Government Initiatives Boost Domestic Manufacturing, Target $250 Billion MedTech Market

India's ambition to become a global MedTech hub is gaining momentum, according to a recent consultancy report presented at the India Medical Device 2026 conference. The report estimates that the medical device industry, valued at $14 billion today, could reach $30‑50 billion by the decade's end and soar to $250 billion by 2047.

Policy measures such as the Production‑Linked Incentive (PLI) scheme and the Medical Device Industry Strengthening Plan have significantly increased domestic manufacturing capacity, positioning India as a competitive player on the world stage.

Beyond manufacturing, the study underscores the importance of establishing a world‑class ecosystem for servicing, calibration, and lifecycle management of medical equipment. Proper maintenance not only safeguards patient safety but also reduces downtime, enhances equipment performance, and ensures optimal utilization of healthcare spending.

To achieve these goals, the report proposes a risk‑based mixed maintenance framework aligned with the Central Drugs Standard Control Organization's classification, a national certification system for service engineers, intensified technical training, innovative service‑oriented business models, and more practical financing structures for maintenance.

Embracing predictive maintenance, digital monitoring, and comprehensive lifecycle management technologies is recommended to improve device reliability, shorten failure periods, and extend the useful life of medical assets.