Catheters and Bands Market Size to Reach $96.5 Mil
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Catheters and Bands Market by Product (Catheters, Bands), by Catheter Type (Therapeutic, Diagnostic), by Catheter Shape (Pigtail, Judkins Left, Judkins Right, Bypass, Amplatz), by Band Type (Regular, Long), by Procedure Type (Transfemoral, Transradial), by Application (Acute Coronary Syndrome, Pre-Operative Coronary Assessment, Coronary Evaluation, Pulmonary Hypertension, Peripheral Arterial Disease, Bradycardia), by End User (Hospitals, Clinics & Ambulatory Care Centers), by Geography (India, Sri Lanka, Bangladesh, Nepal) – Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024
NEW YORK, April 02, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, catheters and bands market in India, Sri Lanka, Bangladesh, and Nepal is expected to generate a revenue of $96.5 million by 2024, advancing at a CAGR of 6.6% in coming years, the market is driven by rising prevalence of cardiovascular diseases (CVDs), increasing government initiatives to raise awareness on CVDs, and improving healthcare infrastructure, across India, Sri Lanka, Bangladesh, and Nepal.
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Based on catheter type, the catheters market in India, Sri Lanka, Bangladesh, and Nepal is bifurcated into therapeutic and diagnostic catheters. The therapeutic catheters are anticipated to be larger and the faster growing category, propelling at a CAGR of 8.4% during the forecast period. Due to increase in the prevalence of CVDs, the demand for therapeutic catheters has risen considerably, as compared to diagnostic catheters.
On the basis of band type, the bands market in India, Sri Lanka, Bangladesh, and Nepal is bifurcated into regular and long bands. The regular bands are expected to hold larger share in the market during the forecast period. This category is expected to generate $8.6 million revenue by 2024, as compared to an estimated value of around $7.0 million in 2018. This growth can be mainly attributed to the increasing cases of hospitalization due to the high prevalence of non-communicable diseases, including CVDs and pulmonary disorders. In terms of volume, around 438 thousand units of regular bands were sold across India, Sri Lanka, Bangladesh, and Nepal in 2018, which are expected to reach 658 thousand units by 2024.
Based on procedure type, the catheters and bands market in India, Sri Lanka, Bangladesh, and Nepal is classified into transfemoral and transradial procedures. Transfemoral procedure is expected to lead the market, throughout the forecast period. This category is expected to thrive at a CAGR of 6.4% during the forecast period, generating $52.5 million by 2024.
On the basis of application, the catheters and bands market in India, Sri Lanka, Bangladesh, and Nepal is categorized into acute coronary syndrome, pre-operative coronary assessment, coronary evaluation, pulmonary hypertension, peripheral arterial disease, bradycardia, and others. Application of catheters and bands to treat acute coronary syndrome is expected to constitute the largest demand in the market. The market for this category is mainly driven by the increasing prevalence of acute coronary syndrome in India, Sri Lanka, Bangladesh, and Nepal.
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The catheters and bands market in India is expected to generate around $60.0 million revenue by 2024, progressing at a CAGR of 7.2% during the forecast period. The growth of the market may be attributed to the factors such as growing geriatric population, and increasing prevalence of cardiac diseases.
The catheters and bands market in West India is estimated to generate a revenue of $10.7 million in 2018, which is expected to statistically increase up to $17.5 million by 2024, with a CAGR of 8.4%, during the forecast period. Increasing government initiatives are expected to contribute to the growth of the market in this region. For instance, the government of Gujarat launched a healthcare scheme to provide primary healthcare assistance to elderly people at their doorstep in 2018. The plan only charges one-time registration fee of $15 and provides all basic health facilities at their doorstep.
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The catheters and bands market in India, Sri Lanka, Bangladesh, and Nepal is witnessing rapid evolution with a substantial increase in the number of product launches and expansion. For instance, in July 2018, Medtronic plc received the U.S. Food and Drug Administration (USFDA) approval for implantable system for Remodulin, which is used for the treatment of patients with pulmonary arterial hypertension.
Similarly, in March 2018, Smiths Group plc launched Delta Med SpA’s DeltaVen in the U.S., which is now also used in India. The closed-system catheter is viewed as the next advancement in peripheral intravenous catheters. It offers a needle and extension tubing, and also has an option for a needleless connecter.
Terumo Corporation; Becton, Dickinson and Company; Medtronic plc; Teleflex Incorporated; Smiths Group plc; Boston Scientific Corporation; Sahajanand Medical Technologies Private Limited; Merit Medical Systems Inc.; Cardinal Health Inc.; Relisys Medical Devices Limited; and Global Surgimed Industries are some of the key players operating in the catheters and bands market in India, Sri Lanka, Bangladesh, and Nepal.
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