GlobalData’s research reveals that India’s cardiovascular devices market is projected to grow at a compound annual growth rate of about 5 per cent between 2022 and 2030
Cardiovascular diseases are one of the leading causes of death in India, especially among the younger generation. This is due to a lack of enough expertise and infrastructure in both the government and private sectors. To address these challenges and improve expertise in cardiac care, India is stepping up collaborations both internally and with foreign universities and organizations, says GlobalData.
Against this backdrop, GlobalData’s research reveals that India’s cardiovascular devices market is projected to grow at a compound annual growth rate of about 5 per cent between 2022 and 2030.
Pratibha Thammanabhatla, Medical Devices Analyst, GlobalData comments, “To provide cardiac solutions and to treat patients without delay, India is trying to reduce the gaps in infrastructure, expertise, availability, and efficiency by collaborating with the best institutes and organisations across the globe.”
Recently, IIT Guwahati signed a memorandum of understanding with Sri Sathya Sai Heart Hospital, Ahmedabad to advance cardiac research and drive digital transformation, especially in pediatric cardiac care in India. Max Healthcare recently announced a partnership with Mayo Clinic to advance cardiovascular care in India. Through this partnership, Max Healthcare aims to leverage the Mayo Clinic’s education and training programs, research-based approach to cases, and expertise in clinical excellence to improve treatment outcomes.
Another example of partnerships driving cardiac care in India is Tricog Health Services Pvt Ltd teaming up with four state governments and with healthcare providers such as Max Healthcare, Apollo Hospitals, Fortis, Manipal Hospitals, Neuberg Diagnostics, and Redcliffe Labs.
Thammanabhatla concludes, “With heart diseases increasing at an alarming rate, India needs advanced cost-effective solutions and sufficient medical professionals/institutions dedicated to heart disease treatment and management. Strategic and industry partnerships with foreign companies/institutes are expected to address current challenges and raise the standard of cardiac care in India, making diagnosis and treatment efficient, affordable, and accessible.”