India Catheters Market Trends, Size Competitive Analysis and Forecast 2019-2025
Posted by Avinash on March 28th, 2020
India catheters market is expected to grow at a CAGR of around 10.2% during the forecast period. The major factors encouraging the growth of the market include a significant rise in the prevalence of chronic diseases and favorable government initiatives for medical devices. As per the Journal of the American College of Cardiology (JACC), the estimated age-standardized prevalence of CVD in India in 2016 was 5,681 per 100,000. This leads to the demand for cardiac catheters in the country for diagnosis and treatment of CVD conditions. Moreover, the Indian government is considering to control/reduce the prices of medical equipment, such as stent catheter and implants.
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The Prime Minister Narendra Modi’s administration initiated to make healthcare more affordable in India by trying to curb prices on drugs and devices used to treat critical ailments such as CVD, cancer, heart attack, HIV/AIDS and diabetes. Several devices in India cost as much as five times the import or manufacturing cost as per state regulatory reports and industry officials. These kinds of initiatives are supporting to make medical devices more affordable and accessible. The favorable government initiatives to reduce pricing on medical devices further escalate the demand for catheters in the region.
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The major companies operating in the country include Abbott Laboratories, Inc., Boston Scientific Corp., and Medtronic plc. To survive in the market, these players are adopting crucial strategies, such as mergers and acquisitions, product launches, and partnerships and collaborations. This enables the company to increase its competitiveness and attract significant share in the market. For instance, in July 2016, Boston Scientific Corp. introduced an integrated facility in India for developing minimally invasive technologies. The company has opened R&D and training & development center of 100,000 (Square Feet) to develop and sell minimally invasive devices, including pacemakers, catheters and stents for India and the major Asian markets as well as train physicians to use these devices.
Indian Catheters Market by Product Type
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About the AuthorAvinash
Joined: January 27th, 2020
Articles Posted: 123
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