India Cardiovascular Devices Market Outlook to 2028

India Cardiovascular Devices Market Overview

The India cardiovascular devices market reached USD 1450 million, driven by increasing incidences of cardiovascular diseases (CVD) due to changing lifestyles and rising health awareness. The market is growing as more advanced treatment solutions become available, with demand bolstered by both private healthcare providers and government healthcare schemes. The growth is driven by urbanization, a higher number of medical procedures, and an aging population.

Some of the major players dominating the India cardiovascular devices market include Medtronic, Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, and Johnson & Johnson. These companies have built a strong presence in the country through partnerships with local healthcare providers and by offering a diverse range of products that cater to varying medical needs.

The Indian government is supporting the creation of four Medical Devices Parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh. These parks are designed to facilitate the manufacturing of high-quality medical devices, including cardiovascular devices, by providing necessary infrastructure and resources.

In 2023, Mumbai, Delhi, and Bengaluru are the dominant cities in the cardiovascular devices market, primarily due to the concentration of multi-specialty hospitals, access to advanced treatment facilities, and the high purchasing power of residents. These cities have witnessed a significant increase in the adoption of technologically advanced cardiovascular devices, driven by a growing aging population and lifestyle-related cardiovascular issues.

India Cardiovascular Devices Market Segmentation

By Product Type: The India cardiovascular devices market is segmented by product type into diagnostic and monitoring devices, surgical devices, and therapeutic devices. In 2023, therapeutic devices held the dominant market share due to their widespread use in treating critical cardiovascular conditions. The increasing demand for products like pacemakers, stents, and defibrillators is driven by advancements in minimally invasive surgery techniques and a growing preference for efficient post-operative recovery options.

By End-User: The market is segmented into hospitals, ambulatory surgical centers, and home healthcare. Hospitals held the highest market share in 2023 due to their advanced infrastructure, specialized healthcare professionals, and high patient turnover. Major government and private hospitals, particularly in metro cities, have heavily invested in sophisticated cardiovascular treatment equipment, leading to the segment's dominance.

By Region: The India cardiovascular devices market is segmented into North, South, East, and West. The northern region holds the largest market share in 2023 due to the presence of top-tier hospitals and the high disposable income of the population. Government schemes and private insurance coverage have also improved access to advanced cardiovascular treatments in the region.

India Cardiovascular Devices Competitive Landscape

Company

Year Established

Headquarters

Medtronic

1949

Dublin, Ireland

Abbott Laboratories

1888

Chicago, USA

Boston Scientific Corporation

1979

Marlborough, USA

GE Healthcare

1892

Chicago, USA

Johnson & Johnson

1886

New Jersey, USA

Medtronic: Medtronic India launched the Micra AV pacemaker in June 2021, a miniaturized device using minimally invasive techniques to treat atrioventricular block. In November 2021, Medtronic introduced the Arctic Front Cardiac Cryoablation Catheter System, the first cryoballoon catheter approved by CDSCO for treating atrial fibrillation, highlighting the companys commitment to innovative cardiac care solutions in India.

Boston Scientific Corporation: In August 2022, Boston Scientific partnered with Wipro GE Healthcare to provide advanced cardiac care solutions in India. This collaboration aims to enhance access to high-quality cardiovascular care across India by combining Boston Scientifics innovative medical devices with Wipro GEs diagnostic and imaging solutions, strengthening the cardiovascular healthcare ecosystem in the country.

India Cardiovascular Devices Market Analysis

Growth Drivers

Rising Cardiovascular Disease Incidence: The increasing prevalence of cardiovascular diseases is a major growth driver for the market, which is being driven by lifestyle changes, a rising aging population, and growing risk factors such as hypertension and diabetes. This has led to a surge in demand for advanced diagnostic and treatment devices, further supported by government healthcare initiatives.

Increased Government Healthcare Spending: The market is also being driven due to increasing utilization of cardiac care services under the Ayushman Bharat scheme. This government initiative has expanded access to free treatment for economically disadvantaged populations, leading to a significant rise in cardiac interventions and surgeries. As a result, demand for cardiovascular devices such as stents and pacemakers has grown rapidly.

Growing Elderly Population: Indias elderly population is expected to increase from 138 million in 2021 to over 195 million by 2031, according to the Ministry of Statistics and Programme Implementation. With the elderly being more susceptible to cardiovascular diseases, the demand for cardiac care and devices is expected to surge. This demographic shift is a powerful growth driver for cardiovascular medical equipment, with pacemakers and monitoring devices being particularly essential in addressing age-related cardiac conditions.

Challenges

High Cost of Cardiovascular Devices: One of the biggest challenges faced by the Indian cardiovascular devices market is the high cost of advanced treatment devices. Although government initiatives like PMJAY aim to cover these expenses, the coverage gap remains, limiting market growth.

Lack of Trained Healthcare Professionals: Despite advancements in cardiac care, India faces a shortage of trained cardiologists and technicians. This shortage significantly impacts the adoption of cardiovascular devices, as the availability of qualified healthcare professionals to perform complex cardiac surgeries and manage devices is limited, particularly in rural areas.

Government Initiatives

National Medical Devices Policy,2023: The Indian government approved the National Medical Devices Policy in 2023 to promote the domestic production of medical devices, including cardiovascular equipment. This policy aims to reduce dependency on imports, foster innovation, and improve infrastructure for manufacturing medical devices in India. The initiative seeks to strengthen the country's healthcare system by encouraging technological advancements and investment in the medical devices sector.

Budget 2024-Allocation to healthcare sector: Indian Government has taken initiative aimed at boosting the healthcare sector, including cardiovascular devices, focuses on increasing budget allocations for infrastructure development and encouraging innovation in medical technology. Experts have urged the government to allocate more funds in the upcoming budget to improve access to advanced treatments, particularly for cardiac care, and to promote domestic manufacturing of medical devices.

India Cardiovascular Devices Market Future Outlook

The India Cardiovascular Devices Market is projected to grow exponentially in future. This growth will be driven by rising cardiovascular disease incidence, increased government healthcare spending and growing elderly population.

Future Trends

Growing Demand for Wearable Cardiac Monitoring Devices: Over the next five years, the market for wearable cardiac monitoring devices in India is expected to grow rapidly. According to a report by the Ministry of Health, these devices will play a key role in preventive healthcare by offering real-time monitoring for patients at risk of cardiovascular diseases. The Indian government is likely to introduce incentives for domestic manufacturers to produce these devices, aiming to reduce the overall healthcare burden.

Increased Focus on Indigenous Production of Cardiovascular Devices: With the government's PLI scheme driving domestic manufacturing, the cardiovascular devices market will see an influx of locally manufactured products by 2028. The Ministry of Commerce estimates that by 2025, India will reduce its dependence on imported cardiovascular devices by 30%, and this trend will continue, leading to lower costs and greater access to advanced medical technologies in rural and semi-urban areas.
Please Note: It will take 5-7 business days to complete the report upon order confirmation