Report Overview

An increasingly high focus on the effective diagnosis, treatment, and management of rising prevalence of cardiovascular diseases among rapidly growing geriatric population across the country and the government’s programs and policies to improve healthcare infrastructure and accessibility are expected to drive India Cardiovascular Devices Market during the forecast period between 2024 and 2030.

India Cardiovascular Devices Market – Industry Trends & Forecast Report, 2030

India Cardiovascular Devices Market size was estimated at USD 0.91 billion in 2023. During the forecast period between 2024 and 2030, India Cardiovascular Devices Market size is projected to grow at a CAGR of 9.15% reaching a value of USD 1.67 billion by 2030. Prominent drivers of the market include the increasing burden of cardiac failures, particularly due to COVID-19, which has escalated the demand for cardiovascular devices. Initiatives like the establishment of research centers, such as the National Heart Failure Biobank, are further expected to propel market growth by aiding in treating and understanding heart conditions. Technological advancements, including AI, robotics, and new product launches like Medtronic’s Micra AV and Arctic Front Cardiac Cryoablation Catheter System, are also significantly contributing to market expansion. Moreover, the rising prevalence of cardiovascular diseases among the country’s aging population is another key factor driving India Cardiovascular Devices Market.

Cardiovascular Devices – Overview

Cardiovascular devices are crucial in modern healthcare, aiding in the diagnosis, treatment, and management of heart conditions. These devices range from traditional tools like electrocardiograms (ECGs) and blood pressure monitors to advanced technologies such as implantable cardioverter-defibrillators (ICDs) and transcatheter heart valves. They enable healthcare professionals to evaluate cardiac function, detect abnormalities, and provide timely interventions. Advances in technology have led to minimally invasive procedures, which reduce patient discomfort and shorten recovery times. Additionally, wearable devices like smartwatches with heart rate monitors offer individuals real-time insights into their cardiovascular health. With the rising prevalence of heart diseases, these devices play a vital role in enhancing patient care, preventing heart-related issues, and improving overall cardiac health outcomes.

India Cardiovascular Devices Market

Growth Drivers

Growing Geriatric Population

A spurring the demand for cardiovascular devices by the growing elderly population across the country is driving India Cardiovascular Devices Market. As people age, they are more prone to cardiovascular diseases such as coronary artery disease, heart failure, and atrial fibrillation, which require increased monitoring and treatment. Hypertension, prevalent among older individuals, is a major risk factor that necessitates the use of blood pressure monitors and other cardiovascular devices. Age-related conditions like aortic stenosis often require valve replacement devices, while cardiac arrhythmias in the elderly are commonly managed with pacemakers, ICDs, and CRT devices. With the rise in life expectancy, the likelihood of developing cardiovascular issues increases, necessitating ongoing monitoring and treatment. Mobility challenges in the aging population make telemedicine and remote monitoring solutions, including wearable and implantable devices, crucial for accessible healthcare. Devices like ICDs, CRT devices, ECG machines, and echocardiography play a vital role in managing heart failure and other cardiac conditions in the elderly. Additionally, smart pill dispensers and remote medication monitoring systems aid in managing these conditions. As a result, the growing geriatric population is driving the demand for cardiovascular devices in the India Cardiovascular Devices Market.

Challenges

High Cost of Devices

The high cost of cardiovascular devices significantly restrains the growth of the India Cardiovascular Devices Market. Advanced devices such as pacemakers, ICDs, and CRT systems, along with diagnostic tools like ECG machines and echocardiography, often come with substantial price tags, making them less accessible to a large segment of the population. Additionally, the expense of regular monitoring and maintenance further limits widespread adoption, particularly among poor groups. The cost barrier not only impacts patient access but also hinders overall market expansion, as affordability remains a critical challenge in the Indian healthcare landscape.

Impact of Escalating Geopolitical Tensions on India Cardiovascular Devices Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India Cardiovascular Devices Market. Such tensions may lead to disruptions in the global supply chain, causing delays in the import of critical components and raw materials required for manufacturing these devices. Additionally, increased tariffs and trade restrictions can drive up costs, making devices more expensive for both manufacturers and consumers. Moreover, uncertainty in international relations might deter foreign investments in the Indian healthcare sector, potentially slowing down innovation and adoption of advanced cardiovascular technologies.

India Cardiovascular Devices Market

Segmental Coverage

India Cardiovascular Devices Market – By Device Type

By device type, India Cardiovascular Devices Market is bifurcated into Diagnostic & Monitoring Devices and Therapeutic & Surgical Devices segments. The diagnostic and monitoring devices segment holds a higher share in India Cardiovascular Devices Market by device type. It is primarily due to the increasing prevalence of cardiovascular diseases and the growing emphasis on early diagnosis and continuous monitoring. These devices are essential for managing heart conditions, driving their widespread adoption across healthcare facilities. The diagnostic and monitoring devices segment is sub-divided into electrocardiogram and remote cardiac monitoring. The remote cardiac monitoring subsegment is expected to hold a higher share in India Cardiovascular Devices Market during the forecast period. It is due to technological advancements, the rising burden of cardiac diseases, and increased product approvals. The COVID-19 pandemic has further accelerated the adoption of remote monitoring, enabling physicians to review patients' heart activity remotely. Also, strategic collaborations, such as the partnership between MyHealthcare and AliveCor India, have enhanced access to remote cardiac care. Innovative solutions like AI-powered monitoring systems are also contributing to the growth of this subsegment, making it a critical component of the market.

India Cardiovascular Devices Market – By Application

Based on application, India Cardiovascular Devices Market is divided into Coronary Artery Diseases, Cardia Arrythmia, and Heart Failure segments. The coronary artery diseases segment holds the highest share in India Cardiovascular Devices Market by application. It is driven by the widespread prevalence of CAD, particularly in urban and semi-urban areas. This condition necessitates advanced diagnostic tools such as angiography machines and intravascular ultrasound (IVUS) devices, as well as interventional procedures like angioplasty and stent placement. The demand for coronary stents is particularly high due to the frequent use of percutaneous coronary interventions (PCI). Technological advancements in imaging, catheter-based interventions, and device materials further support the growth of the CAD segment in India. Lifestyle-related risk factors also contribute to the high CAD prevalence, fueling demand for these devices.

India Cardiovascular Devices Market – By End User

Based on end user, India Cardiovascular Devices Market is bifurcated into Hospitals and Specialty Clinics segments.

India Cardiovascular Devices Market – By Region

The in-depth research report on India Cardiovascular Devices Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. North India holds the highest share in India Cardiovascular Devices Market and is expected to maintain its dominance during the forecast period. North India, particularly Delhi, boasts advanced healthcare infrastructure with numerous top-tier hospitals and specialized cardiac care centers, which fortify its strong market position in cardiovascular devices. The region's economic prosperity improves access to quality healthcare and advanced cardiovascular procedures, driven by higher average incomes. Additionally, the dense population and elevated prevalence of cardiovascular diseases in North India increase the demand for cardiovascular devices. The presence of renowned educational and research institutions fosters continuous innovation in cardiovascular technology. Furthermore, North India's reputation as a medical tourism hub attracts international patients seeking specialized cardiovascular care, further driving market demand.

Competitive Landscape

Major players operating in India Cardiovascular Devices Market include Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, W. L. Gore and Associates, Medtronic PLC, Siemens Healthineers, Terumo Corporation, Canon Medical Systems, Cardinal Health Inc., and B. Braun Melsungen AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2024 - Abbott introduced the XIENCE Sierra Everolimus Eluting Coronary Stent System in India, designed to address coronary artery disease (CAD), which affects 21.4% of diabetics and 11% of non-diabetics in the country. The advanced stent, a part of the XIENCE family, offers enhanced safety and performance for complex cases, with an improved design and delivery system.

• In May 2024 - OMRON Healthcare India partnered with AliveCor to introduce advanced portable ECG monitoring devices in India, addressing a significant need in cardiovascular health.

• In January 2024 - Medtronic India and Cardiac Design Labs (CDL) formed a partnership to introduce Padma Rhythms, an advanced external loop recorder (ELR) patch for heart rhythm monitoring in India. Through the collaboration, Medtronic exclusively distributes the device, designed to offer comprehensive, long-term cardiac monitoring.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2030
	Base Year – 2023
	Estimated Year – 2024
	Forecast Period – 2024–2030
Facts Covered	USD Billion
Market Coverage	India
Product/ Service Segmentation	Product Type, Application, End Use, Region
Key Players	Exide Industries Ltd, Luminous Power Technologies Pvt Ltd, HBL Power Systems Ltd, TATA AutoComp GY Batteries Pvt Ltd, Okaya Power Pvt Ltd, Amara Raja Batteries Ltd, Su-Kam Power Systems Ltd, Base Corporation Ltd, Southern Batteries Pvt Ltd, Evolute Solutions Pvt Ltd, LG Chem Ltd, CATL, Samsung SDI Co Ltd, Gotion High Tech Co Ltd, Primearth EV Energy Co Ltd, China Aviation Lithium Battery Co Ltd, Panasonic Corporation

By Device Type

• Diagnostic and Monitoring Devices

• Therapeutic and Surgical Devices

By Application

• Coronary Artery Diseases

• Cardiac Arrhythmia

• Heart Failure

By End User

• Hospitals

• Specialty Clinics

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Cardiovascular Devices Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising prevalence of cardiovascular diseases
         2. Growing geriatric population
         3. Government programs and policies to improve healthcare infrastructure and accessibility
         4. Rising disposable income
      2. Restraints
         1. High Cost of Devices
         2. Lack of Awareness among many people in rural areas
         3. Inadequate healthcare infrastructure in certain regions
      3. Opportunities
         1. Innovations in device technology
         2. Government initiatives to promote domestic manufacturing
         3. Advancements in technology can improve patient care and reduce costs.
      4. Challenges
         1. Strict Regulatory Environment
         2. Presence of counterfeit devices in the market
         3. Shortage of skilled healthcare professionals
      5. Stringent regulatory processes can delay market entry for new devices.
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Cardiovascular Devices Market: Pricing Analysis
5. India Cardiovascular Devices Market: Marketing Strategies
6. India Cardiovascular Devices Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
         1. Diagnostic and Monitoring Devices
            1. Electrocardiogram
            2. Remote Cardiac Monitoring
            3. and Others
         2. Therapeutic and Surgical Devices
            1. Ventricular Assist Devices (VAD)
            2.  CRM Devices
            3. Catheters
            4. Stents
            5. Heart Valves
            6. Others
      2. By Application
         1. Coronary Artery Diseases
         2. Cardiac Arrhythmia
         3.  Heart Failure
         4.  Others
      3. By End User
         1. Hospitals
         2. Specialty Clinics
         3. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Cardiovascular Devices Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Application
      3. By End User
8. South India Cardiovascular Devices Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Application
      3. By End User
9. East India Cardiovascular Devices Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Application
      3. By End User
10. West India Cardiovascular Devices Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Application
       3. By End User
11. India Cardiovascular Devices Market: Import & Export
12. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Cardiovascular Devices Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operation Channel Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
13. Impact of Escalating Geopolitical Tensions on India Cardiovascular Devices Market
14. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Abbott Laboratories
    2. Boston Scientific Corporation
    3. GE Healthcare
    4. W. L. Gore and Associates
    5. Medtronic PLC
    6. Siemens Healthineers
    7. Terumo Corporation
    8. Canon Medical Systems
    9. Cardinal Health Inc.
    10. B. Braun Melsungen AG
    11. Other Prominent Players
15. Key Strategic Recommendations
16. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1       India Cardiovascular Devices Market Segmentation

Figure 2       India Cardiovascular Devices Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Figure 6       India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Figure 7       India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Figure 8       India Cardiovascular Devices Market Share, By Region, By Value (USD Billion) 2019–2030

Figure 9       North India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Figure 10     North India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Figure 11     North India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Figure 12     North India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Figure 13     South India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Figure 14     South India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Figure 15     South India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Figure 16     South India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Figure 17     East India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Figure 18     East India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Figure 19     East India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Figure 20     East India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Figure 21     West India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Figure 22     West India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Figure 23     West India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Figure 24     West India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

 

List of Tables      

 

Table 1        India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Table 2        India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Table 3        India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Table 4        India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Table 5        India Cardiovascular Devices Market Share, By Region, By Value (USD Billion) 2019–2030

Table 6        North India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Table 7        North India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Table 8        North India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Table 9        North India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Table 10      South India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Table 11      South India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Table 12      South India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Table 13      South India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Table 14      East India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Table 15      East India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Table 16      East India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Table 17      East India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Table 18      West India Cardiovascular Devices Market Size, By Value (USD Billion), 2019–2030

Table 19      West India Cardiovascular Devices Market Share, By Device Type, By Value (USD Billion) 2019–2030

Table 20      West India Cardiovascular Devices Market Share, By Application, By Value (USD Billion) 2019–2030

Table 21      West India Cardiovascular Devices Market Share, By End User, By Value (USD Billion) 2019–2030

Table 22      Abbott Laboratories Company Overview

Table 23      Abbott Laboratories Financial Overview

Table 24      Boston Scientific Corporation Company Overview

Table 25      Boston Scientific Corporation Financial Overview

Table 26      GE Healthcare Company Overview

Table 27      GE Healthcare Financial Overview

Table 28      W. L. Gore and Associates Company Overview

Table 29      W. L. Gore and Associates Financial Overview

Table 30      Medtronic PLC Company Overview

Table 31      Medtronic PLC Financial Overview

Table 32      Siemens Healthineers Company Overview

Table 33      Siemens Healthineers Financial Overview

Table 34      Terumo Corporation Company Overview

Table 35      Terumo Corporation Financial Overview

Table 36      Canon Medical Systems Company Overview

Table 37      Canon Medical Systems Financial Overview

Table 38      Cardinal Health Inc. Company Overview

Table 39      Cardinal Health Inc. Financial Overview

Table 40      B. Braun Melsungen AG Company Overview

Table 41      B. Braun Melsungen AG Financial Overview