The Indian medical technology market is a segment of the healthcare industry that is on a high growth trajectory. Pegged to grow at a CAGR of 37% to reach USD 50 billion in 2025, from the current market size of USD 11 billion, the sector is estimated to register a five-fold growth.

With the Covid-19 pandemic providing a further fillip to the sector, riding on the demand for medical and surgical equipment, India is currently the fourth largest market for medical devices in Asia. Combine this with the fact that India is among the top 3 destinations for medical tourism, and you have the perfect ecosystem of opportunities to innovate and invest.

The growth of the MedTech industry is proportionately related to the rise of the overall Indian healthcare industry, which owes its growth to a multitude of factors like:

1- Favourable government policies
2- A growth in the population of the elderly
3- Increasing health insurance penetration
4- Rising lifestyle health issues, especially in urban areas
5- Growing medical tourism as India provides high-quality healthcare services at highly affordable costs

The MedTech industry is heavily dependent on imports of products—both finished as well as raw materials—with dependence on foreign countries for MedTech pegged at ~80%. With indigenous manufacturing still at a nascent stage, MedTech companies have immense scope to capitalize on this opportunity.