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India’s medical technology sector is entering a more strategic phase, moving beyond a market-size narrative toward a competitiveness narrative built on capability, quality, and global readiness. This is the key headline from Poised for Takeoff: MedTech in India, a joint report by Boston Consulting Group (BCG), the Association of Indian Medical Device Industry (AiMeD), and the Kalam Institute of Health Technology (KIHT).
According to the report, India’s MedTech market has reached approximately US$ 16 billion and is growing at 13–15% annually, a pace that could scale the sector to US$ 41–44 billion by 2030 and US$ 83–89 billion by 2035. Domestic manufacturing’s share of local consumption has more than doubled from about 20% in 2022 to about 45% in 2025, growing at ~43% CAGR. Exports stand at approximately US$ 4 billion today and could scale to US$ 16–18 billion by 2035 as Indian-origin brands build credible quality systems and access regulated markets.
“Multiple structural tailwinds are propelling India’s transformation towards becoming a global medtech powerhouse, both from a make in India as well as innovate in India lens. This is going to create an opportunity for everyone, irrespective of your starting position, domestic incumbents, global medtech majors as well as new entrants to the sector,” said Vikash Agarwalla, managing director and partner, BCG.
“For private capital investors, the coming decade could represent one of the most compelling value creation opportunities in Indian healthcare. The opportunity is not just to fund growth, but to help build MedTech champions that are trusted domestically, competitive globally, and scaled for long-term impact,” said Roshni Rathi, managing director and partner, BCG.
The report identifies three distinct pillars shaping India’s ‘Make in India’ MedTech opportunity: These are India for India, serving domestic demand and replacing imports with indigenised products, the sector is projected to grow from US$ 8 billion today to US$ 45–48 billion by 2035. Equipment and consumables lead the immediate ‘seize now’ opportunity, with IVD and devices scaling next. This is followed by export IP-led manufacturing and contract manufacturing.
Alongside ‘Make in India’, the report flags ‘Innovate in India’ as a powerful but currently underinvested second engine. Private equity and venture capital investment in Indian MedTech has scaled more than six-fold from US$ 180 million in 2019 to US$ 1.25 billion in 2025, and Indian challengers are emerging in high import-dependent segments such as helium-free MRI and soft-tissue surgical robotics.
“India can move from being a promising domestic market to becoming a globally trusted manufacturing and innovation base. The opportunity is not protectionism, but competitiveness; not only lower cost, but high-quality, patient-safe, globally benchmarked medical technology from India. The next phase will depend on rewarding real value-addition, enabling exporters to meet international expectations, and strengthening domestic adoption of Indian innovation,” said Rajiv Nath, forum co-ordinator, AiMeD.
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