India among Asia-Pacific medtech markets driving next phase of global growth: Bain report

Medtech companies across the Asia-Pacific region, including those in India, are developing products and expanding beyond their home markets. However, many companies continue to face challenges in achieving global scale, according to a report by Bain & Company, developed in partnership with the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore (EnterpriseSG), J.P. Morgan, SG Growth Capital and the Singapore Economic Development Board (EDB).

The report, Building Global Champions: The Asia-Pacific Region’s Next Medtech Wave, states that Asia-Pacific, including high-growth markets such as India, is becoming one of the world’s largest demand centres for medical technology. The region’s share of global medtech demand is projected to reach $132 billion by 2030, growing at an annual rate of 6.9 per cent, faster than the global market.

According to the report, the next phase of growth for Asia-Pacific’s medtech sector will depend not only on innovation but also on strengthening capabilities in clinical evidence generation, regulatory strategy, commercialisation and market access.

The report identifies India as Asia-Pacific’s “access-led innovator”, noting that solutions developed for resource-constrained healthcare settings are gaining acceptance in global markets. It adds that India’s medical device exports reached US$4 billion in FY2025, demonstrating that affordability and scalability can support global competitiveness.

“India’s medtech ecosystem is approaching an inflection point. As the country moves towards becoming the world’s third-largest economy, healthcare demand is expected to grow to over $320 billion in the next couple of years at a ~10-12 per cent CAGR, creating strong momentum for medical technologies. This underpins a $35 billion medtech opportunity by 2030, with medical device exports expected to grow at over 20 per cent CAGR through 2030 to $8 billion. The next phase of growth, however, will be defined not just by manufacturing scale, but by India’s ability to build globally competitive innovation through stronger clinical evidence, regulatory capabilities and commercialisation,” said Dhruv Sukhrani, Partner and Head of Bain & Company’s Healthcare & Life Sciences practice in India.

Kevin Chang, Head of Bain & Company’s Healthcare & Life Sciences practice in Greater China, said, “For a long time, Asia-Pacific’s role in medtech was largely defined by manufacturing excellence, adaptation and execution. Now, we are entering a different phase of development. The region is no longer simply a market for innovation – it is increasingly becoming a source of it. The next decade will be defined by how effectively companies convert that innovation into enduring global businesses.”

The report states that while Asia-Pacific companies have advantages, only a limited number have launched commercially viable products at a global scale. It identifies five structural areas that present opportunities to strengthen the region’s ability to scale internationally.

According to the report, funding remains concentrated at either end of the investment spectrum. Venture capital data for 2025 shows Seed and Series A funding totalled $2.2 billion across 124 rounds, while only 10 per cent, or $2.3 billion, of Asia-Pacific buyout value was attributed to medtech deals. Most funding was directed towards established platforms, leaving many emerging companies with limited access to growth capital.

The report also identifies limited access to professionals experienced in global regulatory pathways, international clinical trials and quality systems as a challenge for companies seeking expansion into international markets.

It further notes that delayed global filing strategies and gaps in patent protection can limit licensing, partnership and acquisition opportunities. Companies also need stronger commercialisation capabilities, market-entry support, distribution infrastructure and key opinion leader networks to compete outside their domestic markets.

The report adds that regulatory approval alone is insufficient for commercial success, with companies increasingly requiring clinical and health-economic evidence to support adoption, reimbursement and revenue generation.

Sukhrani said, “India’s medtech ecosystem is gaining strategic importance among investors, with medtech’s share of healthcare investment increasing from less than 10 per cent prior to 2024 to 15-20 per cent over 2024 and 2025, underscoring growing confidence as the sector shifts towards higher-value innovation. As India expands beyond basic medical devices into more advanced technologies, the opportunity now is to channel this momentum into building globally scalable businesses that can compete across international markets.”

Despite these challenges, the report notes that Asia-Pacific is strengthening regulatory systems, expanding clinical capabilities and increasing access to capital. It states that innovation ecosystems across the region are creating conditions for more companies to compete internationally.

According to the report, Japan and Australia have led the region in product development over the past two decades through regulatory systems and clinical infrastructure. It adds that China and India have progressed beyond volume manufacturing and incremental adaptation, South Korea has expanded software-driven medtech innovation, while Singapore has strengthened its role in clinical translation and productisation.

The report states that ageing populations, the growing burden of chronic diseases and healthcare workforce shortages are creating further opportunities for medtech innovation across the region.

Jolene Ooi, Partner, Healthcare, EDBI, the investment arm of SG Growth Capital and the investment platform of EDB and EnterpriseSG, said, “Asia-Pacific’s medtech ecosystem is reaching a new stage of innovation and capability, creating greater opportunities for cross-border growth and global success. At EDBI, we are committed to anchoring globally competitive businesses in Singapore. Our role goes beyond capital. We combine deep sector expertise with hands-on value creation to connect high-value companies with world-class talent, clinical networks and strategic partners, enabling them to scale from Singapore to global markets.”

Amy Tan, Asia Pacific Head of Tech and Innovation Economy, Global Corporate Banking at J.P. Morgan, said: “We are committed to empowering Medtech entrepreneurs as we support them in transforming global healthcare through the scale, network, and capital of the J.P. Morgan Innovation Economy.”

The report highlights opportunities for multinational corporations to partner with, invest in and co-develop innovations originating from Asia-Pacific. It states that emerging medtech companies will need to strengthen clinical, regulatory and commercial capabilities alongside product development, while governments, investors, development agencies, academic institutions and incubators will need to support infrastructure that enables innovations to progress from concept to commercialisation.

Ms Irene Cheong, Assistant Chief Executive (Innovation & Enterprise) at ASTAR, said, “Asia-Pacific is emerging as a significant source of medtech innovation, and Singapore’s strengths in clinical translation and productisation position us well to support this shift. At ASTAR, we translate research into globally investible technologies, enabled by strong talent and commercialisation platforms that accelerate ventures through productisation, regulatory approval, reimbursement and market adoption. These efforts help more innovations progress from lab to market to bring benefit to patients globally.”

According to the report, Asia-Pacific’s ability, including markets such as India, to produce global medtech companies will depend on how stakeholders address the structural gaps between innovation and commercialisation. It adds that investments made over the next 24 months will determine the region’s position in the global medtech market and could support its emergence as a leading exporter of medical innovation by 2030.