What is the scope of Medical equipment business in India.

The Indian medical equipment market is on the right track to experiencing exponential growth for various reasons. In the future, the market for medical equipment in India is anticipated to grow at an annual growth rate of 8.35% from 2024 to 2029. This seems like a gold mine for those interested in starting a new business, founders of startups, and even owners of mid-level and large businesses. 

Instant Business loans for Startups

Devices and tools used in medicine for surveillance, diagnosis, and medication are called medical equipment. A few examples are ventilators for breathing support, MRI scanners for thorough scans, stethoscopes for ultrasound, and other hospital equipment for imaging. 

In this blog post, we shall understand what keeps this growth going and what is the potential of the business of the medical instruments market in India.

Growth in Medical Equipment Industry

Several significant driving forces continue to spur the Indian medical equipment industry. The National Medical Devices Policy is expected to help India’s medical devices sector market grow to US$ 50 billion by 2030 and achieve a 10-12% global market share over the next 25 years.

This means there is a need to improve the standard of most medical equipment gadgets, hospital equipment, and medical instruments to cover all the complicated diseases and assist doctors in increasing their efficiency in treatment.

In addition, the increasing population base of the middle-income group, combined with improving disposable income, is leading to a change in lifestyle as people become more conscious of their health. This enhances preventative health care and the willingness of this demographic to spend on superior healthcare technologies. 

Government Initiatives in Medical Equipment Manufacturing

In this case, the Indian government is leading the charge in developing the medical equipment industry. To encourage domestic production, the government has allowed 100% FDI under the automatic route. This also injects funds into the economy and introduces new players’ first-world technologies into the market.

The government has continued to support this vision through incentivized policies such as the Make in India campaign, whose main goal is to make India a world-class medical equipment producer. Further, across sectors, it has introduced incentive schemes like the Production Linked Incentive (PLI), which aims to incentivize domestic manufacturing of medical devices.

Here are some noteworthy investments in developing the medical sector by the government: 

  • During the India MedTech Expo in 2023, Union Health Minister Mr Mansukh Mandaviya emphasized that India wants to become a global center for medical technology.

  • Omron Healthcare India intends to concentrate on home healthcare monitoring devices in order to triple its revenue in three to five years.

  • In order to strengthen its R&D capabilities in India, Medtronic is investing Rs. 3,000 crore to develop its Engineering & Innovation Center in Hyderabad.

  • Siemens Healthineers’ Rs. 1,300 crore investment will create a comprehensive campus in Bengaluru to improve precision medicine and healthcare digitization.

  • As of April 2023, Hindustan Syringes & Medical Devices Ltd. had supplied 1.75 billion syringes for the worldwide COVID-19 vaccination campaign, marking a noteworthy milestone.

Also Read:- Business Opportunities for Medical Tourism Business In India

Segments Of Medical Equipment Supplies

The medical equipment industry in India provides many opportunities across various segments of medical equipment supplies. Here’s a glimpse into some of the most promising areas: 

  • Diagnostic Imaging: This segment consequently consists of hospital equipment such as X-ray machines, MRI scanners, and ultrasound equipment. The medical imaging market size was estimated at US$ 39 billion in 2023, and it is expected to grow at a CAGR of 4.9 %  from 2024 to 2030.
  • Medical Consumables and Disposables: This segment includes syringes, needles, catheters, and bandages. It is controlled by regional manufacturers operating largely in India. Thus, it is necessary to state that medical equipment supplies also have huge opportunities for development and improvements, especially considering the growing export potential in the future.

Also Read:- Top Notch Pharmacy Store Business Plan

  • Surgical Instruments and Equipment: As the trend of minimally invasive surgery increases, the use of surgical tools and other related operating instruments will increase. The future appears bright for this segment, as many companies can adapt and provide goods and services to fit the innovative methods of surgeries in today’s world.

Also Read:- How To Start A Medicine Wholesale Business In India

  • Dental Equipment: The dental equipment market is predicted to grow hugely, reflecting increasing consumer awareness of oral health and upliftment in disposable income. This segment holds prospects for companies involved in Dental chairs, X-ray machines, and any other specialized equipment that may be required for the hospital.
  • Patient Monitoring Equipment: This segment includes various products such as ECG machines and ventilators. Technological advancements and increased expenditure on critical care are also expected to propel the increased usage of patient monitoring equipment in the years to come.

Licenses Required For Medical Equipment Business

Here are some Licensing requirements to open a medical instruments business in India: 

  • Medical Device Manufacturing License: Get a Manufacturing License from the Central Drugs Standard Control Organization (CDSCO) if you plan to manufacture medical devices.
  • Medical Device Sales License: To sell medical devices in India, get a sales license from the CDSCO.
  • Local Body Licenses: Local municipal authorities may require licenses from you, depending on the region.
  • Import License: Obtain an import license from the Directorate General of Foreign Trade (DGFT) if you intend to import medical equipment.

Precautions While Opening a Medical Equipment Business

1. Legal Compliance: Verify a thorough comprehension of and conformity to all relevant regulations of this industry.

2. Quality Confirmation: Have strict quality control procedures to guarantee compliance with legal rules.

3. Supplier Checking: Carefully check the references and credibility of suppliers to offer quality equipment.

4. Financial Planning: Arrange the initial capital and look out for other operating expenses effectively. Apply for Business loan for Medical Equipment business.

5. Market Studies: Evaluate market demand, rivalry, and regulatory environment to stay competitive.

MSME loan for Wholesalers


Several factors are contributing to the growth of the medical instruments market in India, including the expanding population, rising disposable income, and government support. These factors create numerous opportunities across various segments, such as diagnostic equipment, dental equipment, surgical instruments, etc., and help to leverage its potential advantages.

Furthermore, rising healthcare costs, a rising need for modern medical instruments, and government regulations that encourage local manufacture and innovations in the healthcare sector make starting a medical equipment business in India highly beneficial.


  1. What are the key challenges faced by the medical equipment industry in India?

Despite the positive results, several problems remain in this industry. Barriers that need to be addressed include the skewed geographical location of healthcare facilities, disproportionate distribution between rural and urban settings, high import taxes for specialized medical equipment and devices, and the scarcity of skilled employees.

Also Read:- What is Excise Tax?

  1. What are some of the upcoming trends in the medical equipment industry?

The growth of telemedicine, the use of artificial intelligence by diagnosticians, and the increasing use of wearable health devices are some of the trends that are likely to revolutionize the medical equipment sector.

  1. How can Indifi Technologies help businesses in the medical equipment sector?

Indifi Technologies realizes how challenging it can be for businesses in the medical equipment trade to manage their financial requirements. Therefore, we offer term loan services for medical equipment businesses.

By indifi

Leave a Reply

Your email address will not be published. Required fields are marked *