Key Trends and the Way Forward for India
The global medical devices market, valued
at USD 637.04 billion in 2024, is projected to reach USD 893.07 billion by 2029
(CAGR 6.99%), driven by chronic diseases, aging populations, and technological
advancements like AI, IoMT, and robotics. Key segments include In-Vitro
Diagnostics (IVD) (USD 128.07 billion), Cardiology Devices (USD 67.95 billion),
Diagnostic Imaging Devices (USD 47.81 billion), and Ophthalmology Devices (USD
55.28 billion). North America holds a 38.16% share, followed by Europe (27.3%)
and Asia-Pacific (22%), with China and India as high-growth markets. India’s
medical devices market, valued at USD 15.35 billion in 2023, is expected to
reach USD 20.51 billion by 2029 (CAGR 5.35%) and potentially USD 50 billion by
2030 (CAGR up to 20%), fueled by government initiatives, rising healthcare
spending, and medical tourism.
Key Trends:
- Technological
Advancements: AI-driven diagnostics, robotic surgery, 3D printing, and
wearables are reshaping IVD, cardiology, imaging, and ophthalmology.
Examples include AI-enhanced imaging and bioresorbable stents.
- Geographic Shifts:
Asia-Pacific, led by China and India, is the fastest-growing region due to
healthcare investments and population growth. China excels in low-cost IVD
and cardiology devices, while India focuses on affordable diagnostics and
implants.
- India’s Growth
Drivers: A 1.4 billion population, increasing chronic diseases, and
policies like the National Medical Devices Policy 2023 and
Production-Linked Incentive (PLI) Scheme drive growth.
- Leading Players:
Global leaders include Medtronic, Siemens Healthineers, Abbott, and Alcon,
while Indian firms like Trivitron and Meril Life Sciences gain traction.
Policy Issues in India:
- High Import
Dependency: 70-80% of high-end devices are imported, raising costs.
- Regulatory Complexity:
Lengthy CDSCO approvals delay market entry.
- Affordability: High
costs limit access, especially in rural areas.
- Skill Gaps: Shortages
of trained professionals hinder advanced device adoption.
Key Action Areas:
- Reduce Imports: Expand
PLI schemes and medical device parks to boost local production.
- Streamline
Regulations: Simplify CDSCO approvals via NSWS and align with global
standards.
- Enhance Affordability:
Implement price controls and promote refurbished equipment.
- Build Skills: Train
technicians through IITs and ICMR partnerships.
- Foster R&D: Fund
AI and IoMT innovations via public-private partnerships.
Way Forward: India can leverage cost
advantages and policies to become a global medical device hub. By addressing
import dependency, regulatory hurdles, and skill gaps, India can meet rising
demand affordably, targeting a USD 50 billion market by 2030 and 10-12% global
share by 2047.
1. Global Medical Devices Market
Overview
Market Size and Growth
The global medical devices market was
valued at USD 637.04 billion in 2024 and is projected to reach USD 893.07
billion by 2029 (CAGR 6.99%) or USD 1.3 trillion by 2029 (CAGR 9.8%) per
varying estimates [Source: Fortune Business Insights, 2024]. From 2009 (~USD
260 billion), it grew at a CAGR of ~6.2% [Source: Industry ARC, 2024].
Geographic Split
- North America: 38.16%
(~USD 243 billion, USA: ~USD 190.7 billion).
- Europe: 27.3% (~USD
174 billion, UK: ~USD 20-25 billion, Germany: ~USD 30-35 billion).
- Asia-Pacific: 22%
(~USD 140 billion, China: ~USD 60-70 billion, Japan: ~USD 30-35 billion,
India: ~USD 15.35 billion).
- South America: 5-7%
(~USD 32-45 billion, Brazil: ~USD 15-20 billion).
- Middle East &
Africa: 5% (USD 32 billion, Saudi Arabia: ~USD 5-10 billion) [Source:
IBEF, 2025].
Top 10 Players and Revenues (2023/2024)
- Medtronic: ~USD 31.7
billion
- Johnson & Johnson
MedTech: ~USD 27.4 billion
- Siemens Healthineers:
~USD 21.7 billion
- GE HealthCare: ~USD
18.5 billion
- Philips Healthcare:
~USD 18.2 billion
- Stryker: ~USD 18.4
billion
- Abbott: ~USD 17.3
billion
- Becton, Dickinson
(BD): ~USD 17.1 billion
- Cardinal Health: ~USD
15.9 billion
- Baxter International:
~USD 12.8 billion [Source: Fortune Business Insights, 2023].
Growth Drivers
- Chronic Diseases:
Rising diabetes, cardiovascular, and cancer cases.
- Aging Population:
Projected to reach 1.8 billion by 2060 [Source: Econ Market Research,
2024].
- Technological
Advancements: AI, IoMT, robotics, 3D printing.
- Healthcare Spending:
Especially in Asia-Pacific.
- Home Healthcare:
Wearable and portable devices.
- Government Policies:
India’s PLI Scheme, China’s Healthy China 2030.
Technological Changes (2009–2024)
- AI: Enhanced
diagnostics.
- IoMT: Real-time
monitoring.
- Robotics: Surgical
systems like da Vinci.
- 3D Printing: Custom
implants.
- Wearables: Glucose
monitors, ECG patches.
- Telemedicine: Remote
diagnostics [Source: Market Research Future, 2024].
Price Trends
High-end equipment prices (e.g., MRI: USD
1-3 million) have risen, while consumables and wearables have become affordable
due to scale [Source: Industry ARC, 2024].
2. India’s Medical Devices Market
Market Size and Growth
India’s market was USD 15.35 billion in
2023, projected to reach USD 20.51 billion by 2029 (CAGR 5.35%) and potentially
USD 50 billion by 2030 (CAGR 18-20%) [Source: IBEF, 2025; The Hindu, 2024]. It
holds 1.65% of the global market, targeting 10-12% by 2047 [Source: Invest
India, 2021].
Key Segments
- IVD: ~USD 1.5-2
billion.
- Cardiology: ~USD 1-1.5
billion.
- Diagnostic Imaging:
~USD 0.8-1 billion.
- Ophthalmology: ~USD
1-1.5 billion [Source: Insights10, 2024].
Growth Drivers
- Population: 1.4
billion.
- Chronic Diseases:
Rising burden.
- Medical Tourism: USD
7.69 billion in 2024, projected to USD 14.31 billion by 2029 [Source:
IBEF, 2025].
- Policies: PLI Scheme,
National Medical Devices Policy 2023.
- Technology: AI,
telemedicine [Source: India Briefing, 2024].
Leading Players
- Global: Medtronic,
Siemens, GE Healthcare, Alcon.
- Local: Trivitron,
Meril Life Sciences, Transasia, Appasamy [Source: Medical Buyer, 2024].
3. Policy Issues in India
- High Import
Dependency:
- Issue: 70-80% of
high-end devices are imported, raising costs [Source: Custom Market
Insights, 2024].
- Impact: Limits
affordability and exposes supply chain risks.
- Example: COVID-19
import delays for diagnostics.
- Regulatory
Complexity:
- Issue: Lengthy
CDSCO approvals delay market entry [Source: Invest India, 2021].
- Impact: Hinders
innovation and increases costs.
- Example: MRI
systems face prolonged scrutiny.
- Affordability:
- Issue: High costs
of advanced devices limit rural access [Source: IBEF, 2024].
- Impact: Reliance
on outdated equipment.
- Example: ICDs
(~USD 10,000-30,000) unaffordable for many.
- Skill Gaps:
- Issue: Shortage of
trained technicians [Source: Insights10, 2024].
- Impact:
Underutilization of equipment.
- Example: Limited
radiologists for MRI/CT.
- Limited R&D:
- Issue: Low
domestic R&D investment [Source: Bain & Company, 2024].
- Impact: Dependence
on foreign technology.
- Example: Lagging
in AI diagnostics vs. China.
4. Key Action Areas for India
- Reduce Imports:
- Expand PLI Scheme
for high-end devices. Establish medical device parks (e.g., Madhya
Pradesh park, USD 211.4 million investment) [Source: India Briefing,
2024].
- Outcome: Reduce
imports to 50% by 2030.
- Streamline
Regulations:
- Enhance NSWS for
faster CDSCO approvals. Implement MedTech Mitra [Source: IBEF, 2025].
- Outcome: Cut
approval times by 30-50%.
- Enhance
Affordability:
- Extend price
controls, promote refurbished equipment, subsidize rural devices [Source:
Custom Market Insights, 2024].
- Outcome: Increase
rural penetration by 20-30%.
- Build Skills:
- Train 5,400+
students annually via ICMR-IIT partnerships [Source: Insights10, 2024].
- Outcome: Improve
utilization by 25%.
- Foster R&D:
- Fund AI, IoMT via
public-private partnerships. Expand global R&D hubs (e.g., Siemens
Bangalore) [Source: Medical Buyer, 2024].
- Outcome: Develop
10-15 indigenous devices by 2030.
- Boost Medical
Tourism/Exports:
- Promote medical
tourism and exports via trade agreements [Source: IBEF, 2025].
- Outcome: Exports
to USD 20 billion by FY30.
5. China and India: Comparative
Development
China
- Market: ~USD 60-70
billion in 2024 [Source: Statista, 2024].
- Development: Local
firms (Mindray, United Imaging) produce cost-effective IVD, stents, and
imaging. Import reliance ~40% [Source: Fortune Business Insights, 2024].
- Low-Cost
Manufacturing: Strong in IVD, stents; weaker in high-end MRI/NGS [Source:
Market Research Future, 2024].
- Expectations: IVD to
~USD 15-20 billion, cardiology ~USD 8-10 billion by 2030 [Source: Econ
Market Research, 2024].
India
- Market: ~USD 15.35
billion in 2023 [Source: IBEF, 2025].
- Development: Local
firms (Trivitron, Meril) focus on IVD, stents, IOLs. Import reliance
70-80% [Source: Custom Market Insights, 2024].
- Low-Cost
Manufacturing: Moderate success in IVD, stents, IOLs [Source: Insights10,
2024].
- Expectations: Market
to ~USD 50 billion by 2030 [Source: The Hindu, 2024].
6. Conclusion
The global medical devices market is poised
for robust growth, led by IVD, cardiology, imaging, and ophthalmology. India’s
market, driven by population, diseases, and policies, can become a global hub
by addressing import dependency, regulatory hurdles, affordability, and skill
gaps. Strategic actions in manufacturing, regulation, and R&D will enable
India to achieve a USD 50 billion market by 2030 and 10-12% global share by
2047 [Source: Invest India, 2021].
Appendix A: In-Vitro Diagnostics (IVD)
Market Size and Growth
The global IVD market was USD 128.07
billion in 2024, projected to reach USD 171.36 billion by 2030 (CAGR 4.94%)
[Source: Fortune Business Insights, 2024]. It grew at ~5-6% CAGR from 2009.
Top Devices
- Molecular
Diagnostics: PCR, NGS.
- Immunoassays: ELISA,
chemiluminescence.
- Clinical Chemistry
Analyzers: Glucose, lipids.
- Hematology
Analyzers: Blood counts.
- POCT: Rapid tests.
- Others:
Microbiology, coagulation [Source: Market Research Future, 2024].
Geographic Split and Device Numbers
|
Region |
Molecular Diagnostics |
Immunoassays |
Clinical Chemistry |
Hematology |
POCT |
|
USA |
50,000 |
100,000 |
80,000 |
60,000 |
5M |
|
EU |
40,000 |
80,000 |
60,000 |
50,000 |
3M |
|
China |
30,000 |
70,000 |
100,000 |
80,000 |
10M |
|
Japan |
15,000 |
30,000 |
20,000 |
15,000 |
1M |
|
India |
10,000 |
20,000 |
30,000 |
25,000 |
2M |
|
South Korea |
5,000 |
10,000 |
8,000 |
6,000 |
500K |
|
Australia |
3,000 |
5,000 |
4,000 |
3,000 |
200K |
|
South America |
8,000 |
15,000 |
20,000 |
15,000 |
1M |
|
Africa |
2,000 |
5,000 |
10,000 |
8,000 |
500K |
|
Middle East |
3,000 |
8,000 |
10,000 |
8,000 |
300K |
[Source: Statista, 2024; Econ Market
Research, 2024]
Leading Players
- Roche Diagnostics:
~USD 15-18 billion
- Abbott: ~USD 10-12
billion
- Siemens
Healthineers: ~USD 8-10 billion
- Danaher: ~USD 7-9
billion
- Thermo Fisher: ~USD
6-8 billion [Source: Fortune Business Insights, 2023].
Development in China and India
- China: ~USD 10-12
billion market. Local firms (Mindray, BGI) produce affordable analyzers.
Import reliance ~40% [Source: Market Research Future, 2024].
- India: ~USD 1.5-2
billion. Transasia, Tulip focus on low-cost analyzers. Imports ~60%
[Source: Insights10, 2024].
Future Expectations
- CAGR ~4.9-6%,
reaching ~USD 171.36 billion by 2030. Growth in NGS, POCT [Source: Fortune
Business Insights, 2024].
Technological Changes
- NGS, POCT, AI,
multiplex testing [Source: Market Research Future, 2024].
Appendix B: Cardiology Devices
Market Size and Growth
The global cardiology devices market was
USD 67.95 billion in 2024, projected to reach USD 104.21 billion by 2032 (CAGR
5.48%) [Source: Fortune Business Insights, 2024]. Growth ~5% CAGR since 2009.
Top Devices
- ICDs: Arrhythmia
treatment.
- Pacemakers: Heart
rhythm regulation.
- Cardiac Stents:
Coronary artery treatment.
- Cardiac Monitors:
Wearable ECG.
- Heart Valves:
Prosthetic valves.
- Others: VADs,
ablation [Source: Econ Market Research, 2024].
Geographic Split and Device Numbers
|
Region |
ICDs |
Pacemakers |
Stents |
Cardiac Monitors |
Heart Valves |
|
USA |
100,000 |
200,000 |
1M |
2M |
150,000 |
|
EU |
80,000 |
150,000 |
800,000 |
1.5M |
100,000 |
|
China |
50,000 |
100,000 |
1.2M |
1M |
80,000 |
|
Japan |
20,000 |
50,000 |
300,000 |
500,000 |
30,000 |
|
India |
10,000 |
30,000 |
500,000 |
300,000 |
20,000 |
|
South Korea |
5,000 |
15,000 |
100,000 |
200,000 |
10,000 |
|
Australia |
3,000 |
10,000 |
50,000 |
100,000 |
5,000 |
|
South America |
10,000 |
20,000 |
200,000 |
300,000 |
15,000 |
|
Africa |
2,000 |
5,000 |
50,000 |
100,000 |
5,000 |
|
Middle East |
5,000 |
10,000 |
100,000 |
150,000 |
8,000 |
[Source: Statista, 2024; Industry ARC,
2024]
Leading Players
- Medtronic: ~USD 10-12
billion
- Abbott: ~USD 8-10
billion
- Boston Scientific:
~USD 6-8 billion
- Edwards Lifesciences:
~USD 5-6 billion
- Johnson &
Johnson: ~USD 3-4 billion [Source: Fortune Business Insights, 2023].
Development in China and India
- China: ~USD 5-6
billion. MicroPort, Lepu produce affordable stents [Source: Market
Research Future, 2024].
- India: ~USD 1-1.5
billion. Meril produces stents, TAVR valves. Imports ~50% [Source:
Insights10, 2024].
Future Expectations
- CAGR ~5.5-6%,
reaching ~USD 90-100 billion by 2030. Growth in stents, monitors [Source:
Fortune Business Insights, 2024].
Technological Changes
- Bioresorbable
stents, wearables, TAVR, AI diagnostics [Source: Econ Market Research,
2024].
Appendix C: Diagnostic Imaging Devices
Market Size and Growth
The global diagnostic imaging market was
USD 47.81 billion in 2024, projected to reach USD 57.63 billion by 2029 (CAGR
4.18%) [Source: Fortune Business Insights, 2024]. Growth ~4-5% CAGR since 2009.
Top Devices
- MRI Systems:
High-resolution imaging.
- CT Scanners: 3D
imaging.
- X-ray Systems:
Radiography.
- Ultrasound Systems:
Portable imaging.
- Nuclear Imaging:
PET/SPECT.
- Others: Mammography,
fluoroscopy [Source: Market Research Future, 2024].
Geographic Split and Device Numbers
|
Region |
MRI |
CT |
X-ray |
Ultrasound |
Nuclear Imaging |
|
USA |
12,000 |
13,000 |
100,000 |
80,000 |
3,500 |
|
EU |
10,000 |
10,000 |
80,000 |
70,000 |
3,000 |
|
China |
8,000 |
10,000 |
90,000 |
100,000 |
1,500 |
|
Japan |
6,000 |
12,000 |
50,000 |
40,000 |
1,200 |
|
India |
2,000 |
3,000 |
40,000 |
50,000 |
500 |
|
South Korea |
1,500 |
2,000 |
20,000 |
15,000 |
400 |
|
Australia |
800 |
1,000 |
10,000 |
8,000 |
300 |
|
South America |
2,500 |
3,500 |
30,000 |
25,000 |
600 |
|
Africa |
500 |
800 |
15,000 |
10,000 |
200 |
|
Middle East |
1,000 |
1,500 |
20,000 |
15,000 |
400 |
[Source: Statista, 2024; Econ Market
Research, 2024]
Leading Players
- Siemens Healthineers:
~USD 10-12 billion
- GE Healthcare: ~USD
8-10 billion
- Philips: ~USD 7-9
billion
- Fujifilm: ~USD 4-5
billion
- Canon Medical: ~USD
3-4 billion [Source: Fortune Business Insights, 2023].
Development in China and India
- China: ~USD 4-5
billion. United Imaging, Mindray produce affordable ultrasound, CT
[Source: Market Research Future, 2024].
- India: ~USD 0.8-1
billion. Wipro GE produces CT scanners. Imports ~70% [Source: Insights10,
2024].
Future Expectations
- CAGR ~4.2-5.5%,
reaching ~USD 57.63 billion by 2029. Growth in AI, portable devices
[Source: Fortune Business Insights, 2024].
Technological Changes
- AI, portable
devices, hybrid imaging, 3D/4D imaging [Source: Econ Market Research,
2024].
Appendix D: Ophthalmology Devices
Market Size and Growth
The global ophthalmology devices market was
USD 55.28 billion in 2024, projected to reach USD 85.66 billion by 2032 (CAGR
5.6%) [Source: Fortune Business Insights, 2024]. Growth ~5% CAGR since 2009.
Top Devices
- IOLs: Cataract
surgery.
- Ophthalmic Lasers:
LASIK, retinal treatment.
- Diagnostic Devices:
OCT, fundus cameras.
- Surgical Systems:
Phacoemulsification.
- Contact Lenses:
Daily-use lenses.
- Others: Glaucoma
devices [Source: Market Research Future, 2024].
Geographic Split and Device Numbers
|
Region |
IOLs |
Lasers |
Diagnostic Devices |
Surgical Systems |
Contact Lenses |
|
USA |
5M |
10,000 |
50,000 |
20,000 |
50M |
|
EU |
4M |
8,000 |
40,000 |
15,000 |
40M |
|
China |
3M |
5,000 |
30,000 |
10,000 |
20M |
|
Japan |
1M |
3,000 |
15,000 |
5,000 |
10M |
|
India |
2M |
2,000 |
10,000 |
5,000 |
5M |
|
South Korea |
500K |
1,000 |
5,000 |
2,000 |
3M |
|
Australia |
200K |
500 |
2,000 |
1,000 |
2M |
|
South America |
1M |
1,000 |
5,000 |
3,000 |
5M |
|
Africa |
500K |
500 |
2,000 |
1,000 |
2M |
|
Middle East |
500K |
1,000 |
3,000 |
2,000 |
3M |
[Source: Statista, 2024; Industry ARC,
2024]
Leading Players
- Alcon: ~USD 8-10
billion
- Johnson & Johnson
Vision: ~USD 4-5 billion
- Bausch + Lomb: ~USD
3-4 billion
- Carl Zeiss Meditec:
~USD 2-3 billion
- Topcon: ~USD 1-2
billion [Source: Fortune Business Insights, 2023].
Development in China and India
- China: ~USD 4-5
billion. Shinva produces affordable IOLs [Source: Market Research Future,
2024].
- India: ~USD 1-1.5
billion. Appasamy produces IOLs. Imports dominate lasers [Source:
Insights10, 2024].
Future Expectations
- CAGR ~5.6-6%,
reaching ~USD 75-80 billion by 2030. Growth in IOLs, diagnostics [Source:
Fortune Business Insights, 2024].
Technological Changes
- Femtosecond lasers,
AI diagnostics, premium IOLs, teleophthalmology [Source: Econ Market
Research, 2024].
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