India’s Medical Device Sector Eyes $50 Billion Valuation by 2030

India’s medical device sector is on a trajectory to achieve a valuation of $50 billion by 2030, propelled by a compound annual growth rate (CAGR) of 19.5% from its $12 billion valuation in 2022.

Key Growth Drivers:

1. Healthcare Infrastructure Expansion: Ongoing investments in healthcare facilities are increasing the demand for medical devices across the country.
2. Technological Advancements: The integration of cutting-edge technologies is fostering innovation within the sector.
3. Government Initiatives: Policies such as the Production Linked Incentive (PLI) Scheme and the establishment of medical device parks are designed to boost domestic manufacturing and reduce import dependence.
4. Rising Prevalence of Chronic Diseases: An increase in chronic health conditions is driving the need for advanced medical devices.

Market Segmentation:

• Diagnostic Imaging Equipment: Projected to reach a market volume of $990.70 million in 2024.
• Cardiovascular Devices: Expected to grow at a CAGR of 7.16%, reaching $1.59 billion by 2030.
• Orthopedic Devices: Anticipated to grow at a CAGR of 14.28%, reaching $2.24 billion by 2030.

Investment Opportunities:

• Design and Development Services: The market for medical device design and development services in India is expected to reach $2.04 billion by 2030, growing at a CAGR of 15.3%.
• Regulatory Affairs Services: Projected to reach $1.27 billion by 2030, with a CAGR of 11.5%.

Challenges:

• Regulatory Compliance: Navigating complex regulatory landscapes requires startups to stay informed and agile.
• Infrastructure Development: Ongoing efforts to establish medical device parks aim to provide the necessary infrastructure for manufacturing and innovation.