Market Size of India Cardiovascular Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.60 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Cardiovascular Devices Market Analysis
The Indian cardiovascular devices market is expected to record 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's article titled 'Cardiological society of India position statement on COVID-19 and heart failure', published in May 2020, reported that patients with COVID-19 can have predominant respiratory symptoms like cough and dyspnoea, which can worsen the heart failure or acute decompensated heart failure (ADHF).
Additionally, the research centers being set up in the country for cardiac disease are expected to drive the market's growth over time. In August 2021, the first National Heart Failure Biobanks (NHFB) in the country that will 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 researching and treating post-COVID heart failure. The increased 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 market's growth in the future.
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 the growing burden of cardiac disease in the country, which may drive cardiovascular disease treatment over the forecast period. New product launches by key market players may further boost the market's growth. In June 2021, India Medtronic Private Limited, a subsidiary of Medtronic PLC, launched Micra AV. This miniaturized and fully-self contained pacemaker delivers advanced pacing technology to atrioventricular block through a minimally invasive approach.
Furthermore, the incorporation of advanced technology such as AI and robotics in cardiac devices is also driving the market's growth. For instance, in November 2021, India Medtronic launched the Arctic Front Cardiac Cryoablation Catheter System, the first and only cryoballoon catheter approved by the Central Drugs Standard Control Organisation (CDSCO) for the treatment of atrial fibrillation (AF) in India.
According to data from the 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 age. It also reported that, in 2017-2018, the self-reported prevalence of cardiovascular diseases among adults aged 45-59 was 21.9%, 33.8% among those aged 60-74, and 37.4% among those aged more than 75 years. Such a rising prevalence of the disease among the elderly population is likely to drive the market's growth over the forecast period.
Thus, the above-mentioned factors may boost the market's growth in the future. However, stringent regulatory policies and the high cost of instruments and procedures may hamper the growth over the forecast period.
India Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are designed to help control various conditions or abnormalities associated with the heart. These devices include cardiac rhythm management devices, catheters, grafts, and heart valves. The Indian cardiovascular devices market is segmented by device type. The report offers the value in USD million for the above segments.
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India Cardiovascular Devices Market Size Summary
The Indian cardiovascular devices market is poised for significant growth, driven by the increasing prevalence of cardiac diseases and the impact of COVID-19. The pandemic has exacerbated heart conditions, prompting a surge in demand for cardiovascular devices. Initiatives such as the establishment of the National Heart Failure Biobanks and the focus on long-COVID clinics are expected to further propel market expansion. Technological advancements, including the integration of AI and robotics in cardiac devices, are transforming disease management and treatment options. Key players like Medtronic are introducing innovative products, such as the Micra AV pacemaker and the Arctic Front Cardiac Cryoablation Catheter System, which are enhancing treatment capabilities and driving market growth.
The market landscape is characterized by a mix of global and local players, with major companies like Abbott Vascular, Boston Scientific, and Medtronic holding significant market shares. The rising prevalence of cardiovascular diseases, particularly among the elderly, is a critical factor influencing market dynamics. Remote cardiac monitoring technologies are gaining traction, supported by collaborations and partnerships aimed at improving patient care. Despite challenges such as stringent regulatory policies and high costs, the market is expected to grow, with more global companies likely to enter the Indian market, capitalizing on the country's expanding economy and healthcare needs.
India Cardiovascular Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rapid Technological Advances
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1.2.2 Increased Preference of Minimally Invasive Procedures
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies
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1.3.2 High Cost of Instruments and Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Device Type
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2.1.1 Diagnostic and Monitoring Devices
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2.1.1.1 Electrocardiogram (ECG)
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2.1.1.2 Remote Cardiac Monitoring
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2.1.1.3 Other Diagnostic and Monitoring Devices
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2.1.2 Therapeutic and Surgical Devices
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2.1.2.1 Cardiac Assist Devices
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2.1.2.2 Cardiac Rhythm Management Devices
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2.1.2.3 Catheter
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2.1.2.4 Grafts
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2.1.2.5 Heart Valves
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2.1.2.6 Stents
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2.1.2.7 Other Therapeutics and Surgical Devices
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India Cardiovascular Devices Market Size FAQs
What is the current India Cardiovascular Devices Market size?
The India Cardiovascular Devices Market is projected to register a CAGR of 6.60% during the forecast period (2024-2029)
Who are the key players in India Cardiovascular Devices Market?
Abbott Laboratories, Boston Scientific, Terumo Corporation, W. L. Gore & Associates and Medtronic PLC are the major companies operating in the India Cardiovascular Devices Market.
