India’s medical implant market to hit $5 bn by FY28

Shrankhla Verma | May 20, 2025

India’s orthopaedic and cardiac implant sector is witnessing rapid growth, fueled by rising demand, improving healthcare access, and strong domestic manufacturing. With the market expected to nearly double by FY28, the industry is evolving into a key pillar of India’s medical technology.

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Image credit: Pixabay

India’s orthopaedic and cardiac implant industry is on track to reach a market size of US$ 4.5 to 5 billion by 2027-28, according to a report by CareEdge Ratings. This projection nearly doubles the current market, which stands between US$ 2.4 to 2.7 billion (including exports) as of FY24. The strong growth is fueled by rising domestic demand and a steady increase in exports.

Several key factors are driving this expansion. These include rising per capita income, greater awareness around healthcare, an aging population, the growth of healthcare infrastructure, and wider insurance coverage across the country.

Domestic manufacturers are playing a bigger role in this sector. In recent years, they have outpaced foreign multinational companies (MNCs) in terms of growth, thanks to their cost-effective offerings and growing reputation for safety and effectiveness. While MNCs still dominate the Indian market—mainly by importing and selling implants—their growth has been comparatively slower.

The implant business is technology-intensive. It requires advanced manufacturing capabilities, a proven safety track record, and a strong distribution and post-sales support system. This has traditionally given foreign MNCs an edge. However, Indian companies are now bridging the gap.

Between FY20 and FY24, domestic manufacturers achieved a compound annual growth rate (CAGR) of 28%, with exports alone growing at a CAGR of 37%. In contrast, MNCs posted a 12% CAGR during the same period. Volume-wise, Indian manufacturers performed even better, driven by competitive pricing and greater participation in government-backed health insurance schemes.

Indian firms are not only making strides at home but also entering international markets. Their improving track record and focus on affordability are helping them compete with global players.

The sector’s growth has also caught the attention of large pharmaceutical companies. Firms like Zydus Lifesciences and Alkem Laboratories have announced investments in the manufacturing and distribution of medical implants, reflecting growing confidence in the segment. Krunal Modi, Director at CareEdge Ratings, noted that India’s implant market is moving confidently toward self-reliance (Atmanirbharta). He highlighted the role of favorable government policies and a rapidly expanding healthcare ecosystem in supporting this upward trend.

However, the report also urges caution. It points to challenges like trade and tariff uncertainties, price caps, regulatory pressures, and potential patent disputes, which could affect the sector’s pace of growth.

Despite these concerns, the outlook remains highly positive. With rising demand, increasing exports, and stronger domestic capabilities, India’s medical implant sector is set for a major transformation over the next few years.

India’s medical implant market to hit $5 bn by FY28

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India’s medical implant market to hit $5 bn by FY28

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