India must move beyond import substitution, build export-oriented medical device industry to tap $600 bn global market, says pharma secretaryNEW DELHI: The domestic medical device industry needs to strengthen component manufacturing, promote innovation in advanced technologies and build a supply chain ecosystem to cater to a $600 bn global market.“India must move beyond the import substitution approach and build an export-oriented industry that serves global markets. While the Indian medical devices market is valued at around $16 billion, the global market exceeds $600 billion, offering immense opportunities for Indian manufacturers. To realise this potential, it is essential to strengthen domestic component manufacturing, deepen value addition, facilitate seamless cross-border movement of components and products, integrate India into global value chains, and foster stronger partnerships between startups and large industries so that innovations can successfully reach the market,” Manoj Joshi, secretary, Department of Pharmaceuticals said at the India Medical Device 2026 here in Delhi on Friday.India has made significant progress in local manufacturing, particularly in consumables, disposables, and the assembly of high-end equipment including diagnostics and imaging systems, he said. There is a need to deepen domestic value addition, strengthen component manufacturing, and continuously enhance quality standards to build globally competitive manufacturing capabilities, he addedRajeev Singh Raghuvanshi, Drugs Controller General of India highlighted the need to strengthen indigenous capabilities in high-end Class C and Class D medical devices and in-vitro diagnostics, while ensuring faster, transparent and predictable regulatory approvals. medical technologies, and continuously enhance quality standards to build globally competitive manufacturing capabilities.