The India peripherally inserted central catheter(PICC) market size was worth US$ XX million in 2018 and is estimated to reach US$ XX million by 2027, growing at a CAGR of 5.83 % during the forecast period (2020-2027).
The peripheral intravenous catheter is a small tube that is placed in the peripheral vein for direct administering of medications into the circulation. These catheters are also used for withdrawing blood for testing purposes. Advanced catheters are integrated with more safety features that prevent needlestick injuries.
The peripheral IV catheters and the circulatory system are in direct contact which is why they are produced using silicone which is non-irritant in nature and it does not have any side effects even if the IV catheters are in long-term contact with the circulatory system. The India peripheral catheters market is growing due to several factors such as growing geriatric population, rising prevalence of chronic diseases, and growing healthcare expenditure. Also, the growing technological advancements in peripheral I.V. catheters are further propelling the growth of the market.
Geographically, the market is segmented into five major regions, namely North India, South India, East India, and South India.
Some of the major players in the peripherally inserted central catheter market are: Teleflex Incorporated, B. Braun Melsungen AG, Medtronic plc, Cook Medical, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, among others.
Market Dynamics
Drivers
- Increased spending on healthcare and advancements in healthcare infrastructure
- Increase in number of minimally invasive surgeries
- Increasing prevalence of chronic ailments
Restraints
- Lack of Awareness on Safe Usage Leading to Secondary Infections
Increase in number of minimally invasive surgeries
With every passing day a higher number of hospitals are shifting towards minimally invasive procedures. This concept has been equally appreciated by the patient and provider both, benefits to the patient being early discharge and return to normalcy and for the provider a faster turnaround thus higher profitability. This phenomenon has been helped by advancements in the field of catheterisation.
The product adoption in India is driven by factors such as growing awareness on advanced methods of treatment, increased focus on curtailing needle stick injuries.
Advancements in the field of coronary stents have helped the interventional procedures to grow 10 times in the last 10-12 years. This phenomenon is going to get an impetus courtesy the recent developments in the field of coronary stents i.e. absorbable stents.
Furthermore, with time becoming a precious commodity a significant chunk of the population is opting for catheters which can provide an ease in treatment procedure, also within the home environment. This phenomenon helps the patients in saving time and utilizes the saved time for other productive activities.
Moreover, this transition has led to greater interest from foreign sector and is likely to see further activity from the government sector. These factors are driving the growth of the market in the forecast period.
Region Analysis
The North India market is estimated to grow at a CAGR of 5.82% during the forecast period (2020-2027)to reach a market value of USD XX million by 2027.
The regions of North India consist of the Indian states of Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Ladakh, Punjab, Rajasthan, Uttarakhand, Uttar Pradesh. Delhi, the capital of India, is the hub of numerous private and government hospitals which provide facilities for catherisation. The hospitals such as AIIMs are providing treatment of the disease at affordable cost.
The rising number of cancer cases in Delhi due to the heavy pollution in the atmosphere is driving the growth of the market in the region. Delhi is the most polluted capital in the world.
The city Chandigarh has witnessed a 9.7 % hike in cancer cases between 2016 to 2018, the data submitted in the Lok Sabha has revealed. In Chandigarh, the number of cases recorded in 2016 was 1,274, which increased to 1,335 in 2017 and subsequently to 1,398 cases in 2018. Which will further drive the growth of the market in the region.
More than 40% of the cancer cases in India are recorded in North India. One of the major reasons for cancers of the mouth and lung is tobacco consumption. India is the hub of smokeless tobacco users. Uttar Pradesh has the highest number of people chewing tobacco products which causes cancer thus, the numbers are high. Thus these factors will drive the growth of the market in North India.
The State of Haryana, in North India was finalized for location because of the presence of a medical devices cluster of consumables and pharma companies. The establishment of a strong relationship with the State government during the investigative process further promoted the company’s decision.
Since the firm’s investment, this cluster has further enhanced and counts domestic and international companies such as Becton Dickinson, Baxter, Abbott Labs, Ranbaxy, Hindustan Syringes, Narang Medicals, Poly Medicure, BL Lifesciences and others within its boundaries.
For instance, in October 2020, State Government Of Chandigarh has released Notice Inviting Tender (NIT) for Supply of Central Venous Catheters in UT.
Based on the recent approval from the different state governments of North Indian States, public procurement (government tenders) can also present useful pilot opportunities for startups that have not yet been able to gain traction in the private sector.
Further, the 300-million strong middle-class population in the region, with considerable disposable income, is rapidly growing. This highly educated class of individuals is likely to demand better healthcare services and will play an important role in purchasing of healthcare services. Conversely, opening government tenders up to startups improves the choices available to government bodies since startups are often more agile than corporate vendors and can provide cheaper, more innovative products and services. This factor is driving the growth of market in the region.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
