A new white paper predicts India’s medical device market could grow from approximately $14-16 billion today to a staggering $250 billion by 2047, emphasising the importance of maintenance and lifecycle support for sustainable growth.
India’s medical device industry could become a $250 billion market by 2047, according to a white paper from the Federation of Indian Chambers of Commerce and Industry and DUA Consulting. Unveiled at the ninth India Medical Device conference in New Delhi, the report says the sector is currently worth about $14 billion to $16 billion and could expand to $30 billion to $50 billion by the end of this decade as demand rises and policy support deepens.
The report places strong emphasis on a point often overlooked in discussions of industrial growth: long-term success will depend not just on making more devices, but on keeping them working properly. It argues that maintenance, servicing and lifecycle management are central to patient safety, lower operating costs and better clinical outcomes because they reduce downtime and extend the usable life of equipment.
To close the gaps in that support system, the paper calls for a risk-based maintenance framework aligned with device categories used by the Central Drugs Standard Control Organisation. It also recommends national certification for service personnel, stronger technical training and wider use of digital tools, including predictive maintenance and remote monitoring.
The broader market outlook is also upbeat. Industry estimates from IBEF put the Indian medical devices market at about ₹90,000 crore, or $11 billion, in 2022, with a forecast of $50 billion by 2030. Other market research points to continued expansion driven by chronic disease burdens, healthcare infrastructure growth, and the spread of advanced diagnostic and surgical technologies. Analysts also say government measures such as production-linked incentives and medical device parks are helping domestic manufacturing scale up, while exports are expected to rise sharply over the coming years.
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