India Urges Medical Device Sector to Target 600 Billion Dollar Global Market
Indian medical device manufacturers should transition beyond basic import substitution and build an export-oriented ecosystem capable of tapping into the worldwide market exceeding $600 billion, according to senior government officials.
What Happened
Speaking at the India Medical Device 2026 event in New Delhi on Friday, Manoj Joshi, Secretary of the Department of Pharmaceuticals, stated that domestic companies need to look beyond the domestic market. While India’s medical devices sector currently stands at approximately $16 billion, the international landscape represents an opportunity of over $600 billion.
To access this larger market, Joshi outlined several key priorities, including strengthening local component production, advancing innovation in high-tech solutions, building resilient supply chains, and integrating domestic manufacturers into international value chains. He also highlighted the necessity of smooth cross-border movement for parts and finished goods, alongside structured collaborations between emerging startups and established industry players.
Key Highlights
- Market Potential: India’s domestic medical device industry is estimated at $16 billion, compared to an addressable global market surpassing $600 billion.
- Strategic Pivot: Policymakers recommend shifting from an import-substitution model toward global competitiveness and export-driven growth.
- Manufacturing Progress: Domestic producers have demonstrated notable growth in consumables, disposables, and the assembly of sophisticated equipment such as imaging systems and diagnostic units.
- High-End Focus: Drugs Controller General of India (DCGI) Rajeev Singh Raghuvanshi emphasized the need to build indigenous capabilities in high-risk Class C and Class D medical devices and in-vitro diagnostics.
- Regulatory Support: The regulator noted the ongoing requirement for faster, transparent, and predictable approval mechanisms to assist industry expansion.
Why This Matters
India has established a strong base in basic medical supplies, disposables, and equipment assembly. However, capturing a meaningful share of the $600 billion international industry requires deeper value addition, elevated quality standards, and indigenous expertise in complex medical technologies.
Strengthening domestic component manufacturing reduces dependence on external supply networks, while seamless cross-border trade facilitates participation in global value chains. Furthermore, regulatory predictability in Class C and Class D classifications is critical for bringing sophisticated domestic innovations to market efficiently.
What to Watch Next
Key areas to monitor include the enhancement of domestic manufacturing capabilities for advanced medical components, closer integration between medical startups and larger enterprises, and continued administrative steps by regulatory bodies to streamline approval timelines for high-end devices.
Frequently Asked Questions
What is the current size of India’s medical device market?
According to the Department of Pharmaceuticals, the Indian medical devices market is valued at approximately $16 billion.
What is the size of the global medical device market?
The global medical devices market currently exceeds $600 billion.
Which sectors have seen significant local manufacturing progress in India?
India has made notable strides in the production of medical consumables, disposables, and the assembly of advanced equipment, including diagnostic and imaging machinery.
What regulatory priorities were highlighted by the DCGI?
The Drugs Controller General of India highlighted the necessity of strengthening domestic development of Class C and Class D devices and in-vitro diagnostics, supported by faster, predictable, and transparent regulatory approvals.
Source: Based on statements reported by The Times of India from the India Medical Device 2026 event.