Medical Devices Industry & Innovations in India

India is proving its capabilities in medical care services globally through its innovations in medical devices and has become one of the top countries providing innovative medical devices at an affordable price worldwide. All the researchers, medical device innovators, and the government with their schemes and incentives for innovation have made India one of the top global leaders in the medical sector.

Global collaborations and their innovative ideas have also contributed to the medical services success in India. Some of the most successful global collaborations with joint ventures such as GE HealthCare and Wipro are known for the manufacturing of their innovative devices, Philips is known for their made-in-India ultrasound and C-arms, etc. are some of the successful global collaborators who have contributed to the global success of the Indian medical services.

Role Of India In Global Medical Device Innovation:

A WHO study in 2024 revealed that 95% of the medical devices that are being utilized in the developing countries such as India are being imported from the developed countries. In 2022 80% of the medical devices were imported in India, which caused a heavy pricing of infrastructure and lack of domestic maintenance for the devices. This led to the emergence of medical device manufacturing in India itself, to reduce the financial infrastructure costs of import to promote innovation in India itself which made India the fourth greatest medical device market in Asia.

Some of the renowned medical research institutions that have contributed to the developing medicinal infrastructure of India are the Mayo Clinic which has contributed with its AI innovations and Houston Methodist which has contributed with its robotic medicines and telemedicine research.

Expansion Of Innovative Medical Device Market In India:

India recorded a global market value of $739.6 billion in 2023 and is likely to reach $1.3 trillion by the year 2029 with a CAGR of 9.8%. Some of the major factors such as aging populations, innovation advancements, emerging chronic diseases, and the urge for their treatment, etc. have resulted in the global Indian medical devices industry expansion.

India’s Innovations In Medical Devices:

India is witnessing many advances in medical devices such as diagnostics, implants, surgical instruments, etc.
The therapeutic department is mainly focusing on the new research and developments which is supported by the Technology Development Board (TDB).
The TDB holds the responsibility for the progression of innovative medical devices start-ups and companies.
Over the years TDB has supported and made many medical devices successful such as: - 3D-Printing: These machines of 3D Printing have evolved to design person-specific medical devices according to their requirements; for example, they design the implants according to the required size.
- Healthcare Devices for Home: Modern-era innovations in medical technology have evolved medical devices for monitoring medical conditions at home such as glucometers, blood pressure machines, etc.
- Diagnostic Imaging: AI-driven imaging technologies such as MRI and CT scan have developed precision in the diagnostic procedures.
- Wearable Technology: There have come into existence many wearable health tracker devices such as smartwatches, glucose monitoring devices, heartbeats tracker, blood pressure tracker, etc.
- Artificial Intelligence Devices: AI-driven devices are helping a lot in the medical care sector with diagnostic procedures by predicting the outcomes of symptoms in advance, providing the prediction for other expected symptoms, etc.,

Government Schemes In India Supporting Medical Device Innovations:

The government of India has taken initiative by launching many government schemes to promote and support medical device innovations to eradicate the dependency of the country on other foreign countries for the advance medical devices and to provide an economic user-friendly medical device for the diagnostic and therapeutic purpose in India.

Below are some of the government initiatives in India:

1. Make in India:

Make in India is a general initiative launched by the Prime minister in September 2014 aiming to transfer India into an innovative manufacturing hub. It supported many manufacturing domains in which one of them was “medical devices”

This initiative aimed at increasing the GDP from 18% to 25% and to create 10 million additional jobs by the year 2022.

Under this scheme the government financially supported many medical devices companies as it provided 5% incentive on incremental sale.

This government scheme has witnessed a growth of GDP by 7% annually.

2. Production Linked Incentive Scheme:

The production-linked incentive scheme is one other initiative of the Indian government which was launched in March 2020 to provide financial incentives to strengthen the domestic manufacturing companies of the latest medical devices in India.

The scheme is implemented till the year 2028.

The initiative targets various medical device domains such as Radiotherapy and Imaging devices, Anesthetics & Cardio-Respiratory medical devices and implantable medical devices.

As this scheme is ongoing one can avail this government scheme by checking their eligibility and filling in the application form on the official page of TDB.

For more information regarding the achievements this scheme has witnessed you can visit the official pharma-dept page.

3. Call for proposal:

This initiative is to promote the advancing medical technology in India.

It takes in application for the commercialization and development of medical devices and related components.

Call for proposal provides financial assistance to the Indian companies for financial commercialization.

A loan with 5% Simple Annual Interest is provided to eligible companies

This scheme is only for the Indian companies and start-ups with recognition certificate from the DPIIT.

Call for proposal mainly focuses on the domains of diagnostic and imaging devices, regenerative devices, therapeutic and prosthetic devices and medical equipment.

To avail this scheme candidates had filled in the application form on the online portal of TDB.

The TDB had taken in application till 21st February 2025.

Top Medical Devices Companies In India:

Some of the leading innovative medical devices companies in India are as follows:

Poly Medicure Limited:

It is one of the major Indian device firms expanding with innovation, quality and safety in their medical devices.

They provide 120 different devices across 100 countries.

From six years they have been known as the biggest exported of medical devices in India.

Nureca:

Nureca is the best hospital equipment manufacturers in India manufacturing more than 150 products.

They have achieved success in providing better diagnostics and treatment to over 5 million patients with their digital medical devices.

Nureca aims at manufacturing innovative digital medical devices that help in early diagnosis and effective treatment.

Prevest DenPro Limited:

Prevest DenPro is a proven innovative company established in 2000 in the state of Jammu.

This company is now established in Germany and UK too along with India.

It is best known for its dental devices globally.

This company has proven its talent and innovation by receiving many awards by European Business Association for "Best Enterprise," the Indian Dental Association for "Best Indian Dental Manufacturer," the Federation of Indian Exporters Organization for "Top Exporter," and the Ministry of Commerce of the Government of India for "Star Export House.

There are many other such companies who have proven their innovative skills in the manufacturing of medical devices such as GKB Ophthalmics Private Limited, Adeshwar Meditex Private Limited, Earum Pharmaceuticals Private Limited, etc.

Top Diagnostic Medical Devices Companies In India:

In the recent years India has witnessed tremendous growth in the diagnostic devices, of which some of their companies are described below:

1.Niramai Health Analytix:

Geetha Manjunath and Nidhi Mathur established this company in the year 2016

This company provides real time AI diagnostics and screening to detect breast cancer and treat them.

It is known for its AI diagnostic platform, Thermalytix which is used for the early detection of breast cancer.

2. Qure.ai:

Qure.ai utilizes deep learning technology for the analysis of medical images. Upon analyzation it helps to detect abnormalities.

It can scan images such as CT scan of brain quantifying the tumor size and other minor abnormalities.

Qure.ai is founded by Geetha Manjunath and Nidhi Mathur in 2016.

3. Sigtuple:

Rohit Pandey Apurv Anand and Tathagato Dastidar established Sigtuple in the year 2015.

This innovative startup provides an AI based mechanism for the detection of irregularities in medical data.

Their AI model Shonit works as an analyzer that helps in the blood smear screening for detection of diseases such as malaria, leukemia, anemia,etc.

There are many such innovative companies of medical devices in India such as Vijay diagnostic center, ChironX,Artivatic, Alchem diagnostic, etc.

India’s Strategy As Global Healthcare Leader:

Thus, we can conclude that India on witnessing the lack of medical devices innovation has supported and promoted many domestic manufacturers and their innovation making India a leading medical device hub globally. There are many therapeutic contributors who are bringing unimaginable innovations into medical devices through their research and development. India is mainly focusing to build strong roots by expertizing in AI technology for medical devices.

How India Competes in the Global Medical Device Market:

India competes in the global market for medical devices by strategizing the following key points:

Production of low-cost devices:

India is the largest market producing medical devices at very efficient affordable prices because of the skilled labor, great research, and development in India. By providing devices at such efficient ranges worldwide, India has become one of the top providers of devices globally.

Implementing government schemes to support innovation:

The implementation of various government schemes such as Make in India. PLI, Call for Proposal, etc. have supported the innovators in India in bringing out their best innovations and making India stand among the top global leaders.

Expansion Of the Export Of Medical Device Market In India:

India has witnessed an export of $ 2.9 Billion worth of medical devices in the year 2023-24 and with every passing day there is an increasing demand for the Indian manufactured medical devices in the foreign countries due to their affordability and efficiency.

Development of innovation on a broader scale:

The recent development of AI-based devices, wearable devices, and new innovative solutions has increased the demand for Indian medical devices worldwide.

Innovation Challenges For New Medical Devices in India:

The latest medical device innovations in India face a lot of challenges such as:

Every innovative new medical device in India needs to follow the regulatory procedures to enter the market which can be time-consuming and hectic.
The AI-driven devices have a risk of cybersecurity associated with them, which gets sometimes very challenging to handle as it has all the patient data which is confidential.

Conclusion:

Thus, we can conclude that India has led to tremendous success with the latest medical device innovations in India and is expected to take the highest lead in the global market with its innovative products.

We at Artixio, assist you with the regulatory procedures for the registration of your innovative medical devices or to help you avail various schemes your device is eligible for. So, contact Artixio today!

FAQs:

Which are the Indian government initiatives to promote innovation in medical devices?

There are certain government initiatives such as “Make in India" and "Atmanirbhar Bharat" which promote domestic manufacturing and innovations of medical devices.

What role do the Indian medical device manufacturers play in the global supply chain?

The Indian manufacturers play a vital role in the global supply chain by providing cost effective affordable medical devices globally.

What are some of the challenges faced by India in the development of medical devices?

The medical devices face some challenges in India such as need for better infrastructure, regulatory compliance hurdles, etc.