India's $4 Billion Medical Device Exports Signal Growing : Bain Report

NEW DELH, July 8, 2026 :

Asia-Pacific medtech companies, including the ones in India,  are increasingly creating novel, competitive products and expanding beyond their home markets. As they pursue the next phase of growth, some are navigating challenges in achieving global scale. A new report by Bain & Company, developed in partnership with the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore (EnterpriseSG), J.P. Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB) aims to strengthen the region's ability to produce globally scaled medtech leaders and the next generation of global champions.

According to the report, Building Global Champions: The Asia-Pacific Region's Next Medtech Wave, Asia-Pacific including high-growth markets such as India is becoming one of the world's most important demand centers. The region's share of global medtech demand is expected to reach $132 billion by 2030, growing at 6.9% annually – faster than the global market. As demand and innovation capabilities continue to grow, the next phase of growth for Asia-Pacific medtech will depend not only on innovation, but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialization and market access.

India exemplifies this broader regional transition. The report identifies the country as APAC's "access-led innovator", demonstrating how solutions developed for resource-constrained healthcare settings are increasingly finding global acceptance. With medical device exports reaching US$4 billion in FY2025, Indian companies are demonstrating that affordability and scalability can also translate into global competitiveness. "India's medtech ecosystem is approaching an inflection point. As the country moves towards becoming the world's third-largest economy, healthcare demand is expected to grow to over $320 billion in the next couple of years at a ~10-12% CAGR, creating strong momentum for medical technologies.

This underpins a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at over 20% CAGR through 2030 to $8 billion. The next phase of growth, however, will be defined not just by manufacturing scale, but by India's ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities and commercialization," said Dhruv Sukhrani, Partner and head of Bain & Company’s Healthcare & Life Sciences practice in India.