India's Medical Device Industry Projected to Reach $250 Billion by 2047: FICCI-DUA Consulting Report; AI in MedTech Knowledge Paper Released

India's medical device industry is projected to reach a market size of $250 billion by 2047, according to the FICCI-DUA Consulting White Paper on ‘Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable and Sustainable Medical Device Maintenance Ecosystem’.  

The White Paper, released during the inaugural session of the 9th edition of ‘India Medical Device 2026’, organised by the Department of Pharmaceuticals in association with FICCI, states that the sector, currently valued at around $14 billion, is projected to reach $30-50 billion within this decade and $250 billion by 2047. Rising healthcare demand, increased adoption of advanced medical technologies, government support for indigenous manufacturing, and the country's ambition to become a global MedTech hub are identified as factors expected to drive the growth.  

The report notes that India has made progress through the Production Linked Incentive (PLI) Scheme and the Strengthening of Medical Devices Industry Scheme, which have enhanced domestic manufacturing capabilities and improved global competitiveness. It states that sustained growth will depend not only on manufacturing but also on creatin...