From Import Reliance to Export Readiness: Can India Build a Global MedTech Brand?

The medical device market in India, valued at nearly USD 12 billion, imports over 70–80 percent of its high-value devices - ranging from diagnostic imaging to surgical robotics.

According to multiple analysis, India imported USD 8.2 billion worth of medical devices in FY24, even as domestic manufacturing capacity remained underutilised.

This imbalance creates a triple cost burden:

• Tariffs & logistics add 15–20 percent to device prices.

• Currency fluctuations make planning unpredictable.

• Repair and service dependencies inflate lifetime ownership costs.

The outcome: Tier-2 hospitals delay upgrades, and local manufacturers struggle to reach economies of scale.

The Turning Point: Policy Push and Industrial Readiness

India is now laying the groundwork for strategic MedTech self-reliance - and eventual export leadership.
Three policy pillars are leading the shift:

1. The Production Linked Incentive (PLI) Scheme – ₹3,420 crore

Encourages domestic manufacturing of critical medical devices such as imaging systems, diagnostics, and implants.
Over 26 projects have already been approved under the scheme, targeting import substitution worth USD 1.5 billion.

2. The Promotion of Research and Innovation in Pharma-MedTech (PRIP) Programme – ₹5,000 crore

Funds R&D partnerships between academia, startups, and manufacturers to accelerate indigenous innovation.

3. The MedTech Parks Initiative – ₹100 crore per park

Four parks (Tamil Nadu, Himachal Pradesh, Telangana, and Gujarat) are developing component ecosystems for plastics, electronics, and precision tooling - the backbone of device localisation.

Together, these initiatives mark India’s transition from a “market for devices” to a “maker of devices.”

Building the Value Chain: From Components to Competitiveness

MedTech manufacturing is not just about assembling finished products.
It demands deep industrial capabilities across sensors, optical systems, microelectronics, and sterilisation-grade plastics.

India’s current gap lies in component dependency. Over 65 percent of parts for high-end medical devices are still imported from the U.S., Germany, or China.
Bridging this gap will require investment in precision engineering clusters, supply chain partnerships, and vendor development programs.

Emerging hubs like Pune, Coimbatore, Ahmedabad, and Hyderabad are already building these capabilities - supported by industrial corridors, skill missions, and R&D labs.

Digital Infrastructure as a Strategic Advantage

Unlike earlier manufacturing booms, India’s MedTech leap is being powered by digital integration.
With the Ayushman Bharat Digital Mission (ABDM) and NHCX, India is creating interoperable health-data standards that few other nations have achieved.

This gives Indian MedTech an exportable digital edge:

• Devices built to ABDM standards can easily integrate into global digital health ecosystems.

• Hospitals and insurers worldwide are seeking affordable, interoperable solutions - India’s speciality.

• AI-driven analytics built on diverse Indian datasets strengthen algorithmic reliability for emerging markets.

By aligning local manufacturing with digital readiness, India can position itself as a low-cost, high-intelligence MedTech exporter.

What Will It Take to Build a Global MedTech Brand?

To move from import substitution to export competitiveness, India needs a unified strategy across five pillars:

1. Design in India: Encourage indigenous R&D and product IP creation instead of contract manufacturing.

2. Manufacture Locally, Source Globally: Build domestic supply chains while integrating into global component networks.

3. Validate Clinically: Strengthen CDSCO certification and clinical-trial infrastructure to meet global regulatory standards (FDA/CE).

4. Finance Smartly: Offer export-linked incentives, working capital support, and buyer’s credit for OEMs.

5. Market Strategically: Build national brand identity through trade fairs, export missions, and harmonised quality marks (like “MedTech India Certified”).

When these align, India’s MedTech sector can replicate the success of its pharma and automotive industries - exporting reliability, not just affordability.

Emerging Indian Export Champions

A new generation of MedTech companies is already proving global viability:

These companies share a common playbook: Indian R&D, global quality, and regional market empathy.

Export Opportunity: Emerging Markets First

While Western markets remain attractive, the true export growth corridor lies in Asia, Africa, and Latin America - where healthcare systems mirror India’s own.

India’s MedTech exports, currently at USD 2.5 billion, could reach USD 10 billion by 2030 if domestic production aligns with regulatory compliance and trade partnerships.
Countries in Africa, ASEAN, and the Middle East increasingly seek affordable, durable equipment - precisely the segment Indian innovators are poised to dominate.

Risks to Navigate

Scaling from import substitution to exports comes with challenges:

• Regulatory harmonisation: Faster alignment with international quality standards.

• After-sales service infrastructure: Global success depends on post-market support networks.

• R&D talent pipeline: Bridging gaps in biomedical engineering and design.

• Brand credibility: Countering perception of “low-cost = low-quality.”

Addressing these proactively will decide whether India becomes a trusted supplier or a transient assembler in global healthcare markets.

Conclusion

India’s MedTech future will not be defined by imitation but by integration - of policy, production, and purpose.
If local innovators can combine engineering depth, cost advantage, and clinical credibility, India can transition from import-reliant to export-resilient by the end of this decade.

At GrowthJockey, we see this as India’s next big industrial leap - helping healthcare innovators design scalable, globally competitive ventures that make “Made in India” synonymous with trust, not just price.
Because when MedTech becomes export-ready, India doesn’t just heal itself - it heals the world.

FAQs

1. Why does India import most medical devices?
Due to historical reliance on global OEMs and underdeveloped local component ecosystems.

2. What policies support MedTech manufacturing?
PLI, PRIP, and MedTech Park initiatives drive local production and R&D.

3. Can India become a global MedTech exporter?
Yes - with regulatory alignment, frugal innovation, and quality consistency.

4. Which markets will India target first?
Emerging economies in Asia, Africa, and Latin America with similar healthcare needs.

5. What’s India’s long-term MedTech vision?
To evolve from assembling imported devices to building globally certified, affordable innovations that redefine healthcare accessibility.