Indian medical device exports have grown from $2 billion to $4 billion in the last 3 years and subsequently, the import growth is deaccelerating. “There is a huge opportunity because of this production-linked incentive (PLI) scheme which came in, regulations and new medtech parks,” said Himanshu Baid, MD of the company.
More than 3000 medical device licenses have been given to companies to manufacture products in India since the industry was regulated. So, it is a big uptake in manufacturing in the country.
“I see exports growing maybe around 15-20% compounded annual growth rate (CAGR) for next 5-6 years, because a lot of manufacturing has started, and there is going to be a ripple effect for the local market as well as for export markets,” he said.
The new administration in the US will look at China very closely, and there are some tariffs coming on Chinese products already. Some have been announced, and some are going to come in the course of time.
If India gets reciprocal tariffs, even if it comes, the customs duty in India is pretty low right now on the import of medical devices, between 7.5% and 10%. So even if Indian products are taxed in the US, it is not going to be very high. We have a lot of potential going forward.
“We are very bullish about the US in coming years that more outsourcing will come to India in two years,” he said.
Also Read | Poly Medicure eyes growth in interventional cardiology and expansion in key international markets
For 2025-26 (FY26) the company is guiding for $2-3 million of US revenues. However, since the US opportunity is large, the company expects to see $20-30 million
The Indian medical devices sector, valued at $11 billion in FY24, is highly fragmented and predominantly import-driven, with imports accounting for 80% of the total market. Despite this – according to the IIFL Securities report – the industry is poised for significant growth, expected to achieve an 11-12% compound annual growth rate (CAGR) over FY24-28.
Poly Medicure is well-positioned to capitalise on this trend, particularly in the US market, where it anticipates $2-3 million in revenue for FY25.
“Now we are looking at $20-30 million looking at the new opportunities in the next few years,” he said.
Also Read | Indian medtech sector will stay strong over the next 5- 7 years, says Poly Medicure
The company plans to leverage increasing US tariffs on Chinese products and has already commercialised four products approved by the USFDA, with expectations of securing 8-10 additional approvals within the next year.
He anticipates that medical device imports will decrease to $4-5 billion within the next four years, compared to approximately $8 billion last year.
On the contract manufacturing side, things are looking bullish and he expects good traction from the US in the next few months.
The current market capitalisation of ₹26,663.36 crore.
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