India's medical device industry is projected to grow from its current valuation of approximately $14 billion to $250 billion by 2047, according to a FICCI-DUA Consulting White Paper titled 'Service and Maintenance of Medical Equipment in Indian Healthcare – Towards a Safe, Reliable and Sustainable Medical Device Maintenance Ecosystem'. The report was released during the 9th edition of 'India Medical Device 2026' organized by the Department of Pharmaceuticals in association with FICCI.
The growth trajectory anticipates the sector reaching $30-50 billion within this decade before achieving the $250 billion milestone by 2047. This expansion is expected to be driven by rising healthcare demand, increased adoption of advanced medical technologies, government support for indigenous manufacturing, and India's ambition to become a global MedTech hub. Significant progress has already been made through government initiatives including the Production Linked Incentive (PLI) Scheme and the Strengthening of Medical Devices Industry Scheme, which have enhanced domestic manufacturing capabilities and improved global competitiveness.
The report emphasizes that sustained growth depends not only on manufacturing but also on creating a world-class ecosystem for servicing, maintenance, calibration, and lifecycle management of medical equipment. Medical equipment forms the backbone of modern healthcare, supporting diagnosis, emergency response, surgeries, and advanced treatment. Proper maintenance improves patient safety, enhances clinical effectiveness, reduces equipment downtime, extends equipment life, and optimizes healthcare investments.
To address these needs, the White Paper proposes a risk-tiered hybrid maintenance framework anchored in the Central Drugs Standard Control Organisation (CDSCO) device classification system. Key recommendations include developing maintenance protocols based on device risk categories, creating a national certification architecture for service engineers, strengthening technical training, encouraging commercial model innovation, and rationalizing the fiscal framework to promote compliant maintenance practices. The report also advocates for wider adoption of digital technologies including predictive maintenance, digital monitoring, and lifecycle management systems to improve equipment reliability and minimize downtime.
The report presents a comprehensive roadmap for creating a safe, transparent, and sustainable medical equipment maintenance ecosystem to support the industry's projected growth.