 2030, growing at 6.9 per cent annually, faster than the global market.