India must build export-led medical device industry: Pharma Secretary Manoj Joshi

New Delhi: The two-day India Medical Device 2026 started in the national capital on Friday. Several policymakers, regulators, and industry leaders are expected to participate in the two-day event. The conference is being held under the theme ‘Towards Viksit Bharat: Advancing India as a Global Hub for Quality Medical Devices’.

Addressing the event, Manoj Joshi, Secretary, Department of Pharmaceuticals, pointed out that the medical devices sector must be viewed from both a healthcare and industry perspective. He noted that while healthcare providers focus on access to quality, domestic manufacturing plays a very important role in generating employment, strengthening industry capabilities, and ensuring supply chain resilience.

“India must move beyond the import substitution approach and build an export-oriented industry that serves global markets. While the Indian medical devices market is valued at around $16 billion, the global market exceeds $600 billion, offering immense opportunities for Indian manufacturers,” he said.

Joshi added, “To realise this potential, it is essential to strengthen domestic component manufacturing, deepen value addition, facilitate seamless cross-border movement of components and products, integrate India into global value chains, and foster stronger partnerships between startups and large industries so that innovations can successfully reach the market.”

India’s medical device industry may reach $250 billion by 2047: Report

Notably, the country’s medical device industry is likely to emerge as a global powerhouse with a projected market size of $250 billion by 2047, as per the FICCI–DUA Consulting White Paper titled “Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable and Sustainable Medical Device Maintenance Ecosystem.”

As per the paper, India’s medical device sector is valued at around $14 billion at the moment. It is likely to reach $30–50 billion in the next 10 years and $250 billion by 2047. Among various factors on likely to drive growth are rising healthcare demand, increased adoption of advanced medical technologies, and the Centre’s support for indigenous manufacturing, among others. India has made progress over the years due to various initiatives which include the Production Linked Incentive (PLI) Scheme and the strengthening of the Medical Devices Industry Scheme.