Which Companies Manufacture Medical Equipment in India?

Medical technology is revolutionising the healthcare industry, offering innovative tools that go beyond traditional treatments.

From pacemakers and imaging systems to dialysis machines and implants, these devices work through physical or mechanical means to prevent, diagnose, and treat diseases effectively.

Adding to this transformation is the integration of artificial intelligence (AI), which has changed the way healthcare is delivered.

AI-powered solutions now enable early detection through advanced imaging, predict outcomes using electronic health records, and enhance patient monitoring systems. These advancements are reshaping the future of healthcare, making it more efficient and precise.

With increasing demand and rapid technological progress, India's medical equipment sector presents a compelling growth opportunity. Here's a look at the top players driving this evolution.

#1 Poly Medicure

First on the list is Poly Medicure.

Poly Medicure Ltd is an established player in the medical equipment manufacturing sector in India. The company specialises in the design, development, and manufacturing of a wide range of medical devices and disposables, including products like intravenous (IV) sets, catheters, blood collection tubes, and other hospital consumables.

Poly Medicure has a significant presence in both domestic and international markets, with a strong export base catering to over 150 countries. It currently operates 10 manufacturing facilities across India, China, Egypt, and Italy.

In India it operates 7 manufacturing facilities four of which are situated in Faridabad (Haryana) and 2 in Jaipur (Rajasthan) and 1 in Haridwar (Uttarakhand).

It operates 1 manufacturing facility in China through its wholly owned subsidiary Poly Medicure (Laiyang) Company.

The company has a robust focus on quality control, and its manufacturing facilities are certified with international standards such as ISO, CE, and USFDA. This ensures that its products meet the stringent requirements of global healthcare systems.

It has been manufacturing high-quality medical devices for 20+ years. The company on 18 November 2024 announced a strategic partnership with the Zero Emission Maritime Buyers Alliance (ZEMBA) to help pioneer the adoption of e-fuels in ocean freight shipping.

The ZEMBA tender aims to aggregate over 80 billion (bn) tonne-nautical miles of demand for zero-emission shipping and is expected to scale up e-fuel-powered container shipping by 2027.

Poly Medicure Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	6,872.00	7,865.00	9,231.00	11,152.00	13,758.00
Revenue Growth (%)	12.5	14.4	17.4	20.8	23.4
Net Profit	959	1,359.00	1,465.00	1,793.00	2,583.00
Net Profit Margin (%)	14	17.3	15.9	16.1	18.8
Return on Equity (%)	22.1	14.1	13.5	14.5	17.6
Return on Capital Employed (%)	26.6	18.5	17.9	19.8	24.4

Source: Equitymaster

From FY20 to FY24, the company achieved a CAGR growth of 17.6% in sales, while its net profit saw a degrowth by 31.6%.

Additionally, Poly Medicure has consistently maintained strong financial metrics, with an average return on equity (RoE) of 16.4% and a return on capital employed (RoCE) of 21.4%.

Going forward, the company has set high growth targets, aiming for a robust 20% to 22% sales growth by 2025.

The company's strategic initiative to foray into two new segments - critical care and cardiology- provides promising growth avenues. The company further plans to diversify its product portfolio.

Currently, exports contribute to 70% of the overall revenue.

Poly Medicure is planning to expand its footprint with an investment of over Rs 5 bn in the coming years. The company is targeting three areas: cardiology, critical care, and renal care while aiming to increase its presence in Europe and the United States markets.

The company's expansion plans include setting up new facilities and enhancing current ones, which will increase its capacity to meet both domestic and international demand for advanced medical devices.

For more details, see the Poly Medicure company fact sheet and quarterly results.

#2 Spectrum Electric

Next on the list is Spectrum Electric.

Spectrum Electrical Industries is an India-based company, which is engaged in business of designing and manufacturing of a range of products under electrical components domain having different applications and utilities.

On 5 February 2024, the board of directors at Spectrum Electrical approved the establishment of a wholly owned subsidiary dedicated to medical device manufacturing, marking a strategic move to diversify the company's business operations.

The envisioned collaboration between the parent company and its subsidiary aims to offer strategic services with a strong emphasis on innovation and adaptability. The newly proposed subsidiary will specifically focus on designing and manufacturing new products within the medical devices market.

The company emphasised that the formation of the new subsidiary aligns with its commitment to diversification, targeting the burgeoning medical devices manufacturing industry.

The overarching goal is to evolve into a globally recognised, sustainable organisation that provides affordable access to quality healthcare. The company's vision also includes expediting the industrialisation of medical equipment and components through rapid technological innovation.

In a prior development, Spectrum Electrical had entered into a Memorandum of Understanding (MOU) with Time Medical International Venture (India) Private Limited.

This strategic partnership is centred around the collaborative development, manufacture, and supply of components for MRI Machines, showcasing the company's proactive approach to expanding its presence in the medical technology sector.

Spectrum Electrical Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	1,164.00	1,259.00	2,085.00	2,103.00	2,724.00
Revenue Growth (%)	(-3.3)	8.1	65.6	0.8	29.6
Net Profit	47	59	77	85	197
Net Profit Margin (%)	4	4.7	3.7	4	7.2
Return on Equity (%)	6.6	7.7	9.2	9.2	11.8
Return on Capital Employed (%)	9	12.1	15.2	14.7	19.7

Source: Equitymaster

On the financial front, from FY20 to FY24, the company achieved a CAGR growth of 17.7% in sales, while its net profit saw a growth by 21.9%.

Additionally, it has consistently maintained strong financial metrics, with an average RoE of 8.9% and a RoCE of 14.1%.

Going forward, the company plans to explore and expand more in medical devices sector.

For more details, see the Spectrum Elec company fact sheet and quarterly results

#3 Prevest Denpro

Next on the list is Prevest Denpro.

Prevest Denpro has established itself as a leading player in the dental industry, known for producing an extensive range of dental materials tailored to meet the needs of dental professionals and improve patient care.

The company manufactures products for multiple dental disciplines, including endodontics, prosthodontics, orthodontics, periodontics, restorative dentistry, aesthetic dentistry, and laboratory consumables.

Its products are widely available across more than 75 countries spanning Europe, Asia, South America, the Middle East, and Africa.

Prevest Denpro Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	228	285	381	499	564
Revenue Growth (%)	18.1	25.1	33.8	30.8	13.2
Net Profit	50	72	116	157	161
Net Profit Margin (%)	22	25.3	30.4	31.5	28.6
Return on Equity (%)	32.7	32	20.3	21.6	18.2
Return on Capital Employed (%)	38.7	40.1	27.9	29.1	24.4

Source: Equitymaster

On the financial front, from FY20 to FY24, the company achieved a CAGR growth of 24% in sales, while its net profit saw a growth by 4.9%.

Additionally, it has consistently maintained strong financial metrics, with an average RoE of 25% and a RoCE of 32.1%.

With a commitment to advancing oral care, Prevest introduced its Oradox product line at the World Dental Show in 2023. This signifies a major leap in oral healthcare, combining cutting-edge science and innovation to address the growing demand for effective solutions in the dental space.

This product launch has been seen as a key move by the company to enhance its offerings and meet the evolving needs of both dental professionals and consumers.

To expand its product range and manufacturing capacity, Prevest Denpro is in the process of setting up an additional manufacturing unit adjacent to its existing facility. This new plant, covering an area of over 16,000 sq. ft., will be dedicated to the production of a diverse range of new products.

These include hygiene products such as sanitizers and disinfectants, oral hygiene solutions like mouthwashes and rinses, medicated oral care products like gels, ointments, and creams, and advanced biomaterials, including materials for bone augmentation in dental treatments.

This expansion is part of Prevest's broader strategy to diversify its product offerings and strengthen its presence in the global dental market.

For more details, see the Prevest Denpro company fact sheet and quarterly results.

#4 Hemant Surgical Industries

Next on the list is Hemant Surgical Industries.

Hemant Surgical Industries has established itself as a key player in the Indian healthcare and medical device sector over its 30-year journey.

Specializing in the manufacturing and distribution of dialysis machines, surgical equipment, and other medical devices, the company has achieved significant milestones.

The company's extensive product line includes surgical disposable products, respiratory products, renal care products, urology products, pharmaceutical products, oxygen concentrators, air mattresses, and HSIL chairs.

Notably, Hemant Surgical is the exclusive importer of JMS surgical products from Japan and an authorised agent for JMS Singapore, reflecting its commitment to quality and reliability.

Expanding its reach further, the company has launched its proprietary brand, AERO, under which it manages the manufacturing and marketing of its products.

The company has consistently focused on integrating advanced technology and maintaining high standards to ensure it remains competitive in both domestic and international markets.

In 2024, Hemant Surgical Industries inaugurated a new office as part of its strategic move to support business expansion, access new markets, and enhance customer outreach.

Hemant Surgical Industries Financial Snapshot (FY22-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	561	598	1,036.00	1,091.00	1,056.00
Revenue Growth (%)	0.8	6.5	73.3	5.4	(-3.3)
Net Profit	9	11	46	76	98
Net Profit Margin (%)	1.5	1.9	4.5	7	9.3
Return on Equity (%)	10.7	13.4	35.1	32.7	17.9
Return on Capital Employed (%)	14.3	17.6	45	45.6	23.5

Source: Equitymaster

On the financial front, from FY22 to FY24, the company achieved a CAGR growth of 13.7% in sales, while its net profit saw a growth by 54.0%.

Additionally, it has consistently maintained strong financial metrics, with an average RoE of 9.5% and a RoCE of 19.2%.

Looking ahead, Hemant Surgical aims to diversify its product portfolio by entering critical care, oncology, and radiology segments.

By targeting these specialised areas, the company plans to address growing healthcare needs and broaden its market presence, reinforcing its position as a leader in the medical device industry.

For more details, see the Hemant Surgical Industries company fact sheet and quarterly results.

#5 Kretto Syscon

Next on the list is Kretto Syscon.

Kretto Syscon Limited, traditionally a key player in infrastructure and construction, has taken a significant step toward diversifying its portfolio by entering the medical device manufacturing sector.

The company focuses on producing high-quality intraocular lenses, contact lenses, optical glasses, and optical frames, catering to the growing demand for vision care and ophthalmological solutions.

With an emphasis on innovation, Kretto Syscon is leveraging advanced technologies and quality management systems to establish a footprint in the medical device domain, aiming to cater to both domestic and global markets.

Apart from this, the company operates in the infrastructure and utilities sector, focusing on real estate development, and IT solutions. The company develops residential and commercial properties and provides technology services, including system design and maintenance.

While no specific future plans have been disclosed, the company may potentially aim to expand its market presence or diversify its product offerings as part of its growth strategy.

For more details, see the Kretto Syscon company fact sheet and quarterly results.

#6 Centennial Surgical Structure

Next on the list is Centennial Surgical Structure.

The company specialises in manufacturing a wide range of medical devices, with a primary focus on surgical sutures. The company produces both absorbable and non-absorbable sutures in various sizes and materials.

Their product offerings cater to different medical specialities, including general surgery, orthopaedics, and cardiovascular applications, positioning them as a key player in India's medical device manufacturing sector.

Centenial Surgical Financial Snapshot (FY22-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	556	369	444	527	512
Revenue Growth (%)	(-0.8)	(-33.6)	20.3	18.5	(-2.8)
Net Profit	13	10	6	9	11
Net Profit Margin (%)	2.3	2.6	1.4	1.7	2.2
Return on Equity (%)	4.5	3.3	2.1	2.9	3.5
Return on Capital Employed (%)	15	11.9	9.9	10.4	12.1

Source: Equitymaster

It has consistently maintained strong financial metrics, with an average RoE of 3.2% and RoCE of 11.8%.

Going forward the company plans to develop advanced surgical sutures and medical devices to meet evolving healthcare needs. It also plans to focus on innovative technologies to improve product performance and patient outcomes.

For more details, see the Centenial Surg. company fact sheet and quarterly results.

#7 Shree Pacetronix

Last on the list is Shree Pacetronix.

Shree Pacetronix is an Indian medical technology company specialising in the design and manufacture of cardiac pacemakers and related medical devices.

Founded in 1988 and headquartered in Pithampur, Madhya Pradesh, the company has established itself as a key player in the healthcare industry, catering to both domestic and international markets.

Shree Pacetronix's primary focus lies in offering advanced cardiac pacemakers, ranging from single-chamber to dual-chamber models, as well as rate-responsive pacemakers.

These devices are designed to address a variety of heart rhythm disorders, ensuring improved quality of life for patients.

Additionally, the company develops other life-saving medical devices like implantable cardioverter defibrillators (ICDs) and leads used in pacemaker implantation.

Shree Pacetronix Financial Snapshot (FY22-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	88	76	92	203	220
Revenue Growth (%)	20.4	(-13.8)	22.1	119.4	8.8
Net Profit	2	1	8	33	34
Net Profit Margin (%)	2.7	0.7	8.5	16.1	15.2
Return on Equity (%)	4.3	0.9	12.2	33.7	25.8
Return on Capital Employed (%)	11.8	7.7	19.3	49	37.4

Source: Equitymaster

On the financial front, from FY22 to FY24, the company achieved a CAGR growth of 24.8% in sales, while its net profit saw a growth by 88.5%.

Additionally, it has consistently maintained strong financial metrics, with an average RoE of 15.4% and a RoCE of 25%.

Going forward, the company plans to broaden its product portfolio.

For more details, see the Shree Pacetronix company fact sheet and quarterly results.

Conclusion

The healthcare and medical device sectors in India have witnessed significant growth over the last decade. However, there remains a substantial gap between the demand and supply of medical devices, with India relying on imports for 70-80% of its requirements.

This diagnostic equipment market is projected to grow from US$ 4 bn in 2023 to US$ 6 bn by 2027, fuelled by the rising medical facilities and increasing demand for advanced healthcare solutions.

India's medical technology industry is expected to touch exports of up to US$ 20 bn by 2030.

Government initiatives, such as the PLI Scheme for Medical Devices and the establishment of medical parks, along with the Rs 892.9 bn (US$ 10.7 bn) allocation in the Union Budget 2024-25, are set to strengthen the sector further.

These measures not only encourage local manufacturing but also create opportunities for companies to expand their market presence.

While the outlook is promising, it remains crucial for investors to carefully assess the financial health and corporate governance practices of companies before making investment decisions.

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