India's medtech market could reach $35 billion by 2030: Report

India’s medical‑device sector is emerging as a regional innovation hub, with exports reaching $4 billion in FY2025 and the country is identified as Asia‑Pacific’s 'access‑led innovator', a report said on Wednesday.

The report from Bain & Company said India exports medical devices to over 125 countries and imports of high-end medical devices in the country stood at $5.5 billion, highlighting the next opportunity for innovation.

The report was developed in partnership with the Agency for Science, Technology and Research, Enterprise Singapore (EnterpriseSG), JP Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB).

Asia-Pacific, including high-growth markets including India becoming one of the world's most important demand centres. The region's share of global medtech demand is expected to reach $132 billion by 2030, growing at 6.9 per cent annually – faster than the global market.

As demand and innovation capabilities continue to grow, the next phase of growth for Asia-Pacific medtech will depend not only on innovation but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialisation and market access.

The report highlighted that solutions developed for resource-constrained healthcare settings are increasingly finding global acceptance. With medical device exports reaching $4 billion in FY25, Indian companies are demonstrating that affordability and scalability can also translate into global competitiveness, it noted.

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

Sukhrani outlined it as a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at over 20 per cent CAGR through 2030 to $8 billion.

"The next phase of growth, however, 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," Sukhrani added.

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