Building Self-reliance in India’s Medical Devices Sector
The medical device sector is segmented into various categories viz., Implants, disposables, surgical instruments, electronic equipment and devices and In-vitro diagnostic reagents
India’s effort to build a self-reliant (Atmanirbhar) medical-devices ecosystem has speeded up since the National Medical Devices Policy (2023) and expansion of Production Linked Incentive (PLI) measures. The government’s PLI scheme and four Medical Device Parks are attracting both domestic champions and global MNCs (manufacturing tie-ups, JV expansions, and Greenfield investments).
Recent market structure
The market value of Indian medical device sector varies as it depends on segment/categories.
According to India Briefing, the device market was valued at about US$12 billion in FY 2023-24. IMARC estimated the market in 2024 at US$18.02 billion and projected to ~US$30.64 billion by 2033. And MarketResearch estimates~US$16.18 billion in 2024 and a projected value of ~US$27.38 billion by 2034.
However, the market is growing. Still India imports 70% and above due to heavy demand.
According to International Trade Administration, India is still heavily dependent on imports for many medical-device categories, especially high-end imaging, diagnostics and implants.
Atmanirbhar Bharat – Policy Framework & Schemes
Government policy is aggressively promoting domestic manufacturing through schemes such as the Production Linked Incentive (PLI), Scheme for Medical Devices and the Scheme for Promotion of Medical Device Parks.
PLI (Production linked Incentive) for Medical Devices was introduced in March 2020 (issued via Gazette notification dated July 21, 2020 by DoP (Department of Pharmaceuticals), thereafter revised guidelines issued February 25, 2023). This is already in place and operational..
Impact on MNCs: Encourages MNCs to set up or expand its operations.
Scheme for Promotion of Medical Device Parks in Uttar Pradesh, Tamil Nadu, Madhya Pradesh and Himachal Pradesh, to provide infrastructure, laboratories, and for clusters of manufacturing medical devices.
Impact on MNCs: Localization of manufacturing, opportunities MNC- Joint venture with Indian companies, expansion of manufacturing/R&D.
Role of MNCs
Many of the global MNCs are looking at India as a large domestic market and a potential export/manufacturing hub. Many of them are considering manufacture for the domestic market and also building export-oriented capacity. Some leading global players have either expanded manufacturing/R&D in India or looking at regional production plans that include India as a centre for select products.
As per Reuters, Medtronic, Abbott, Johnson & Johnson, GE Healthcare and regional joint ventures such as Wipro-GE Healthcare) have either expanded manufacturing/R&D in India or signalled multi-region production strategies that include India as a hub for certain products and components. Example: Wipro GE Healthcare announced a multiyear investment plan focused on R&D and manufacturing in India.
Opportunities for collaboration with Indian companies for assembly, component manufacturing, technology transfer, R&D, exports and global supply chain
There are already big MNCs having their subsidiaries or joint ventures In India Medtronic, GE Healthcare, Siemens Healthineers, Philips, Stryker, Abbott, and Johnson & Johnson etc, and their position will be strengthened further.
To cope up with the strategies under Atmanirbhar Bharat policy, some MNCs are setting up manufacturing plants in India to produce advanced medical devices, often with financial incentives from the government.
Some of the MNCs coming under the flow of Atmanirbhar Bharat policy are Siemens Healthcare, Wipro GE Healthcare, Medtronic, Omron, Nipro India.
Though there are benefits for MNCs like financial incentives for manufacturing under PLI scheme, access to a large market, availability of 100% FDI, R&D collaboration with Indian partners, there are drawbacks like increase in competition, deviating from imports, and navigation of regulatory norms.
The objective of Atmanirbhar Bharat in medical device sector is not meant to ignore MNCs, but to be self-reliant. MNCs are associates or partners in this project-bringing investment, technology knowhow, skill, R&D, Schemes like PLI, medical device parks is opening avenues for MNCs to invest in local manufacturing, joint ventures etc.
According to a PIB report, India’s Atmanirbhar push for medical devices is moving from policy to tangible capacity: PLI incentives, Medical Device Parks, and multi-hundred-million investments by joint ventures show momentum.
However, real self-reliance will depend on deepening supplier ecosystems, regulatory ease, and sustained scale investments — areas where collaboration between government, MNCs and Indian suppliers is essential
MNCs that proactively engage—by localising manufacturing, building supplier ecosystems, aligning to export markets—will be well-positioned. Simultaneously, successful policy implementation and ecosystem development by the government will be the enabler for India to transition from heavy import-dependence to a manufacturing-export hub for medical devices.
The recently concluded India MedTech Expo 2025 witnessed participation from over 500 domestic companies, including MSMEs, domestic and international manufacturers, regulatory agencies, and 150 international buyers representing more than 30 countries, one of the participating country Algeria, promised to work together with India to harmonize regulatory approvals for medical devices
With strong industry support from leading associations including AIMED, ADMI, MTAI, AMTZ, AMCHAM, APACMED, ADVAMED, APMEI, ASSOCHAM, CII, FICCI, INVEST INDIA, PHDCCI, NATHEALTH, USIBC, and USISPF, the expo served as a collective platform to shape the future of medical technology.
The medical devices industry is one of the fastest-growing segments within the healthcare market, and at present, various categories of devices—from consumables to implantable medical devices-are being manufactured in India. Offering a unique opportunity for global stakeholders to explore partnerships and investments in India’s rapidly expanding MedTech ecosystem.
Source:
Department of Pharmaceuticals, National Medical Devices Policy 2023
NITI Aayog Reports on Medical Devices Industry (2024–25)
Association of Indian Medical Device Industry (AiMeD)
Ministry of Commerce & Industry, PLI Scheme Updates
IBEF: Medical Devices Industry in India (2025)
Invest India: Medical Devices Sector Overview (2025)
Press Information Bureau
Reuters