12 Best Medical Devices Companies in India 2023

The evolution of medical devices companies in India has proven to be helpful to healthcare providers to detect, diagnose, and treat diseases & ailments.

Along with improving the quality of life, it plays a major part in any country’s economic as well as social development.

The Indian Medical devices and equipment market is currently valued approximately at 8 billion USD and is having a rapid phase of improvement with an increase in growth rate from 12% to 15% CAGR.

It has a CAGR value ranging from around 5% for the global medical equipment industry. India is among the top 20 global medical devices market and the 4th largest in Asia after Japan, China, and South Korea. (Source: IBEF)

Imported products dominate the market by accommodating around 70% of the total available resources. They vary in both their intended use and indications for use.

List of Medical Equipment Manufacturers in India

Medical Devices Companies in India	Year of Estd.	ISIN	Market Value (Cr.)
WIPRO GE PRIVATE HEALTH CARE	1945	INE075A01022	16,720
CENTENNIAL SURGICAL SUTURE Ltd.	1995	INE405H01018	22
CURE SPECTS LASERS Ltd.	1995	INE730B01012	23
JOHARI DIGITAL HEALTHCARE Ltd.	1979	Not Listed	500
MAESTROS MEDLINE SYSTEMS	1972	INE318N01011	33
OPTOCIRCUITS(INDIA) Ltd.	1991	INE808B01016	120
POLY MEDICURE Ltd.	1995	INE205C01021	6,503
BECTON DICKINSON INDIA Ltd.	1897	US0758871091	72.0B
SIEMENS HEALTHCARE DIAGNOSTICS	2015	DE000SHL1006	255
INDIA MEDTRONIC PRIVATE Ltd.	1979	IE00BTN1Y115	673
TRANSASIA BIOMEDICALS	1979	INE321C01018	2.33
HINDUSTAN SYRINGES AND MEDICAL DEVICES	1957	Not Listed	36.5

12 Medical Devices Companies in India

Based on their consumer satisfaction and quality, some of the most reliable and best-rated medical device companies in India are stated here.

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1. Wipro GE Healthcare

Established in the year 1945, Wipro GE Healthcare excelled with its performance in the market giving the best quality equipment and medicines for decades.

The company is the largest among medical devices companies in India providing equipment for imaging agents and radiopharmaceuticals. They have promoted the best drug research and patient monitoring technologies.

The Indian-based Wipro Company collaborated with the south Asian GE unit of health care services. Their total sales revenue and their performance from the year 2015 to 2019 range around 1M USD.

The company has set its footprints in almost all arenas to create a healthier world.

• They use the B1X5 series for diagnosis.
• Vscan extended Poc ultrasound.
• Centricity virtual care division for the management of infected individuals in an isolated and safe environment.
• Automated equipment replacing conventional, slow techniques.

GE Healthcare Facts & Figures

• Market Cap: 16,720 Cr. (2020)
• Y-O-Y Growth: 11%
• R&D Investment: 7,237 Cr. (2020)
• Imaging, Mobile diagnostic, and Monitoring Units Worldwide: 4,000,000 units
• Patients imaged every second: 3
• Wipro ISIN: INE075A01022

It has high employment standards for biomedical service providers and has the best healthcare research hosting history. With complete adherence to six sigma quality products over the decades, their professionals have helped people across the country fight cancer and heart problems.

2. Centennial Surgical Suture Ltd.

Centennial surgical sutures Ltd, established in the year 1995 is an inter alia manufacturer of quality sterile needles, with the state of the art manufacturing and packaging equipment. Its presence in the industry is maintained by skillful, competent staff.

This is the only medical devices companies in India dealing with eye care equipment.

They have grown vast since 1996, spreading to various parts of the country. Centennial Surgical is a listed company with high-profit rates and has met various insolvencies during the course of its journey. The total sales revenue of all of their branches ranges up to 78M USD as per the reports of March 2019. And a reported increase of 4% from 2016 to 2020 in their total financial status.

With their strict quality control paired with care and dedication, they have managed to provide high-quality products. They also assure their potential consistency and determination to make a better place. Automation and machinated treatment have helped them gain the reputation of being one of the most approachable and accessible manufacturers in the country.

Centennial Surgical Suture Ltd. Facts & Figures

• Market Cap: ₹ 22 Cr.
• Current Share Price: ₹ 60.90
• High / Low: ₹ 60.9 / 29.0
• Stock P/E: 21.4
• Book Value: ₹ 79.9 Cr.
• ISIN: INE405H01018

3. Cure Spects Lasers Ltd.

First Gujarati pioneer LASIK surgical company established in the year 1995, they promise high-quality refractive LASIK surgeries for people around the country. Cure Spects has more than 16 years of experience in refractive procedures. With excellence in the field and a record of performing over 85000 LASIK surgeries, they remain the best place for LASER surgeries.

The technology they use was originally imported from European countries for safety purposes and consumer satisfaction. A wide range of defects could be treated effectively by their technologies.

With great performance in LASIK, Epi LASIK, and refractive eye surgeries, they have helped people reduce their dependence on eyeglasses. They are highly transparent with their details and provide sufficient information to the patients.

Cure Spects Facts & Figures

• Market Cap: 23 Cr.
• Y-O-Y Growth: 7%
• Total LASIK Surgeries: 85,000
• Year of Experience: 16 Years
• ISIN: INE730B01012

4. Johari Digital Healthcare Ltd.

Johari Digital is a global Medtech company with 40+ years of expertise in medical device manufacturing. The manufacturing facility is in compliance with MDSAP, ISO 13485:2016, and FDA (21 CFR 820) standards, and processes. Their services range from design to development, electronics, and mechanical engineering, prototyping, system integration, packaging, and supply chain.

Additionally, Johari also helps clients with regulatory and compliance support to quickly take their products to market. Johari caters to its global clients from a 65,000-square-foot, state-of-the-art medical device manufacturing facility in India along with an R&D Center in Europe. Johari’s versatile product development and manufacturing portfolio include innovative life science products, diagnostic devices, and therapeutic devices.

The company provides Contract Manufacturing solutions to global MedTech giants as well as innovative start-ups. The facility is equipped with advanced capabilities to manufacture complex to high-volume products.

5. Maestro’s Medline Systems Private Ltd.

Maestros is India’s leading medical equipment organization with an aim to empower medical professionals across the country. They have specialized experts treating cardiac and gynaec problems with modernized technology without compensation.

Product Portfolio:

1. Patient Monitors
2. Electro Cardiographs
3. Defibrillators
4. Pulse Oximeters
5. Spirometers
6. Fetal Monitors
7. Stress Test Systems

They have good reviews and performance reports among the patients. They use telemedicine software for diagnosis and also provide insightful disease management and treatment in remote locations.

They are highly wanted by critical patient care professionals across the country. They have provided the best treatments and diagnoses since the year of establishment and have enabled opportunities for low-profiled people to get good quality health care services.

Maestro’s Medline Systems Facts & Figures

• Market Cap: 33Cr.
• Current Share Price: ₹75.40
• PE Ratio: 18.24
• Face Value: ₹ 10.0
• ISIN: INE318N01011
• ISO 9000 & ISO 13485 certification

6. Opto Circuits (INDIA) Ltd.

Opto Circuits (INDIA) Ltd. is a multinational medical device company headquartered in Bangalore, India. The stock trade is done publicly on BSE and NSE. They are experts in designing well-equipped medical devices and specialized in critical care providence across the globe.

OCIL runs offices in more than three countries. With their market spread around 150 countries, a wide range of CE-marked products and certified equipment dominate their sales. The Company has been ranked in Forbes’ Asia’s Best 200 companies in the biomedical field.

They reported a consolidated net loss of 7.83 Cr. in the year 2020. They convene board meetings and are constantly online to improve the quality of their services. Its stock percentage increased by 6% last year and has had high-performance reports lately. Total revenue ranges around 65M USD.

Opto Circuits Facts & Figures

• Market Cap: 120 Cr.
• Current Share Price: 4.10
• Sector PE: 65.01
• ISIN: INE808B01016

7. Polymedicure Services Private Ltd.

Polymedicure is envisioned to provide good quality health care to all. Passionate and highly skilled professionals carry the company’s prominent presence in the industry along with their highly equipped infrastructure. With state-of-the-art technologically automated devices, they promise assured satisfaction among the patients.

Poly Medicure manufactures 120+ products with their state-of-the-art methodology in ultra-modern facilities covering over 400,000 square feet of office area. Over a wide area of 100,000 square feet of clean rooms, they emphasize hygiene with their determination.

They have a highly insightful approach toward treatment in Oncology, Respiratory disorders, and infusion therapies. Poly Medicure has been helping people with dialysis for a very long time with their caring environment. With their profit rates increasing by 4% every year, they have crossed many insolvencies in the past years. High calibers set for employment opportunities have made them excel in services.

• Market Cap: ₹ 6,503 Cr.
• Y-O-Y Growth: 14.6%
• Current Share Price: ₹ 652.00
• Dividend Yield: 0.29
• EPS: 12.48
• ISIN: INE205C01021

8. Becton Dickinson Private Ltd.

Becton Dickinson commonly known as BD is among the list of medical device companies in India. It also manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services in certain countries. It has a huge market in India with export and import units spread around the country.

The net income of the group has increased from 722 Million USD to 1044 M USD from the year 2006 to 2019. Formerly, the company had two business segments and now has extended its control over the third. Their employment rate has increased multifold in the last 10 years.

Their business unit has peripheral intervention injective materials and non-surgical syringes. Rated top among the equipment available for cardiac and pulmonary treatment methods, they manage to produce a large number of clinical instruments for hospitals around the world.

Becton Dickinson Facts & Figures

• Market Cap: 72.039B
• NYSE Listed Company
• EPS: 5.26
• PE Ratio: 47.17
• ISIN: US0758871091

9. Siemens Healthcare Diagnostics

Siemens Healthcare is the among newest medical device companies in India that provides digital assistance to people who seek high-quality invasive surgeries. Precision in diagnosis and careful delivery of treatment have made their status exquisite in the Industry. It possesses highly specialized professionals in labs and molecular science with proper transparency in its working process.

With around 5 million patients around the globe, they offer help in imaging, diagnostics, and advanced therapies. Good counselors provide stable advice on a daily basis to around 18000 people. They have collaborations with around 170 companies around the world.

They have global assets and have set their footprints in many countries. Their financial growth has been exponential lately increasing by 2% every year. Insolvencies were managed to be minimal in every aspect with their clear and determined working. Over 480,000 employees are working in different units across the globe.

Siemens Healthcare Facts & Figures

• Market Cap: 255 Cr.
• Current Share Price:
• PE Ratio: 38.54
• EPS: 0.73
• ISIN: DE000SHL1006

10. India Medtronic Private Ltd.

With over 1100 employees in the country, India Medtronic excels in its operations in more than 10 cities. It is a wholly-owned subsidiary of Medtronic Pvt Ltd.

Their business revolves around cardiac surgeries and vascular, diabetic, and restorative therapies groups. The cardiac and vascular group encompasses CARH problems and the diabetic group focuses on cardio diabetics. Minimally invasive operations that involve early techniques have gained them a branded reputation.

They have IT parks in different cities. Their equipment are rated the top among the high-quality technicians. Highly qualified professionals carry the company’s reputation by managing to provide good quality caretaking.

Their total revenue is at about 30 billion USD and growth in profit rate by 4% approximately every year. Access to medical minimal invasive procedures has assured patient innovations. Regular monitoring with proper precision by individuals has helped them remain one of the top companies in India.

India Medtronic Facts & Figures

• Market Cap: 673 Cr.
• Y-O-Y Growth Rate: 4%
• PE Ratio: 41..36
• EPS: 2.74
• ISIN: IE00BTN1Y115

11. Transasia Bio-Medicals

Transasia Bio-Medicals has developed its products and services but one thing that has remained constant is its service. 40 years of excellence in the field has brought them the reputation of being one of the best. It is headquartered in the social cosmopolitan city of Mumbai with recognized for being the first in vitro diagnosis company in the country.

It offers solutions and products in Biochemistry, Hematology, Coagulation, ESR, Immunology, Urinalysis, Critical Care, Diabetes Management, Microbiology, and Molecular Diagnostics.

With 60% of their sales accounting for regular consumers, they offer innovative and insightful solutions to people. Their finances have gone up by 3.8M USD from 2008 to 2018 with their profit rates increasing at a rate of 2.5% every year.

They have a very neat portfolio with over 5000 employees working towards their expanded goals. Have national assets valuing up to 7 cr. and promising infrastructure for the best health care providence. It is also among the top 50 globally best in vitro diagnostic clinics.

Transasia Bio-Medicals Facts & Figures

• Market Cap: 2.35 Cr.
• Y-O-Y Growth: 2.5%
• ISO 9001:2008 & ISO 13485:2003 accreditations
• ISIN: INE321C01018

12. Hindustan Syringes and Medical Devices

Since its year of establishment, HMD Healthcare is one of the best medical devices companies in India providing cutting-edge quality medical devices for decades. It has set a benchmark in the globally demanding market with its innovation and methods. As an internationally known company, HMD aims at improving its performance to make them compete with global standards.

High-quality hypodermic syringes, IV labels, and good single-use syringes are produced in large amounts by HMD every year. Proper transfusion methods and qualified professionals working coercively contributed to their position in the industry.

With their asset value of about 60BUSD, their work in different areas is managing their image. Certified by ISO and ICMED, they produce 60 products every year. Their profit rate has increased by 5% in a period of 10 years. They have over 40,000 employees in different segments working towards their vision.

Hindustan Syringes Facts & Figures

• Market Cap: 36.5 Cr.
• ISO 9001, ICMED 13485, ISO 13485 & MDSAP
• Y-O-Y Growth Rate: 5%
• ISIN: Not Listed

Final Thoughts on Medical Equipment Companies in India

The above data on all medical device companies in India is transitional and has been recorded from the official websites of various companies. They are ranked based on their performance in the market and their profit and loss analyses.

Also, the products and after-sales services offered by these companies are tremendous. I tried to provide maximum information from my end and if you have any suggestions, drop a comment in below comment box.