India's Medical Device Industry Projected to Reach $250 Billion by 2047

A joint FICCI‑DUA report released in New Delhi projects that India's medical‑device market, valued at about $14 billion today, will grow to $30‑50 billion within the next decade and could reach $250 billion by 2047. The white paper outlines a roadmap for a safe, transparent and sustainable ecosystem for equipment servicing, maintenance, calibration and lifecycle management. Government initiatives such as the Production Linked Incentive (PLI) Scheme and the Medical Devices Industry Scheme are cited as key drivers of domestic manufacturing capacity and global competitiveness.

The report stresses that reliable maintenance improves patient safety, clinical effectiveness and equipment uptime, and proposes a risk‑tiered hybrid maintenance framework anchored to the Central Drugs Standard Control Organisation (CDSCO) device classification. It also calls for a national certification architecture for service engineers to ensure high‑quality servicing across the sector.