For this, the country needs to strengthen its domestic component manufacturing and deepen value addition, Secretary, Department of Pharmaceuticals, Manoj Joshi, said.
The medical devices sector needs to be viewed from both healthcare and industry perspective, he said addressing the ‘India Medical Device 2026‘ event, organised by industry body FICCI in the capital.
“India must move beyond the import substitution approach and build an export-oriented industry that serves global markets. While the Indian medical devices market is valued at around USD 16 billion, the global market exceeds USD 600 billion, offering immense opportunities for Indian manufacturers,” he noted.
To realise this potential, Joshi said,”It is essential to strengthen domestic component manufacturing, deepen value addition, facilitate seamless cross-border movement of components and products, integrate India into global value chains, and foster stronger partnerships between startups and large industries so that innovations can successfully reach the market.”
While healthcare providers focus on access to quality devices irrespective of their origin, domestic manufacturing is critical to generate employment, strengthen industry capabilities, and ensure supply chain resilience especially during global disruptions, Joshi noted.
Speaking at the event, Drugs Controller General of India (DCGI) Rajeev Singh Raghuvanshi said India’s medical devices sector is undergoing a fundamental transformation from an import-driven market to a domestic manufacturing-led ecosystem.
There is a need to strengthen indigenous capabilities in high-end medical devices and ‘in vitro’ diagnostics, while ensuring faster, transparent and predictable regulatory approvals, he said.