India’s Medical Device Market Expected to Grow at a CAGR of 15% by 2027

India’s medical device market is poised for substantial growth, with projections indicating a compound annual growth rate (CAGR) of approximately 15% through 2027. This expansion is driven by factors such as increased healthcare investments, a rising prevalence of chronic diseases, and supportive government initiatives.

Market Projections:

• The market is expected to grow from $6.7 billion in 2023 to $13.4 billion by 2032, exhibiting a CAGR of 9.00% during the forecast period.
• Other estimates suggest the market could reach $50 billion by 2025, reflecting a CAGR of 15%.

Key Growth Drivers:

• Government Initiatives: Programs like the Production Linked Incentive (PLI) Scheme for Medical Devices aim to boost domestic manufacturing and reduce import dependence, fostering industry growth.
• Emergence of Local Manufacturers: The rise of local medical device manufacturers enhances market expansion and accessibility to affordable medical devices.
• Healthcare Infrastructure Development: Investments in healthcare facilities and services are increasing the demand for medical devices across the country.

Challenges:

• Import Dependence: Despite growth, India imports a significant portion of its medical devices, highlighting the need for enhanced domestic production.