India's medical devices industry is projected to reach USD 50.1 billion by 2030, registering a CAGR of 26.9 per cent from the current valuation of USD 15.2 billion in 2025, said a report by Rubix Data Sciences on Wednesday.

Currently, India ranks the fourth-largest medical devices market in Asia and among the top 20 globally. According to the report, growth is being propelled by government initiatives such as National Medical Devices Policy (NMDP), Production-Linked Incentive (PLI) Scheme, Scheme for Promotion of Medical Devices Parks, and MedTech Mitra.