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India Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 5119991
  • Report
  • April 2022
  • Region: India
  • 76 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Abbott Laboratories
  • B. Braun Melsungen AG
  • Canon Medical Systems
  • Cardinal Health Inc.
  • GE Healthcare
  • Medtronic Plc

The India Cardiovascular Devices market is expected to grow at a CAGR of 6.6% during the forecast period.



The increasing burden of cardiac failures due to COVID-19 is boosting the growth of cardiovascular devices in India. For Instance, the Indian Heart Journal article titled ‘Cardiological society of India position statement on COVID-19 and heart failure’ published in May 2020 reported that patients with COVID-19 present with predominantly respiratory symptoms like cough and dyspnoea and can lead to worsen the heart failure or acute decompensated heart failure (ADHF). ​



Additionally, the research center setup in the country for cardiac disease is expected to drive the growth of market over the time. For Instance, in August 2021, India one of the first bio-bank for heart failure research was inaugurated at Sree Chitra Tirunal Institute for Medical Sciences and technology. It is one of the first National Heart Failure Biobank (NHFB) in the country that would collect blood, biopsies, and clinical data as a guide to future therapies was inaugurated at the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST). The biobank will provide insights into heart diseases and heart failure among Indian children and adults. The facility will be useful for the research and treatment of post-covid heart failure. The increase in the observed prevalence of long-COVID symptoms and post-COVID heart failure calls for long-COVID clinics to collect patient data and biospecimens that can be biobank for future research. Such initiatives will boost the growth of studied market over time.



Technological breakthroughs are changing the course of heart failure and other cardiovascular disease management. The focus on developing technologically advanced products is significantly increasing with growing burden of cardiac disease in the country which is driving the cardiovascular diseases treatment over the forecast period.​ The launch of new product by the key market players is further expected to boost the growth of the studied market in the country. For Instance, in June 2021, India Medtronic Private Limited, subsidiary of Medtronic PLC. launched Micra AV, a miniaturized and fully-self contained pacemaker that delivers advance pacing technology to atrioventricular block through a minimally invasive approach.​



Furthermore, incorporation of advanced technology such as artificial intelligence, robotics in the cardiac devices is also driving the growth of market. For Instance, in November 2021, India Medtronic has launched the Arctic Front Cardiac Cryoablation Catheter System, the first and only cryoballoon catheter approved by the Central Drugs Standard Control Organisation (CDSCO) for treatment of atrial fibrillation (AF) in India.​



In addition, according to data of Longitudinal Ageing Study in India (LASI) released by the Union Ministry of Family and Health Welfare on January 6, 2020, the self reported prevalence of cardiovascular diseases is rising with the age. It also reported that self reported prevalence of cardiovascular diseases among adults aged 45-59 is 21.9%, people of age 60-74 is 33.8% and that with age more than 75 years is 37.4% in 2017-18. Such rise of disease among the elderly population is driving the growth of market over the forecast period.



Thus, the above mknemtioned factors lead the market to grow. However, stringent regulatory policies and high cost of instruments and procedures will hamper the market over the study period.



Key Market Trends


Remote Cardiac Monitoring Devices are Expected to Witness Rapid Growth


Remote cardiac monitoring or remote heart monitoring, is a method by which information from a patient’s implantable rhythm management device can be communicated directly to a physician. The physicians can review a patient’s heart activity and device performance remotely. ​



The factors such as technological advancement, rising burden of the cardiac diseases coupled with the emergence of COVID-19 pandemic, rise in product approvals and launches is driving the growth of market segment over the forecast period.​



The initiatives taken by the market players and collaboration for remote cardiac monitoring is also driving the growth of market over the forecast period. For Instance, in January 2021, MyHealthcare and AliveCor, India have joined hands to help patients to be able to read their ECG data directly from their KardiaMobile 6L device into the MyHealthcare platform. The partnership will aim to help patients monitor their heart health at the comfort of their home. The association is a steppingstone in bringing to the market an integrated cardiac care programme. Such collaboration boosts the growth of market.​



Additionally, in February 2021, the Kochi, Indian based Remo Care Solutions has launched Remo.Cardia, a remote cardiac monitoring system powered by artificial intelligence that monitor and analyze patients' vitals on a real time basis. Such technically advanced systems for remote monitoring is driving the growth of market over the time.​



Thus, owing to the above factors, the remote cardiac monitoring devices are expected to propel the growth of market segment over the time.​



Competitive Landscape


The market for cardiovascular devices in India is comprised of several global players along with the local players. However, the number of local players in the country is less and the market share is majorly grabbed by global companies such as Abbott Vascular, Boston Scientific, Medtronic, etc. Since India is a growing economy, more global companies are expected to penetrate the market in the coming future.



Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • B. Braun Melsungen AG
  • Canon Medical Systems
  • Cardinal Health Inc.
  • GE Healthcare
  • Medtronic Plc

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Technological Advances
4.2.2 Increased Preference of Minimally Invasive Procedures
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies
4.3.2 High Cost of Instruments and Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
5.1.1.1 Electrocardiogram (ECG)
5.1.1.2 Remote Cardiac Monitoring
5.1.1.3 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
5.1.2.1 Cardiac Assist Devices
5.1.2.2 Cardiac Rhythm Management Devices
5.1.2.3 Catheter
5.1.2.4 Grafts
5.1.2.5 Heart Valves
5.1.2.6 Stents
5.1.2.7 Other Therapeutics and Surgical Devices
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 GE Healthcare
6.1.4 W. L. Gore and Associates
6.1.5 Medtronic Plc
6.1.6 Siemens Healthineers
6.1.7 Terumo Corporation
6.1.8 Canon Medical Systems
6.1.9 Cardinal Health Inc.
6.1.10 B. Braun Melsungen AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Boston Scientific Corporation
  • GE Healthcare
  • W. L. Gore and Associates
  • Medtronic Plc
  • Siemens Healthineers
  • Terumo Corporation
  • Canon Medical Systems
  • Cardinal Health Inc.
  • B. Braun Melsungen AG
Note: Product cover images may vary from those shown

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