India Catheters Market, By Type (Cardiovascular Catheter, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, and Specialty Catheters), and By End User (Hospitals, Diagnostic Centers, Specialty Clinics, Long Term Care Facilities, and Others) is estimated to be valued at US$ 858.5 Million in 2023 and is expected to exhibit a CAGR of 17.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as product launches as well as partnerships by market players is expected to propel the India catheters market during the forecast period. For instance, on May 10, 2023, CORONA Remedies Pvt. Ltd., an India-based pharmaceutical product provider agreed with Ferring B.V., a research-driven, specialty biopharmaceutical group to commercialize unique and innovative products in the field of maternal health & urology including catheters, syringes, etc. The collaboration between CORONA Remedies Pvt. Ltd. and Ferring B.V., will cater to patients across India with innovative products including a few global brands to address the unmet therapeutic needs in maternal health and urology.
India Catheters Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the India catheters market owing to the increase in hospitalizations caused due to the covid-19 as well as chronic diseases. As governments and healthcare institutions were found to increase efficient medical treatment to treat COVID-19 patients, the usage of catheters witnessed tremendous demand in hospitals and emergency clinics. Patients with suspected or confirmed diagnoses of COVID-19 were being treated with the help of catheters, and hence, the demand for these products remained huge throughout the pandemic. Moreover, product launches amid the pandemic were also anticipated to have a positive impact on the market’s growth. For instance, in April 2020, Bactiguard introduced a new urinary catheter, the (Bactiguard infection prevention) BIP Foley TempSensor, for continuous temperature monitoring in patients. Such factors collectively bolstered the market's growth over the pandemic phase.
India Catheters Market: Key Developments
In November 2021, Medtronic, a global healthcare technology company, announced the launch of the Arctic Front Cardiac Cryoablation Catheter System, the first and only cryoballoon catheter approved by CDSCO (Central Drugs Standard Control Organization) for the treatment of atrial fibrillation (AF) in India.
In April 2021, Medtronic, the global company in medical technology, announced it has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA) for the Emprint ablation catheter kit– an investigational device not yet approved or cleared in the United States. The catheter is intended to be used in conjunction with the Emprint microwave generator and Medtronic lung navigation platform to provide a minimally invasive, localized treatment of malignant lesions in the lung, and it can be used together with the standard of care therapy when indicated.
In August 2020, Medtronic, the global company in medical technology, announced the acquisition of Radial Artery Access Portfolio from RIST Neurovascular, Inc., a developer of medical devices. According to the terms of the acquisition, Medtronic will acquire the radial artery access portfolio from RIST Neurovascular, Inc., which includes the Rist radial access selective catheter and the Rist 079 radial access guide catheter.
Browse 30 Market Data Tables and 22 Figures spread through 180 Pages and in-depth TOC on “India Catheters Market”- Forecast to 2030, India Catheters Market, By Type (Cardiovascular Catheter, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, and Specialty Catheters), and By End User (Hospitals, Diagnostic Centers, Specialty Clinics, Long Term Care Facilities and Others)
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Key Takeaways of the India Catheters Market:
- The India catheters market is expected to exhibit a CAGR of 3% during the forecast period and this is attributed due to the increase in the collaboration agreement by the market key players in the India catheters market.
- Among End User, the hospitals segment is expected to growth in the India catheters market over the forecast period, owing to the rise in the prevalence of chronic diseases which tends to the hospitalization for the treatment. For instance, on January 12, 2023, according to the National Health Profile, India has only 0.9 beds per 1000 population and out of which only 30% are in rural areas.
- Among Type, the intravenous catheters segment is expected to hold a dominant position in the India catheters market during the forecast period and this is attributed due to the increasing prevalence of surgeries in India due to the increase in chronic diseases. For instance, in December 2022, Abbott, a global healthcare company that conducts innovative research and manufactures products, announced that it has launched its latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor, making the minimally invasive device available for people in India with severe aortic stenosis who are at high or extreme surgical risk. With the Navitor valve, the company is advancing TAVI (also referred to as TAVR or transcatheter aortic valve replacement) therapies with innovations including a unique design to prevent blood leaking around the valve. The Navitor TAVI system is the latest addition to the company's comprehensive structural heart transcatheter portfolio that offers physicians and patients less invasive options to treat heart diseases.
- Major players operating in the India catheters market include Abbott, Teleflex Incorporated, Boston Scientific Corporation or its affiliates, Coloplast Corp., Edwards Lifesciences Corporation, Johnson & Johnson Private Limited, Medtronic, B. Braun SE, Cook, BD (Becton, Dickinson and Company), Vygon, Cardinal Health, Smiths Group plc., Nipro Medical Corporation, and Argon Medical Devices.
