Home / Business and Economy / India's Medical Device Market Surges to $44B
India's Medical Device Market Surges to $44B
29 Sep
Summary
- India's medical devices market to reach USD 44.76 billion by 2034.
- Medical disposables market to hit USD 51.42 billion by 2030.
- Poly Medicure and Molbio Diagnostics offer distinct investment plays.
India's medical devices market is projected for substantial expansion, with forecasts suggesting a rise to USD 44.76 billion by 2034. The disposable medical devices segment is anticipated to see remarkable growth, estimated to reach USD 51.42 billion by 2030, driven by an 18.3% CAGR.
Poly Medicure Limited, a significant player, has expanded its offerings beyond traditional disposables into cardiology and critical care. The company operates 12 manufacturing facilities and exports to over 125 countries.
Molbio Diagnostics Limited's Truenat platform drives recurring revenue through single-use consumables. With over 12,500 devices installed globally, its business model relies on test kit consumption.
The Indian government supports the medical device sector through schemes like the SMDI and PLI schemes, aiming to boost domestic manufacturing and reduce import dependence.
