India's Medtech Market Projected to Hit $35 Billion by 2030

India's medtech industry is poised for substantial growth, with opportunities projected to reach $35 billion by 2030, according to a recent report by Bain & Company. The report, titled Building Global Champions: The Asia-Pacific Region's Next Medtech Wave, highlights India as a key player in the Asia-Pacific (APAC) region, particularly noted for its role as an 'access-led innovator'. This involves developing solutions tailored for resource-constrained healthcare settings that are gaining global traction.

Growing Demand and Export Success

The report outlines that India's medical device exports reached $4 billion for the fiscal year ending 2025. This growth is attributed to the affordability and scalability of Indian-made products, which are becoming increasingly competitive on the global stage. The report was developed in collaboration with several organizations, including the Agency for Science, Technology and Research (ASTAR), Enterprise Singapore (EnterpriseSG), JP Morgan, SG Growth Capital, and the Singapore Economic Development Board (EDB).

The demand for healthcare in India is expected to exceed $320 billion in the next few years, growing at a compound annual growth rate (CAGR) of 10 to 12 percent. This rising demand is expected to drive significant momentum in the medtech sector.

APAC's Role in Global Medtech Demand

The Asia-Pacific region's share of global medtech demand is anticipated to hit $132 billion by 2030, expanding at a rate of 6.9% per year, which is faster than the global average. India's medtech ecosystem is gaining strategic importance among investors, with the sector's share of healthcare investment increasing from less than 10% before 2024 to 15-20% over 2024 and 2025. This shift reflects growing confidence in the sector as it moves towards higher-value innovations.

Dhruv Sukhrani, Partner and Head of Bain & Company's Healthcare & Life Sciences practice in India, stated, "As India expands beyond basic medical devices into more advanced technologies, the opportunity now is to channel this momentum into building globally scalable businesses that can compete across international markets."

Strategic Importance and Future Outlook

The report underscores the strategic importance of India's medtech sector as a key investment destination. As the country advances in developing more sophisticated medical technologies, there is a significant opportunity to create businesses that are not only competitive domestically but also on an international scale.

The findings indicate a promising future for India's medtech sector, suggesting that continued innovation and strategic investments could position the country as a leading player in the global medtech arena.