India arteriotomy closure devices market to witness 5.5% growth through 2030, forecasts GlobalData

The arteriotomy closure devices market in India is expected to grow at a compound annual growth rate (CAGR) of 5.5% between 2020 and 2030, driven by the increasing cardiovascular disease burden among the general population and growing proportion of untreated population, forecasts GlobalData, a leading data and analytics company.

GlobalData’s latest 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% of the Indian arteriotomy closure devices market in 2021.

Terumo Corp was the leading player in 2021, followed by Abbott Laboratories and Cardinal Health Inc. Together these companies accounted for around 90% of the market during the year.

Vedant Goswami, Medical Devices Analyst at GlobalData, comments: “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.”

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.

Mr Goswami concludes: “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.”

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