India emerging as access-led MedTech innovator, Bain & Co

India’s medical device sector is rapidly evolving from a largely import-dependent market into a regional innovation and export hub, according to Bain & Company’s latest Asia-Pacific MedTech report, “Building Global Champions: The Asia-Pacific Region’s Next MedTech Wave.” The study identifies India as an “access-led innovator,” developing affordable, scalable solutions for resource-constrained healthcare settings that are beginning to gain global acceptance.

Exports of medical devices from India reached about US$4 billion in FY25, with products shipped to more than 125 countries, underscoring the country’s growing role in Asia-Pacific’s MedTech ecosystem. At the same time, imports of high-end medical technologies stood at roughly US$5.5 billion, highlighting a substantial opportunity for local companies to move up the value chain through innovation rather than pure manufacturing scale.

Bain estimates that India’s MedTech opportunity could reach around US$35 billion by 2030, driven by rising healthcare demand and the country’s broader economic expansion. Medical device exports are projected to grow at over 20 per cent CAGR through 2030, potentially doubling to nearly US$8 billion, if domestic players can strengthen capabilities in clinical evidence generation, regulatory strategy and commercialisation.

The report notes that Asia-Pacific’s overall MedTech demand is expected to rise to about US$132 billion by 2030, with India positioned as one of the high-growth markets contributing to this shift in the global demand centre. As Indian companies refine products for affordability and scalability at home, Bain argues that these same solutions can be leveraged to compete internationally, provided firms build robust quality systems and global market access channels.

According to Dhruv Sukhrani, Partner and head of Bain & Company’s Healthcare & Life Sciences practice in India, the next phase of growth “will be defined not just by manufacturing scale but by India’s ability to build globally competitive innovation” backed by stronger clinical data and regulatory capabilities. With the overall healthcare market expected to cross US$320 billion in the coming years, India is increasingly seen as a key contributor to Asia-Pacific’s next MedTech wave and a potential home for future global champions.

For complete report, click.
Bain & Company