New Delhi, August 7: India’s medical device industry is set to expand rapidly, potentially reaching a market size of $250 billion by 2047. This projection was highlighted in a report released on Friday by FICCI-DUAC Consulting, titled “Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable, and Sustainable Medical Device Maintenance Ecosystem.”
During the inaugural session of the ninth edition of “India Medical Device 2026,” organized by the Department of Pharmaceuticals in collaboration with FICCI, the white paper stated that the current market value of India’s medical device sector, estimated at approximately $14 billion, could grow to between $30 billion and $50 billion by the end of this decade. By 2047, the industry is expected to reach a staggering $250 billion.
The report emphasizes that the increasing demand for healthcare services, rapid adoption of advanced medical technologies, government policies promoting indigenous manufacturing, and the ambition to establish India as a global MedTech hub are key drivers of this sector’s growth.
According to the report, government initiatives such as the Production Linked Incentive (PLI) scheme and the Medical Device Industry Strengthening Scheme have significantly enhanced domestic manufacturing capabilities. These initiatives have also bolstered India’s global competitiveness.
The report stresses that the long-term success of the medical device industry will not solely depend on manufacturing but also on developing world-class systems for servicing, maintenance, calibration, and lifecycle management of medical devices.
It further notes that modern healthcare relies heavily on medical devices for timely disease diagnosis, emergency treatment, surgical procedures, and advanced medical services. Therefore, the true value of these devices extends beyond their purchase; ensuring reliable maintenance throughout their lifecycle is crucial.
Regular and scientific maintenance of medical devices enhances patient safety, improves treatment quality, reduces downtime, extends the devices’ lifespan, and ensures better utilization of investments in the healthcare sector.
To address these challenges, the report recommends a risk-based mixed maintenance framework based on the classification system of the Central Drugs Standard Control Organization (CDSCO).
It suggests developing maintenance protocols according to various risk categories, establishing a national certification system for service engineers, strengthening technical training, promoting innovation in business models, and making the financial framework related to maintenance more practical.
Additionally, the report advocates for the widespread adoption of modern digital technologies such as predictive maintenance, digital monitoring systems, and lifecycle management systems to enhance the reliability of medical devices and reduce downtime.
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