India’s medical devices market is experiencing rapid expansion. Presently, the industry is valued at around $12 billion and is on track to reach $50 billion (Rs 4.46 lakh crore) by 2030. A significant move has been made by India over the last five years; domestic production now accounts for 30 percent of the country’s medical device requirements, which was only 10 percent earlier. In addition, exports have surpassed $4 billion and have been increased by 88 percent over the past six years.
What’s Fueling This Growth?
To revive local manufacturing, the government rolled out a series of programs. The PLI (Production Linked Incentive) Scheme (worth Rs 3,420 crore for Medical Devices) has been a game-changer, as it has drawn a massive ₹1,150 crore investment by 32 companies. As a result, 21 newly established projects that produce 54 sophisticated medical devices such as MRI machines, CT scanners, heart valves, stents, and dialysis machines are operating under this scheme, i.e., products that were made from scratch imported have now been indigenized to a great extent.. Also, it is expected that the global market share of the medical device industry in India is expected to grow from the current 1.65 percent to 10 -12 percent within 25 years.
In November 2024, the government unveiled a new Rs. 500 crore MedTech plan aimed at enhancing skills, supporting local manufacturing of components, and promoting exports. Besides that, India is home to four specialised medical device parks located in Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh.
Also, a recent victory for Indian manufacturers was the signing of the India-UK Free Trade Agreement (signed July 2025), which provides tariff-free access for medical devices that are certified in India.
Challenges
Despite such great opportunities, 70-80 percent of medical equipment in India are still imported into the country from the USA, China, and Germany. At present, China leads the race and accounts for 12.4 percent of the global medical devices market, while India has only about 1.6 percent.
India lacks sufficiently skilled workers for high-tech manufacturing. Though the number of manufacturers has gone up from 400 to 4,000 in the last five years, most of them are still short of technical skills. The government is running capacity-building programs; nevertheless, graduates will still need some time to be workforce-ready.
Additionally, the issue of regulation being complex is another challenge. As a result of reforms in 2025, such as the new Medical Device Rules and single-regulator labelling system, compliance is being simplified. Indian companies still take longer to get international approvals (like US FDA) than well-established global players.
Advantages
The Indian manufacturers of Class C advanced invasive devices are able to produce these devices at a cost 10-40 percent lower than that of the international competitors while also matching the quality standards. As a result of this price advantage, a lot of countries have become interested.
In a global clinical trial across 16 countries, the heart valve (Myval series) of an Indian company was compared with the top US and European devices, resulting a landmark achievement that India can be at par with the best in the world.
Stocks that you should definitely keep on your radar
PolyMed is a top medical equipment manufacturer in India that exports more than 200 products to over many countries. Established in 1997, the company operates 12 high-tech units which manufacture over 1.5 billion medical devices annually through automated, robot-operated processes. Its main product portfolio features i.v. cannulas, infusion sets, blood bags, catheters, and the RisoR cardiac stent, which are all manufactured to international quality standards.
OSEL Devices Limited, a company located in Greater Noida, is engaged in the production of hearing aids and LED display systems. It offers a wide range of hearing aids, namely behind-the-ear (BTE), in-the-ear and canal-fit models and, in addition, it makes LED display panels for advertising, signage and displays. With the help of domestic production and design, the company intends to provide cutting-edge hearing solutions and sleek digital display products.
Nureca Limited is the one of the most prominent home-healthcare companies that operate different brands such as Dr Trust, Trumom, and Dr Physio. With Dr. Trust as the brand name, it offers various kinds of health devices for home use such as BP monitors, glucometers, pulse oximeters, thermometers, nebulizers, etc. Rohit Sharma is the face of the Dr. Trust brand. The firm is also involved in global exports and its devices comply with international quality standards (US FDA, CE, ISO), as per the company’s claim.
Hemant Surgical Industries (HSIL) is a Mumbai-based company that was set up in 1989. It is a one-stop company that manufactures and supplies various medical devices like Dialysis machines, ventilators, X-ray, ultrasound and radiology equipment. In addition, the company offers surgical consumables and disposables. The company also provides turnkey solutions for dialysis centres, imaging/diagnostic units, modular ICUs and operating theatres. In the recent past, HSIL has been awarded a massive government contract to provide portable X-ray and DR-systems for India’s TB-detection programme.
Laxmi Dental Limited is a publicly traded, fully integrated Indian dental-products company that is the source of goods and services to the local as well as the international market. It provides custom-made crowns and bridges, and also sells the clear aligners under its brand “Illusion Aligners”. The company ships its products to more than 95 countries; thus, it is ranked among the top exporters of dental prosthetics and orthodontic-related products in India.
Written by Satayjeet Mukherjee
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