India’s medical devices industry set to triple by 2030
India’s pharmaceutical exports have crossed $28 billion in FY26 up to February, marking a 5.6 per cent growth over the previous year. The sector continues to show resilience despite global challenges, with strong contributions from formulations, vaccines, and Ayush products.
New Delhi: India’s pharmaceutical exports reached over $28 billion up to February in the current financial year, registering a growth of more than 5 per cent compared to the same period last year, a senior government official has said.
Speaking at the inaugural session of the ‘Chintan Shivir: Scaling Up Pharma Exports’, the official highlighted that the growth was led by formulations, biologicals, vaccines, and Ayush products.
“Despite global challenges, pharmaceutical exports have been among the few sectors to maintain growth momentum,” he said, noting that exports from April to February FY26 stood at $28.29 billion — reflecting a 5.6 per cent increase over FY25.
Rajesh Agrawal, Secretary in the Department of Commerce, added that even if the set targets in dollar terms are difficult to achieve, export performance would show growth in rupee terms due to the continued weakening of the Indian currency against the US dollar.
The official recalled that India’s pharmaceutical exports had reached $30.47 billion in FY24–25, marking a year-on-year growth of 9.4 per cent despite global pricing pressures and trade volatility.
India ranks third globally in pharmaceutical production by volume, exporting to over 200 markets worldwide.
More than 60 per cent of India’s pharmaceutical exports are directed towards highly regulated markets, underscoring the industry’s strong compliance and quality standards.
The United States accounts for 34 per cent of exports, followed by Europe at 19 per cent.
Meanwhile, an earlier report by Rubix Industry showed that India’s medical devices industry is projected to reach $50.1 billion by 2030 from $15.2 billion in 2025, at a compound annual growth rate of 26.9 per cent.
The report attributed the growth to government initiatives such as the National Medical Devices Policy, Production‑Linked Incentive Scheme, Scheme for Promotion of Medical Devices Parks, and MedTech Mitra.
The report noted that medical devices exports reached $4.1 billion in FY25 while imports touched $8.6 billion, leaving 70-80 percent of domestic demand being met through imports, particularly for technologically advanced devices.
