Medical Device Industry in India

India’s medical device sector is worth about $15 billion today. Government projections put it at $250 billion within two decades. A country that once imported most of its devices is slowly learning to build them.

What the Sector Is

India’s device industry is bigger than most people assume, and growing fast.

• India’s medical device market is worth about $15-16 billion, and it is growing near 12% a year.
• India is the fourth-largest medical technology market in Asia. It sits among the top 20 markets in the whole world.
• Three schemes anchor the sector’s growth: the PLI Scheme, Medical Device Parks, and the PRIP research scheme.
• More than 50 high-end devices are now made in India under the PLI Scheme. This includes cancer machines, X-ray gear, and implants once bought only from abroad.

The PLI Scheme for Devices

One scheme, launched in 2020-21, targets device manufacturing specifically.

• The PLI Scheme for Medical Devices carries a ₹3,420 crore fund. It covers cancer care, X-ray gear, anaesthesia tools, and implants.
• This scheme stands apart from India’s wider PLI plan for electronics and other industries.
• A focused reward like this pulls real money into specific, costly device types. It works better than spreading support too thin.

The 2023 National Policy

A single policy, notified in 2023, now sets the sector’s long-term direction.

• The National Medical Devices Policy was notified on 2 May 2023. It targets a 10-12% global market share for India, within 25 years.
• Industry estimates project the sector at $30-50 billion by 2030, and about $250 billion by 2047.
• New areas are shaping the sector’s next phase. These include AI, SaMD, connected devices, robots, and remote diagnosis.

The 9th India Medical Device 2026 Conference

A major August 2026 conference gathered the industry to set fresh priorities.

• The 9th India Medical Device 2026 conference opened on 7 August 2026, at Vigyan Bhawan, New Delhi. Minister of State Anupriya Patel inaugurated it.
• The two-day event had three priorities. These were: making more devices at home, building better testing labs, and AI-based devices.
• At the opening session, two groups shared a new report. FICCI and DUA Consulting wrote it, on how medical machines get serviced and repaired. It mapped the sector’s growth path out to 2047.
• The report named two main growth drivers. These are rising demand for healthcare, and government support for local manufacturing.

AI in MedTech — the Knowledge Paper

The conference’s second day brought a sharper focus on artificial intelligence.

• On 8 August 2026, Health Minister J.P. Nadda released a paper called “AI in MedTech.” Two groups wrote it together: Praxis Global Alliance and FICCI.
• The paper names AI-based diagnosis as the first big use of AI in Indian healthcare. It lets small clinics offer the same skill as a specialist doctor.
• The paper points to five things India can build on. These are the Ayushman Bharat Digital Mission, the IndiaAI Mission, SAHI, BODH, and the 2023 devices policy.

Faster Licences, New Subsidy

Two separate 2026 moves aim to cut red tape and reduce import dependence.

• On 29 June 2026, a new scheme opened for applications. It is called the Marginal Investment Scheme, under SMDI. It pays back up to ₹10 crore in costs, for makers of key parts or finished devices.
• On 28 June 2026, the Health Ministry proposed faster licence rules. Class B devices, like BP monitors, would move from 140 days to 115 days. Class C and D devices, like heart stents, would move from 105 days to 90 days.
• By August 2026, the government made this rule change real. One old rule was dropped: makers no longer need a loan licence for outside sterilisation work. Testing fees were also made the same for everyone, to speed up sales. (Source: PIB)

Exam Trap — Watch the Foundations List

Two common mix-ups show up again and again in questions on this topic.

• Foundations Trap: The AI paper names five real foundations. These are Ayushman Bharat Digital Mission, IndiaAI Mission, SAHI, BODH, and the 2023 policy. Skill India is not on this list, even though it sounds like it should be.
• Scheme-Name Trap: PLI and SMDI are not the same scheme. PLI rewards big manufacturers, with a ₹3,420 crore fund. SMDI’s Marginal Investment Scheme helps smaller makers, capped at ₹10 crore.
• A question can swap a name from one list into the other. It is testing whether you know which scheme or foundation belongs where.