The medical technology sector in India is witnessing rapid transformation, largely driven by supportive government initiatives aimed at strengthening domestic manufacturing and innovation.
Key policies such as the National Medical Devices Policy (2023) and the Production-Linked Incentive (PLI) scheme are designed to make the sector more competitive, self-reliant, and resilient. These reforms are expected to fuel significant growth, with the market projected to expand from Rs. 90,000 crore in 2020 to nearly Rs. 4,41,000 crore by 2030.
India’s presence in the global medical devices landscape is also gaining momentum. The country currently ranks as the fourth-largest market in Asia, after Japan, China, and South Korea, and is among the top 20 medical device markets worldwide. With targeted policies and increasing innovation, India is aiming to secure a 10-12% share of the global market within the next 25 years, highlighting its growing importance in the healthcare industry
Government Initiatives
The Government of India introduced the Production Linked Incentive (PLI) scheme for the domestic manufacturing of medical devices in 2020, with a significant capital allocation of Rs. 3,420 crore. This initiative was designed to encourage local production and position India as a competitive hub for medical device manufacturing.
Spanning from FY 2022-23 to FY 2026-27, the scheme aims to strengthen homegrown capabilities, reduce reliance on imports, and attract large-scale investments into the sector. Eligible manufacturers receive a 5% incentive for five consecutive years on incremental sales of specified medical devices. The policy also emphasizes regulatory simplification, infrastructure development, greater R&D support, investment facilitation, and the creation of skilled human resources.
By March 2025, a total of 21 projects approved under the PLI scheme had begun commercial production, covering 54 distinct types of medical devices. These include advanced equipment such as MRI machines, CT scanners, dialyzers, and heart valves, marking significant progress in strengthening India’s medical manufacturing ecosystem.
In the same month, Zydus Lifesciences, based in Ahmedabad, announced its plan to acquire an 85.6% stake in France’s Amplitude Surgical. Known primarily for its generic drug business, the company aims to diversify into medical devices and technology through this acquisition, thereby expanding its presence in the global market. Against this backdrop, we now turn to examine three Indian medical device companies thriving under the favorable policy measures of the central government.
1. Poly Medicure
Poly Medicure is a leading India-based manufacturer and exporter of medical devices, specializing in IV cannulas, blood bags, collection tubes, and infusion sets. Investing 2% of revenues in R&D across cardiology, oncology, and renal care, the company is expanding globally with three new manufacturing units set to begin operations by 2026.
With a market capitalisation of Rs. 19,960 crores, it rose to Rs. 1,977, hitting a high of up to 1.23 percent from its previous closing price of Rs. 1,952.90. The company reported revenue of Rs. 403 crore in Q1FY26, up 5% YoY from Rs. 385 crore but down 9% QoQ from Rs. 441 crore, while profit rose 26% YoY to Rs. 93 crore versus Rs. 74 crore and was broadly stable QoQ against Rs. 92 crore. Over the past three years, profit CAGR stood at 33%, sales CAGR at 22%, and ROE CAGR at 16%.
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2. Fischer Medical Ventures
Fischer Medical Ventures, headquartered in Chennai, specializes in innovative medical imaging equipment, particularly MRI scanners, with manufacturing facilities at the Andhra Pradesh MedTech Zone. Through its subsidiary Time Medical, it became the first Indian company to indigenously produce FDA and CE-approved MRI systems, and is also expanding into affordable CT scans and X-ray machines in collaboration with Edusoft.
With a market capitalisation of Rs. 7,432 crores, it fell to Rs. 114.30, hitting a low of up to 0.61 percent from its previous closing price of Rs. 115. The company posted revenue of Rs. 23.44 crore in Q1FY26, up 132% YoY from Rs. 10.12 crore but down 52% QoQ from Rs. 49.17 crore, while profit came in at Rs. 5.01 crore versus a loss of Rs. 0.12 crore in Q1FY25 and a 282% QoQ jump from Rs. 1.31 crore in Q4FY25.
3. Laxmi Dental
Laxmi Dental, founded in 2004, is India’s only end-to-end integrated dental products company, offering clear aligners, thermoforming sheets, paediatric dental products, crowns, bridges, and dentures. With its advanced Illusion Dental Lab and FDA-approved Illusion Aligners, the company is expanding globally while strengthening its portfolio through AI-driven dental imaging and diagnostic tools.
With a market capitalisation of Rs. 1,848 crores, it fell to Rs. 333, hitting a low of up to 2.08 percent from its previous closing price of Rs. 340.10. The company recorded revenue of Rs. 65.60 crore in Q1FY26, up 10% YoY from Rs. 59.67 crore and 8% QoQ from Rs. 60.67 crore, while profit stood at Rs. 8.33 crore, down 51% YoY from Rs. 16.85 crore but nearly doubled QoQ from Rs. 4.27 crore. Over three years, profit CAGR was 71%, sales CAGR 20%, and ROE CAGR 33%.
Written By Fazal Ul Vahab C H
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