What is the market size of the medical device industry in India?

The medical device industry is a vital component of the global healthcare sector, encompassing a wide range of products used for diagnosing, treating, and preventing medical conditions.

Global Market Size:

• The global medical devices market was valued at approximately USD 518.46 billion in 2023. It is projected to grow to USD 542.21 billion in 2024 and reach USD 886.80 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.3% during the forecast period.

Indian Market Size:

• As of 2022, India’s medical devices market was valued at around USD 12 billion. Projections indicate that by 2030, this market could expand to approximately USD 50 billion, with a CAGR of 19.5%.
  
• The Indian medical devices sector is recognized as a sunrise sector. It is proliferating. In 2020, the market size was estimated at USD 11 billion, accounting for about 1.5% of the global medical device market.

Key Growth Drivers:

• Technological Advancements: Innovations in medical technology, such as artificial intelligence and wearable devices, enhance diagnostics and treatment, contributing to market growth.
• Aging Population: Globally, an increasing elderly population is leading to a higher prevalence of chronic diseases, thereby escalating the demand for medical devices.
• Healthcare Infrastructure Development: In countries, Significant healthcare infrastructure is bolstering the medical devices market in countries like India.

Overall, global and Indian medical device markets are on a robust growth trajectory, driven by technological innovations, demographic shifts, and increased healthcare investments.