India’s orthopaedic and cardiac implant sector, including exports, is projected to reach approximately $4.5 to $5.0 billion by FY28, up from $2.4 to $2.7 billion in FY24, according to CareEdge Ratings. This growth is expected to be driven by rising domestic demand and a gradual expansion in exports.
Foreign multinational corporations (MNCs) continue to hold a significant share of the Indian implant market due to long-established records of safety and efficacy. However, domestic implant manufacturers are increasing their market presence, both within India and in international markets.
CareEdge Ratings noted that the current 7.5 per cent customs duty on most coronary and orthopaedic implant imports means that any future trade agreement with the United States, resulting in tariff reductions, is unlikely to significantly affect the competitiveness of domestic manufacturers. Instead, changes in non-tariff barriers—such as the relaxation of price caps—may have a more pronounced impact on the competitive dynamics between domestic manufacturers and foreign MNCs.
Indian implant manufacturers have grown at a compound annual growth rate (CAGR) of 28 per cent over the four years ending in FY24. This includes a 37 per cent CAGR in exports. In comparison, the sales CAGR for foreign MNCs was 12 per cent during the same period. Growth in sales volume for domestic manufacturers was higher, supported by competitive pricing and increased involvement in government-backed insurance schemes.
The export growth rate for Indian implants has also outpaced imports over the past five to six years, indicating reduced dependence on foreign products. This trend reflects the growing competitiveness of Indian manufacturers in global markets.
Domestic demand is being supported by multiple structural factors, including increasing per capita income, healthcare awareness, an ageing population, expansion in healthcare infrastructure, and higher insurance penetration. These are expected to sustain long-term demand for implants within India.
While exports are increasing, the United States remains a key market due to its size. However, entering the US market presents challenges. Companies must conduct extensive clinical trials that meet US regulatory standards, maintain a local presence, build relationships with hospital procurement systems or group purchasing organisations (GPOs), and offer post-sale support. These requirements represent significant investment and operational complexity.
In India, government-imposed price caps have reshaped the implant market. Although these caps reduced the availability of some premium foreign products, they made implants more affordable and drove higher sales volumes—particularly for domestic manufacturers. For instance, knee implant prices are capped between approximately ₹32,000 and ₹83,000, depending on the type and material. Drug-eluting stents are capped at ₹38,000, and bare metal stents at ₹10,500.
Krunal Modi, Director at CareEdge Ratings, stated, “India’s medical implant sector is on a robust growth trajectory, driven by strong domestic demand and growing exports. India’s implant sector, including exports, is expected to reach ~$4.5 to $5.0 billion by FY28, registering an impressive CAGR of around 15-16 per cent. Additionally, with supportive government policies and a growing healthcare infrastructure, the implant market is advancing towards ‘Atmanirbharta’.”
Akshay Morbiya, Assistant Director at CareEdge Ratings, said, “Continuous innovation, leading to new product development and launches, is key to maintaining growth and profitability. Although the price caps have enhanced affordability and expanded the market size, restrictive price caps for a prolonged period may limit the R&D spending in this segment.”
The analysis suggests that India’s implant market is evolving rapidly, with domestic players becoming more competitive and export-ready. At the same time, regulatory frameworks and government policies will continue to influence the market structure and investment priorities.
