India Cardiovascular Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.52 Billion |
| Market Size (2029) | USD 2.10 Billion |
| CAGR (2024 - 2029) | 6.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Cardiovascular Devices Market Analysis
The India Cardiovascular Devices Market size is estimated at USD 1.52 billion in 2024, and is expected to reach USD 2.10 billion by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
Rapid technological advancements and an increased preference for minimally invasive surgical (MIS) procedures are driving the growth of the studied market. The growing burden of cardiovascular diseases due to various factors, such as obesity and lifestyle changes, is expected to increase the demand for cardiac monitoring and treatment devices, thereby boosting the market's growth over the forecast period.
For instance, as per the data published by the Indian Institute of Public Health Gandhinagar (IIPHG) in August 2024, cardiovascular diseases pose a major health challenge in India, leading to considerable disease burden and mortality rates. In India, an escalating epidemic of CVD risk factors is evident, with rising instances of heart attacks, strokes, diabetes, obesity, and elevated blood pressure and cholesterol levels. Thus, the growing burden of CVD likely increases the need for more cardiac devices for diagnosis, monitoring, and treatment, propelling the market growth.
Furthermore, the demand for minimally invasive surgical (MIS) procedures is rising owing to less postoperative pain, fewer operative and post-operative major complications, shortened hospital stay, faster recovery times, less scarring, less stress on the immune system, smaller incisions, and for some procedures reduced operating time and reduced costs. The MIS procedures involve cardiovascular devices, and the increasing adoption of MIS procedures is anticipated to drive the growth of India’s cardiovascular devices market.
The healthcare facilities are increasingly adopting MIS procedures, which will enhance the penetration of cardiovascular devices in India and drive market growth throughout the forecast period. For instance, in September 2024, Sakra World Hospital in Bengaluru, India, reached significant milestones in robotic cardiac surgery, successfully completing more than 250 robotic cardiac procedures in 2023-2024. Thus, the introduction of such robotic surgery in the country is expected to increase the demand for MIS cardiovascular surgical procedures, thereby driving the growth of the studied market.
Thus, the market is expected to witness significant growth over the forecast period due to the above-mentioned reasons such as the growing burden of CVD and demand for minimally invasive surgical (MIS) procedures. However, stringent regulatory policies may slow down the growth of the market over the forecast period.
India Cardiovascular Devices Market Trends
Electrocardiogram (ECG) Under Diagnostic and Monitoring Devices Segment is Expected to Witness Significant Growth Over the Forecast Period
An electrocardiogram (ECG) is a diagnostic tool used to measure the heart's electrical activity over time. It records the heart rhythm, electrical activity, and structure by placing electrodes on the skin, producing a graphical representation of the heart's electrical impulses. The ECG segment is experiencing notable growth within the diagnostic and monitoring devices sector of the cardiovascular devices market in India. The growth can be attributed to factors such as increasing cardiovascular diseases, technological advancements in ECG, and growing awareness about heart monitoring.
ECG technological advancements help in early diagnosis of CVD in the country, which is expected to boost the segment's growth. For instance, in May 2024, OMRON Healthcare India partnered with AliveCor India to roll out AI-driven handheld ECG technology. This partnership underscores OMRON’s commitment to enhancing awareness around cardiovascular health and proactively preventing incidents. They aim to introduce devices that facilitate the early detection and management of cardiovascular diseases.
Similarly, in January 2024, Samsung, unveiled the ECG (electrocardiogram) tracking feature for its Galaxy Watch6 series in India. With the Samsung Health Monitor's ECG tracking, users of the Galaxy Watch6 series can effortlessly keep tabs on their health, bolster their fitness routines, and facilitate routine health checkups. Hence, technological advancements and company partnerships expand the availability of the new ECG products in the country, which will likely drive segment growth over the forecast period.
Stents Segment is Expected to Witness High Growth During the Forecast Period.
Cardiac stents are small, expandable tubes crafted from metal or polymer and are designed to reopen narrowed or blocked coronary arteries that deliver blood to the heart. These stents are mainly utilized during angioplasty, which addresses conditions like coronary artery disease (CAD).
The stents segment is expected to witness high growth over the forecast period owing to the high prevalence of coronary artery disease (CAD), and new product launches.
The high prevalence of coronary artery disease (CAD) is leading to the demand for stents used during angioplasty procedures, thereby driving the growth of this segment. For instance, a study published in the International Journal of Advances in Medicine in November 2023 reported that the prevalence of coronary artery disease was 4.24% among 2,468 patients who attended the tertiary care teaching hospital in the northeastern region of India in 2023. Additionally, the same source reported that the prevalence of CAD was notably higher in urban areas, reaching 68.83%, in contrast to 31.17% in rural areas. Thus, the high prevalence of CAD among individuals in India is driving the growth of this segment.
Moreover, the development of innovative products by the market players is expected to drive the growth of this segment. For instance, in December 2023, Terumo India unveiled the Ultimaster Nagomi, a drug-eluting stent designed for the treatment of coronary artery disease. Its design allows for use in both small and large coronary arteries, facilitating tailored stent selection for a broader range of patients. Thus, such devices launch are expected to drive the studied segment's growth over the forecast period.
India Cardiovascular Devices Industry Overview
India's cardiovascular devices market is semi-consolidated due to the presence of a few companies operating globally and regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known, such as Abbott Laboratories, Terumo Corporation, W. L. Gore & Associates, Medtronic PLC, and Boston Scientific Corporation.
India Cardiovascular Devices Market Leaders
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Abbott Laboratories
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Terumo Corporation
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W. L. Gore & Associates
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Medtronic PLC
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Boston Scientific Corporation
*Disclaimer: Major Players sorted in no particular order
India Cardiovascular Devices Market News
- May 2024: Abbott, the global healthcare company, launched its XIENCE Sierra Everolimus (drug) Eluting Coronary Stent System in India.
- January 2024: India Medtronic Private Limited forged a strategic partnership with Cardiac Design Labs (CDL). This collaboration aims to introduce, amplify, and broaden the reach of CDL's innovative diagnostic tool, Padma Rhythms. Padma Rhythms is an external loop recorder (ELR) patch, meticulously crafted for in-depth, extended heart monitoring and diagnosis.
India Cardiovascular Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Technological Advancements
4.2.2 Increased Preference of Minimally Invasive Procedures
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies
4.4 Porter's Five Forces 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)
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 (Holter Monitors, Implantable Loop Recorders, and Others)
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 (Pacemakers, Implantable Cardioverter Defibrillators, and Others)
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
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are developed to assist in managing different conditions or irregularities related to the heart. These devices include cardiac rhythm management devices, catheters, grafts, and heart valves.
The India cardiovascular devices market is segmented by device type, which includes diagnostic & monitoring devices and therapeutic & surgical devices. The diagnostic and monitoring devices include electrocardiogram (ECG), remote cardiac monitoring, and other diagnostic and monitoring devices. The therapeutic and surgical devices include cardiac assist devices, cardiac rhythm management devices, catheters, grafts, heart valves, stents, and other therapeutics and surgical devices. The report offers the value in USD for the above segments.
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India Cardiovascular Devices Market Research FAQs
How big is the India Cardiovascular Devices Market?
The India Cardiovascular Devices Market size is expected to reach USD 1.52 billion in 2024 and grow at a CAGR of 6.60% to reach USD 2.10 billion by 2029.
What is the current India Cardiovascular Devices Market size?
In 2024, the India Cardiovascular Devices Market size is expected to reach USD 1.52 billion.
Who are the key players in India Cardiovascular Devices Market?
Abbott Laboratories, Terumo Corporation, W. L. Gore & Associates, Medtronic PLC and Boston Scientific Corporation are the major companies operating in the India Cardiovascular Devices Market.
What years does this India Cardiovascular Devices Market cover, and what was the market size in 2023?
In 2023, the India Cardiovascular Devices Market size was estimated at USD 1.42 billion. The report covers the India Cardiovascular Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Cardiovascular Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Cardiology Industry Report
The market report covers India cardiovascular medical device companies and is segmented by device type, including diagnostic and monitoring devices, therapeutic, and surgical devices. This market analysis provides insights into the market size and market share, offering a comprehensive industry overview. The report includes a detailed market forecast and market trends, highlighting the market growth and market outlook for the coming years.
Industry reports indicate that the India cardiology sector is poised for significant expansion, driven by advancements in medical technology and increasing healthcare demands. The industry analysis reveals key market leaders and their contributions to the market value. This market research offers a thorough market review, including market segmentation and market predictions, providing valuable industry information for stakeholders.
The industry research also presents industry statistics and industry trends that are crucial for understanding the market dynamics. The report example and report PDF download available offer a detailed market overview and market data essential for strategic planning. The research companies involved have compiled extensive industry reports to ensure a well-rounded understanding of the market landscape.
Overall, the industry outlook is positive, with a steady growth rate expected. This market report is an indispensable resource for anyone looking to gain insights into the India cardiovascular medical device market, offering a clear picture of the industry size, industry sales, and the factors driving market growth. The comprehensive market review and industry research provided will aid in informed decision-making and strategic planning for future market opportunities.
