India’s Medical-Device Market Surge Seen as Major Growth Opportunity for SS Innovations International Inc. (NASDAQ: SSII)

• India’s medical-device market is projected to grow from $15.2 billion in 2025 to $50.1 billion by 2030, with the possible 26.9% CAGR creating a significant domestic and export opportunity for Indian medical-device manufacturers.
• SS Innovations is already commercializing the SSi Mantra surgical robotic system from its Indian base, having installed 224 SSi Mantra systems across 12 countries by June 30, providing an established platform as India expands its MedTech manufacturing ambitions.
• For SSII, India’s push to reduce medical-device import dependence could create opportunities extending beyond domestic sales into manufacturing, exports, and international technology adoption.
• The company is actively seeking both US FDA clearance and European Union CE mark certification to expand its flagship SSi Mantra surgical robotic system globally.

India’s next major manufacturing opportunity may emerge not from information technology or semiconductors, but from medical devices. An observation from business developer Shaad Merchant, quoting a recent report from Rubix Industry Insights, shows India’s medical-device market projected to increase from $15.2 billion in 2025 to $50.1 billion by 2030, representing a compound annual growth rate of 26.9%. That projected expansion would place medical devices among India’s faster-growing industrial and healthcare segments (https://ibn.fm/19Onj).

The timing is particularly relevant for SS Innovations International (NASDAQ: SSII), which is developing and commercializing surgical robotic technology from India while expanding the international footprint of its SSi Mantra system.

The opportunity is not limited to market consumption. India is also seeking to increase its domestic manufacturing capacity and reduce dependence on imported medical technology. The Rubix report said medical-device exports reached $4.1 billion in fiscal 2025, while imports were approximately $8.6 billion, and estimated that 70% to 80% of domestic medical-device demand is still met through imports, particularly for technologically advanced products.

India currently ranks as the fourth-largest medical-device market in Asia and among the world’s top 20, according to the Rubix report. The government has introduced several initiatives intended to strengthen the domestic ecosystem, including the National Medical Devices Policy, Production Linked Incentive Scheme, the Scheme for Promotion of Medical Devices Parks and MedTech Mitra. The broader policy objective is to increase India’s share of the global medical-device market from approximately 1.6% toward 12% over the coming years.

Unlike some areas of healthcare, sophisticated medical equipment can also create industrial capabilities that extend across multiple markets. Manufacturing robotic surgical systems, for example, requires expertise in precision engineering, software, electronics, imaging, instrumentation and systems integration.

SS Innovations is already building that type of capability around its SSi Mantra platform. The company is not simply participating in India’s medical-device market as a distributor of imported equipment. Its SSi Mantra is a proprietary surgical robotic system developed for use across multiple specialties, including cardiac surgery.

The opportunity becomes more relevant when viewed alongside SSII’s recent financial performance. The company reported second-quarter 2026 revenue of $13.9 million, an increase of 39.4% from $10.0 million in the second quarter of 2025. Gross profit increased 20% to $7.1 million. For the first six months of 2026, revenue reached $25.0 million, up 65.6% from $15.1 million in the comparable period. Gross profit increased 77.5% to $12.4 million, while first-half gross margin improved to 49.6%.

System installations provide another measure of the company’s progress. SS Innovations installed 30 SSi Mantra systems during the second quarter, compared with 23 a year earlier. First-half installations reached 56, versus 38 during the first half of 2025. By June 30, the cumulative installed base had reached 224 systems across 12 countries. Those systems had been used in 12,272 surgeries, including 175 telesurgeries, 637 cardiac procedures and 222 pediatric procedures. That installed base gives SSII an important starting point as India develops its medical-device manufacturing ecosystem.

The SSi Mantra is a modular surgical robotic system with three to five robotic arms, an ergonomic surgeon command center and a 3D 4K display. Its instrument portfolio is designed to support multiple surgical specialties.

SSII has also continued to develop telesurgery capabilities. In April, the company hosted the Global Multi-Specialty Robotic Surgery Conference in New Delhi, attracting more than 1,600 attendees in person and 1,800 virtual participants from 19 countries, according to the company.

In May, surgeons completed a telesurgery between Australia and India using the SSi Mantra. In June, the company announced a robotic-assisted cardiac procedure conducted between Guyana and India across approximately 12,500 miles of fiber-network distance. After the second quarter ended, SSII announced another long-distance telesurgery. On July 29, surgeons led by CEO Dr. Sudhir Srivastava performed a robotic sleeve gastrectomy between Colombia and India across more than 13,600 miles of fiber-network distance.

Ultimately, India’s medical-device expansion may help companies such as SS Innovations build scale beyond the domestic market. The United States and Germany are already among India’s key medical-device export destinations, while the U.S. and China are major sources of imports, according to the Rubix report.

For SSII, that creates a potential two-stage opportunity. The first is to deepen its position in India as the country expands access to advanced medical technology. The second is to use India’s manufacturing and engineering base as a platform for international expansion, especially in underserved countries and aiming for entry into the United States and European Union, according to recent comments by Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations.

For more information, visit the company’s website at www.SSInnovations.com.

NOTE TO INVESTORS: The latest news and updates relating to SSII are available in the company’s newsroom at https://ibn.fm/SSII

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