GlobalData02.10.22
India's arteriotomy closure devices market is primed for solid growth over the next eight years.
Globaldata expects the sector to grow 5.5 percent annually as more Indian citizens seek treatment for cardiovascular-related diseases.
“The proportion of the untreated population is increasing because of socioeconomic factors, lack of proper healthcare infrastructure in some of the states and rural areas, high procedure cost leading to lower affordability,” said Vedant Goswami, a medical devices analyst at GlobalData.
Terumo Corp. was the leading player in the market last year, followed by Abbott Laboratories and Cardinal Health Inc. Together these companies accounted for around 90 percent of the Indian market during 2021.
GlobalData's report, "Arteriotomy Closure Devices (Cardiovascular) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)," reveals that active closure devices accounted for more than 75 percent of the Indian arteriotomy closure devices market last year.
Cardiovascular disease burden has increased at a high rate among the Indian population due to the factors such as increase in population size, high stress levels, adoption of unhealthy lifestyles and increased intake of tobacco and saturated fats.
“Aging population, unmet healthcare needs, lack of awareness among of the general population, high cost of treatment and limited number of trained clinicians available to perform the procedures are hindering the market growth in India,” noted Goswami.
Globaldata expects the sector to grow 5.5 percent annually as more Indian citizens seek treatment for cardiovascular-related diseases.
“The proportion of the untreated population is increasing because of socioeconomic factors, lack of proper healthcare infrastructure in some of the states and rural areas, high procedure cost leading to lower affordability,” said Vedant Goswami, a medical devices analyst at GlobalData.
Terumo Corp. was the leading player in the market last year, followed by Abbott Laboratories and Cardinal Health Inc. Together these companies accounted for around 90 percent of the Indian market during 2021.
GlobalData's report, "Arteriotomy Closure Devices (Cardiovascular) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)," reveals that active closure devices accounted for more than 75 percent of the Indian arteriotomy closure devices market last year.
Cardiovascular disease burden has increased at a high rate among the Indian population due to the factors such as increase in population size, high stress levels, adoption of unhealthy lifestyles and increased intake of tobacco and saturated fats.
“Aging population, unmet healthcare needs, lack of awareness among of the general population, high cost of treatment and limited number of trained clinicians available to perform the procedures are hindering the market growth in India,” noted Goswami.