A new white paper by FICCI and DUA Consulting highlights that India’s medical device industry could reach $250 billion by 2047, emphasising the importance of robust servicing, maintenance, and lifecycle management to sustain the growth and ensure equipment reliability.
India’s medical device industry could be worth $250 billion by 2047, but a new industry white paper argues that scale alone will not be enough. The report, produced by the Federation of Indian Chambers of Commerce and Industry and DUA Consulting, says the next phase of growth must be matched by stronger systems for servicing, maintenance, calibration and lifecycle management.
Released at the opening session of India Medical Device 2026 in New Delhi, the paper estimates that the market is worth about $14 billion today and could rise to $30 billion-$50 billion within this decade before reaching the $250 billion mark by 2047. Research cited by IBEF and other market trackers points to the same broad direction of travel, with India’s device sector expanding rapidly on the back of rising healthcare demand, government support for domestic manufacturing and wider adoption of advanced technology.
But the white paper warns that manufacturing capacity by itself will not ensure a durable healthcare infrastructure. As devices become central to diagnostics, emergency care, surgery and complex treatment, the report says the quality of maintenance has a direct effect on reliability, downtime and the useful life of equipment. It also notes that India’s medical device market remains heavily import-dependent even as policy has pushed local production through schemes such as the Production Linked Incentive programme and support for medical device parks.
Among its main proposals, the paper calls for a risk-based hybrid maintenance model tied to the Central Drugs Standard Control Organisation’s classification framework, so that servicing requirements vary according to the device’s risk profile. It also urges the creation of a national certification structure for service engineers, stronger technical training, new commercial models for maintenance and a more supportive fiscal regime for compliant servicing. Digital tools, including predictive maintenance, remote monitoring and lifecycle-management systems, are presented as a way to spot faults earlier and keep equipment running more reliably.
The policy push reflects a wider debate in India over how to move beyond import substitution and deepen domestic value addition. Speaking at the event, Manoj Joshi, secretary at the Department of Pharmaceuticals, called for more component manufacturing, greater innovation in advanced medical technology and closer integration with global supply chains. The white paper’s broader argument is that India’s MedTech ambitions will depend not just on what is built, but on whether that equipment can be kept safe, reliable and operational throughout its life.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
