Medical Devices Industry in India

India’s medical devices industry brings together manufacturers of instruments, consumables, implants, diagnostic equipment and optical products used across clinical care.

Top medical devices companies in India (listed and private)

Frequently asked questions

How large is the medical devices industry in India?

604 medical devices companies with statutory filings (10 listed, 594 private) reported combined revenue of ₹61,217 crore in FY2025, +12.8% on the same companies, and aggregate EBITDA of ₹10,476 crore. As filed each year, combined revenue was ₹16,257 crore in FY2018, reached ₹61,217 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 6 listed companies with an exchange price are worth ₹1.28 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Improving. The aggregate EBITDA margin of medical devices companies was 17.1% in FY2025, 0.9 pts above FY2024, the highest in the period. Profit after tax margin was 8.3% (+0.7 pts on FY2024). Aggregate EBITDA of listed and private medical devices companies moved +76% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹10,476 crore (+16.7% on FY2024).

Which companies are leading the medical devices industry?

By FY2025 revenue the largest medical devices companies are Wipro Ge Healthcare (₹8,075 crore, 14.2% EBITDA margin, private); Lenskart (₹6,653 crore, 20.0% EBITDA margin); Matrix Pharmacorp (₹4,405 crore, 21.3% EBITDA margin, private); India Medtronic (₹2,639 crore, 8.9% EBITDA margin, private); IOL Chemicals and Pharmaceuticals (₹2,079 crore, 10.8% EBITDA margin). Among the ten largest, Poly Medicure (32.5%) and Molbio Diagnostics (26.4%) earn the widest EBITDA margins and ST Jude Medical India (6.5%) the thinnest. 21 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Stock and public markets carried 8.7% of medical devices stories in 2025-06 to 2026-05, up 4.3 pts (+96%) on the prior 12 months; net tone +84 vs +70 for all medical devices stories. In buyer searches: Search interest in implants, orthopaedics & mobility queries (orthopedic implants) was +152% in the 12 months to 2026-09 vs the prior 12, led by “orthopedic implants” (+152%), followed by dental equipment & implants (+20%); medical device prices & suppliers moved -29%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Medical Devices EBITDA grew 76% since FY2022 (Industry financials). 11 private medical devices manufacturers pass an IPO-readiness screen (Top medical devices companies in India). Stock and public markets is gaining the most ground in medical devices news (Medical Devices in the news). Implants, orthopaedics & mobility searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 26.4× and median P/E 56.5× across 6 priced medical devices companies. (Market capitalisation & valuation).

How are medical devices stocks valued?

The median trailing P/E is 56.5× and the median EV/EBITDA 26.4× across 6 priced companies.

What does the medical devices industry make?

It makes instruments, consumables, implants, diagnostic equipment and optical products used in clinical settings.

What matters when assessing a medical device manufacturer?

Useful signals include product focus, manufacturing capability, quality processes, distribution reach and the markets served.

Research information, not investment advice.