India Medical Equipment Market to Reach USD 60.38 billion by 2033, Growing at 8.65% CAGR - IMARC Group

According to IMARC Group's report titled "India Medical Equipment Market Size, Share, Trends and Forecast by Product Type, Application, End User, and Region, 2025-2033", The report offers a comprehensive analysis of the industry, including market share, growth, trends and regional insights.

Short Summary:

The India medical equipment market size reached USD 28.63 billion in 2024. Looking forward, the market is expected to reach USD 60.38 billion by 2033, exhibiting a growth rate (CAGR) of 8.65% during 2025-2033.

The market is driven by rising healthcare demand, increasing prevalence of chronic diseases, and government initiatives to improve healthcare infrastructure. Technological advancements—such as AI and IoT—along with growing awareness of early diagnosis and treatment are further propelling the India medical equipment market share, especially in portable and home-based medical devices.

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Market Overview:

The India medical equipment market is poised for sustained expansion thanks to multiple converging trends. With a base value of USD 28.63 billion in 2024, the market is projected to grow to approximately USD 60.38 billion by 2033, at a CAGR of about 8.65% from 2025-2033.

Growth is being driven by: a sharp rise in chronic disease incidence (diabetes, cardiovascular issues, cancer), expanding healthcare infrastructure across urban and semi-urban India, rising patient awareness of diagnostics and home-care, and technology-enabled devices (smart monitoring, IoT-connected equipment, portable diagnostics). Government programs and incentives to boost manufacturing and localisation of medical equipment are also strengthening market fundamentals.

Analyst Commentary: From an analyst perspective, the Indian medical equipment market is entering a maturity phase where volume growth remains solid but innovation and differentiation will become key. Many players will need to shift from simply supplying devices to offering smarter, connected solutions and service-led models (maintenance, remote monitoring, analytics). Domestic manufacturers who align with policy incentives (local manufacturing, import substitution) and global players who localise offerings for cost-sensitive Indian markets will be well positioned. The path to growth will also depend on improving procurement practices, reimbursement frameworks, and integrating devices into broader care-pathways.

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Scope and Growth Analysis:

• 2024 Market Size: USD 28.63 billion
• 2033 Forecast: USD 60.38 billion
• CAGR (2025–2033): 8.65%

Growth is supported by:

• Covers product types including diagnostic equipment, therapeutic equipment, patient-monitoring devices, surgical equipment and home-healthcare equipment.
• Application areas span cardiology, oncology, orthopaedics, neurology, ophthalmology, gynaecology, and dental among others.
• End-users include hospitals, ambulatory surgical centres, clinics, diagnostic laboratories and home-healthcare settings.
• Growth is driven by demographic shifts: aging population, increasing burden of non-communicable diseases, rising healthcare spending and insurance coverage.
• Infrastructure expansion in tier-2 and tier-3 cities is broadening demand beyond metropolitan markets.
• Technological innovation (AI, IoT, robotics, smart devices) is enhancing device capabilities, enabling remote monitoring and connectivity, leading to a shift from basic hardware to smarter systems.

As working populations grow and lifestyles continue shifting, online food delivery is becoming a daily-need service rather than an occasional luxury.

Key Market Trends:

• Rising demand for portable and home-based medical devices: devices such as portable glucose monitors, blood-pressure cuffs and home nebuliser systems are increasingly adopted.
• Increasing adoption of AI and robotics in medical equipment: AI-powered imaging, pathology analysers, robotic-assisted surgery are gaining traction as healthcare providers seek greater precision and efficiency.
• Growth of remote monitoring and IoT-enabled devices enabling real-time health data sharing, reducing hospital visits and improving care in semi-urban/rural zones.
• Expansion of healthcare infrastructure beyond metro cities: more hospitals, diagnostic labs and clinics are being established in tier-2/3 regions, driving equipment demand.
• Government impetus for local manufacturing and import substitution: establishment of medical-device parks, incentives under “Make in India”, increased focus on self-reliance.
• Rising prevalence of chronic diseases (diabetes, cardiovascular, cancer) increasing demand for diagnostic, therapeutic and monitoring equipment.

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Comprehensive Market Report Highlights & Segmentation Analysis:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India medical equipment market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Product Type Insights:

• Diagnostic Equipment
• Therapeutic Equipment
• Patient Monitoring Devices
• Surgical Equipment
• Home Healthcare Equipment

Application Insights:

• Cardiology
• Orthopaedics
• Neurology
• Oncology
• Gynaecology
• Ophthalmology
• Dental
• Others

End User Insights:

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Home Healthcare Settings
• Diagnostic Laboratories

Regional Insights:

• North India
• South India
• East India
• West India

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-medical-equipment-market

Other key areas covered in the report:

• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

Frequently Asked Questions:

Q1: What is the size of the India medical equipment market in 2024?

A1: The market was valued at approximately USD 28.63 billion in 2024.

Q2: What is the forecast for the India medical equipment market by 2033 and what is the CAGR?

A2: It is projected to reach about USD 60.38 billion by 2033, with a CAGR of roughly 8.65% from 2025-2033.

Q3: What are the main factors driving growth in this market?

A3: Key drivers include rising healthcare demand, increasing prevalence of chronic diseases, infrastructure expansion into non-metro regions, advances in smart medical devices (AI/IoT), and governmental support for manufacturing and healthcare development.

Q4: Which product categories are expected to grow fastest?

A4: Portable and home-based medical devices, AI-enabled diagnostic equipment, patient-monitoring systems, and surgical/therapeutic equipment are showing strong growth trends.

Q5: What are the major challenges for the industry in India?

A5: Challenges include cost constraints in Indian healthcare settings, ensuring device calibration and service support across vast geography, regulatory and approval delays, integration with hospital IT/ecosystem, and managing supply-chain localisation without compromising quality.

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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Updated Date: 17-Dec-2025

Author: Gaurav

Sources: IMARC Group

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